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<SEC-DOCUMENT>0000930413-08-000760.txt : 20080206
<SEC-HEADER>0000930413-08-000760.hdr.sgml : 20080206
<ACCEPTANCE-DATETIME>20080206094403
ACCESSION NUMBER:		0000930413-08-000760
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20071130
FILED AS OF DATE:		20080206
DATE AS OF CHANGE:		20080206
EFFECTIVENESS DATE:		20080206

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21078
		FILM NUMBER:		08579219

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>c51285_n-csrs.htm
<TEXT>

<HTML>
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   <TITLE></TITLE>
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<P align="center">
<FONT face="serif">UNITED STATES </FONT><BR>
<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
<FONT face="serif">Washington, D.C. 20549 </FONT></P>
<P align="center">
<B><FONT size=4 face="serif">FORM N-CSR</FONT></B><FONT face="serif"> </FONT></P>
<P align="center">
<B><FONT face="serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED </FONT></B><BR>
<B><FONT face="serif">MANAGEMENT INVESTMENT COMPANIES</FONT></B><FONT face="serif"> </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Investment Company Act file number&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">811-21078</FONT>  </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">PIMCO New York Municipal Income Fund II </FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=center colspan=2>
<FONT size=2 face="serif">(Exact name of registrant as specified in charter)</FONT>  </TD>
</TR>
<TR>
  <TD colspan=2>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1345 Avenue of the Americas, New York, New York </FONT>  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10105</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=center nowrap>
<FONT size=2 face="serif">(Address of principal executive offices)</FONT>  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">(Zip code)</FONT>  </TD>
</TR>
<TR>
  <TD colspan=2>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Lawrence G. Altadonna - 1345 Avenue of the Americas, New York, New York 10105</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=center colspan=2>
<FONT size=2 face="serif">(Name and address of agent for service)</FONT>  </TD>
</TR>
</TABLE>
<BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area code:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">212-739-3371</FONT>  </TD>
</TR>
</TABLE>
<BR>
<TABLE width="35%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Date of fiscal year end:</FONT>  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">May 31, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Date of reporting period:&nbsp;&nbsp;&nbsp;&nbsp; </FONT>  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">November 30, 2007</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">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><FONT face="serif">
</FONT></P>
<P align="left">
<FONT size=2 face="serif">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 (&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the
burden to 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. &#167; 3507.</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">ITEM 1. REPORT TO SHAREHOLDERS</FONT></P>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap bgcolor="#003893">&nbsp;</td>
    <td bgcolor="#003893">&nbsp;</td>
    <td nowrap bgcolor="#003893">&nbsp;</td>
  </tr>
  <tr>
    <td nowrap bgcolor="#003893">&nbsp;</td>
    <td bgcolor="#003893">&nbsp;</td>
    <td nowrap bgcolor="#003893">&nbsp;</td>
  </tr>
  <tr>
    <td nowrap bgcolor="#003893">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
    <td width="97%" bgcolor="#003893"><P align="right"><FONT color="#FFFFFF" size=6 face="sans-serif">PIMCO Municipal Income
          Fund II</FONT><font color="#FFFFFF"><BR>
          <FONT size=6 face="sans-serif">PIMCO California Municipal Income Fund
          II</FONT><BR>
          <FONT size=6 face="sans-serif">PIMCO New York Municipal Income Fund
          II</FONT></font></P>
      <P align="right">&nbsp; </P>
      <P align="right"><FONT color="#FFFFFF" size=4 face="sans-serif">Semi-Annual Report</FONT><font color="#FFFFFF"><BR>
    <FONT size=4 face="sans-serif">November 30, 2007</FONT></font></P></td>
    <td nowrap bgcolor="#003893">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
  </tr>

  <tr>
    <td colspan="3" bgcolor="#003893" STYLE="border-bottom:6px solid #B7D2FF">&nbsp;</td>
  </tr>
</table>
<P align="right">&nbsp;</P>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD rowspan="25" align=left valign="top" nowrap><img src="c51855_ncsrsx1x1.jpg" border=0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="sans-serif">Contents</FONT></B>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Letter to Shareholders</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Fund Insights/Performance &amp; Statistics</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2-4</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Schedules of Investments</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5-26</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Statements of Assets and Liabilities</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">28</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Statements of Operations</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">29</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Statements of Changes in Net Assets</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">30-31</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Statements of Cash Flows</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">32-34</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Notes to Financial Statements</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">35-40</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Financial Highlights</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">41-44</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Matters Relating to the Trustees&#146; Consideration</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">of the Investment Management and Portfolio</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Management Agreements</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">45-47</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Annual Shareholder Meetings Results</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">48</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap><img src="c51855_ncsrsx1x2.jpg" width="166" height="68" border=0></TD>
  <TD align=right nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
</TR>
</TABLE>
<BR>
<BR>

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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Letter
      to Shareholders</font></b> </div>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="right">
<FONT size=2 face="serif">January 10, 2008</FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify"><FONT size=2 face="serif">Dear Shareholder:</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We are pleased to provide you with the semi-annual report for PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II (collectively, the &#147;Funds&#148;) for
the six months ended November 30, 2007. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The U.S. bond market delivered flat to moderate returns during the six-month period, as economic growth slowed and weakness in the U.S. housing and mortgage markets spread to the bond market. The Lehman Municipal Bond Index
was virtually flat for the period, posting a 0.06% return, underperforming indexes of corporate and Treasury securities. The Federal Reserve reduced the Federal Funds rate during the period and sought other methods to inject liquidity into the
economy. Inflation levels continued to track somewhat higher than the central bank&#146;s stated comfort level. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">For specific information on the Funds, including 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&#146; 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 size=2 face="serif">Together with Allianz Global Investors Fund Management LLC, the Funds&#146; investment manager, and Pacific Investment Management Company LLC (&#147;PIMCO&#148;), the Funds&#146; sub-adviser, we thank you for investing with
us.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Sincerely,</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="78%" valign="bottom"><IMG src="c51855_ncsrsx2x1.jpg"><br>
      <FONT size=2 face="serif">Hans W. Kertess</FONT><BR>
      <I><FONT size=2 face="serif">Chairman</FONT></I></td>
    <td width="22%" valign="bottom" nowrap><IMG src="c51855_ncsrsx2x2.jpg"><br>
      <FONT size=2 face="serif">Brian S. Shlissel</FONT><BR>
      <I><FONT size=2 face="serif">President &amp; Chief Executive Officer</FONT></I></td>
  </tr>
</table>
<P align="left">&nbsp;</P>
<P align="right">&nbsp;</P>
<P align="right"><FONT size=1 face="sans-serif">11.30.07 |  PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">1</FONT></B></P>
<HR noshade width="100%" size=4>



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Fund
      Insights/Performance &amp; Statistics </font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font> </div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="32%" valign="top">
 <UL STYLE="margin-left:20px">
      <LI>
        <div align="justify"><FONT size=1 face="sans-serif">For the fiscal six
            months ended November 30, 2007, PIMCO Municipal Income Fund II returned
            -2.01% on net asset value (NAV) and -8.53% on market price, compared
            to -0.47% and -8.12%, respectively for the Lipper Analytical General
            Municipal Debt Funds (Leveraged) average.</FONT></div>
      <LI>
        <div align="justify"><FONT size=1 face="sans-serif">Municipals underperformed
            Treasuries and the taxable debt sector during the period. The Lehman
            Brothers General Municipal Bond Index* returned 2.93%, while the
            Lehman Brothers Long-Term Aggregate and the</FONT></div>
      </LI>
    </UL>    </td>
    <td width="2%" valign="top">&nbsp;</td>
    <td width="32%" valign="top">
<ul STYLE="margin-left:20px">

        <div align="justify"><FONT size=1 face="sans-serif">Lehman Brothers Treasury
            Indices returned 5.63% and 7.84%, respectively.</FONT></div>

      <li>
        <div align="justify"><FONT size=1 face="sans-serif">The Fund&#146;s average
            credit quality was A+ at the end of the six-month period, versus
            the benchmark&#146;s average of AA1/AA2.</FONT></div>
      </li>
      <li>
        <div align="justify"><FONT size=1 face="sans-serif">For the six-month
            period, 10-year AAA muni yields decreased 45 basis
            points, while 20- and 30-year AAA muni yields decreased 14 and 12
            basis points, respectively.</FONT></div>
      </li>
      <li>
        <div align="justify"><FONT size=1 face="sans-serif">Exposure to prerefunded
            bonds contributed to the Fund&#146;s performance during the reporting
            period.</FONT></div>
      </li>
    </ul>    </td>
    <td width="2%" valign="top">&nbsp;</td>
    <td width="32%" valign="top">
<UL STYLE="margin-left:20px">
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">The Fund&#146;s effective
            duration was managed below that of its benchmark throughout the period,
            which was negative for performance, as municipal yields decreased
            across all maturities.</FONT></DIV>
      </LI>
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">Exposure to the healthcare
            sector detracted from performance, as spreads widened dramatically
            during the period.</FONT></DIV>
      </LI>
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">Exposure to tobacco
            securitized municipals was negative for performance as the overall
            index declined -4.80% year-to-date.</FONT></DIV>
      </LI>
    </UL>    </td>
  </tr>
</table>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">*&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">The Lehman Brothers General Municipal Bond Index is an unmanaged index of municipal bonds. The Lehman Brothers Aggregate Bond Index is an unmanaged index of investment grade, U.S. dollar-denominated
fixed income securities of domestic issuers having a maturity greater than one year. The Lehman Brothers Long-Term Treasury Index is an unmanaged index of U.S. Treasury issues with maturities greater than 10 years.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
<B><FONT size=1 face="sans-serif">Total Return</FONT></B><SUP><FONT size=1 face="sans-serif">(1) </FONT></SUP><B><FONT size=1 face="sans-serif">:</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
    <div align="center"><B><FONT size=1 face="sans-serif">Market Price</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #003893;">
<B><FONT size=1 face="sans-serif">Net Asset Value (&#147;NAV&#148;)</FONT></B>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #003893;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">Six Months</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">(8.53)%</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
    <div align="right"><FONT size=1 face="sans-serif">(2.01)%</FONT> </div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">1 Year</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">(8.96)%</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
    <div align="right"><FONT size=1 face="sans-serif">(0.75)%</FONT> </div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">5 Year</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">5.79%</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
    <div align="right"><FONT size=1 face="sans-serif">6.92%</FONT> </div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 11/30/07</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">4.90%</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
    <div align="right"><FONT size=1 face="sans-serif">6.67%</FONT> </div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<div style="position:relative;float:left;width:48%">
  <p align="justify"><b><font size=1 face="sans-serif">Common Share Market Price/NAV
        Performance: </font></b><br>
      <font size=1 face="sans-serif">Commencement of Operations (6/28/02) to
      11/30/07</font><br>
      <font color="#666666" size=1 face="WINGDINGS 2">&#162;</font> <font size=1 face="sans-serif">Market
      Price</font><br>
      <font color="#003893" size=1 face="WINGDINGS 2">&#162;</font> <font size=1 face="sans-serif">NAV</font></p>
  <img src="c51855_ncsrsx3x1.jpg" border=0> <br>
</div>
<div style="position:relative;float:right;width:48%">
  <table width="100%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #003893;"><b><font size=1 face="sans-serif">Market
      Price/NAV:</font></b> </td>
      <td style="border-bottom:1px solid #003893;">&nbsp;</td>
      <td align=left nowrap style="border-bottom:1px solid #003893;">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">Market
          Price</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">&#36;13.73</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">NAV</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">&#36;14.36</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">Discount
          to NAV</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">(4.39)%</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">Market
          Price Yield</font><sup><font size=1 face="sans-serif">(2)</font></sup> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">5.68%</font> </td>
    </tr>
  </table>
  <br>
  <div style="border-bottom:1px solid #003893">
    <div align="center"><b><font size=1 face="sans-serif">Moody&#146;s Ratings </font></b><br>
          <b><font size=1 face="sans-serif">(as a % of total investments)</font></b> </div>
  </div>
  <p align="center"> <img src="c51855_ncsrsx3x2.jpg"></div>
<br clear=all>


<div align="justify"><font size=1 face="sans-serif">(1) </font><b><font size=1 face="sans-serif">Past
      performance is no guarantee of future results. </font></b><font size=1 face="sans-serif">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. 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></div>
<div align="justify" STYLE="margin-top:6px"><font size=1 face="sans-serif">Returns are calculated by determining the percentage
    change in net asset value or market share price (as applicable) with all
    distributions reinvested. The Fund&#146;s performance at market price will
    differ from its results at NAV. Although market price returns typically reflect
    investment results over time, during shorter periods returns at market price
    can also be influenced by factors such as changing views about the Fund,
    market conditions, supply and demand for the Fund&#146;s shares, or changes
in Fund distributions.</font></div>
<div align="justify" STYLE="margin-top:6px"><font size=1 face="sans-serif">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></div>
<div align="justify" STYLE="margin-top:6px"><font size=1 face="sans-serif">(2) Market Price Yield is determined by dividing
    the annualized current monthly per share dividend (comprised from net investment
    income) payable to common shareholders by the market price per common share
at November 30, 2007.</font></div>
<P align="justify">
<B><FONT size=1 face="sans-serif">2 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report |  11.30.07 </FONT></P>

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



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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif" color="#003893">PIMCO California Municipal Income Fund II&nbsp;</FONT></B></TD>
  <TD align=left nowrap><B><FONT size=2 face="sans-serif">Fund Insights/Performance</FONT></B> </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">November 30, 2007 (unaudited)</FONT>  </TD>
  <TD width=95% align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="left"><B><FONT size=2 face="sans-serif">&amp; Statistics</FONT></B>      </div></TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="32%" valign="top">&nbsp;</td>
    <td width="2%" valign="top">&nbsp;</td>
    <td width="32%" valign="top">&nbsp;</td>
    <td width="2%" valign="top">&nbsp;</td>
    <td width="32%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="32%" valign="top"> <UL STYLE="margin-left:20px">
      <LI>
        <DIV align="justify">
        <FONT size=1 face="sans-serif">For the fiscal six months ended November
        30, 2007, PIMCO California Municipal Income Fund II returned -4.30% on
        net asset value (NAV) and -8.77% on market price, compared to 0.21% and
        -8.97%, respectively for the Lipper California Municipal Debt Funds (Leveraged)
        average.</FONT></DIV>
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">Municipals underperformed
            Treasuries and the taxable debt sector during the period. The Lehman
            Brothers General Municipal Bond Index* returned 2.93%, while the
            Lehman Brothers Aggregate and the Lehman</FONT></DIV>
      </LI>
    </UL>    </td>
    <td width="2%" valign="top">&nbsp;</td>
    <td width="32%" valign="top"> <UL STYLE="margin-left:20px">
      <DIV align="justify"><FONT size=1 face="sans-serif">Brothers Long-Term Treasury Indices returned
      5.63% and 7.84%, respectively.</FONT></DIV>
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">The Fund&#146;s average
            credit quality was AA- at the end of the six-month period, versus
            the benchmark&#146;s average of AA1/AA2.</FONT></DIV>
      </LI>
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">For the six-month
            period, 10-year California yields decreased 29 basis points, while
            20- and 30-year yields increased 9 and 13 basis points, respectively.</FONT></DIV>
      </LI>
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">Exposure to California
            prerefunded bonds contributed to the Fund&#146;s performance during
            the reporting period.</FONT></DIV>
      </LI>
    </UL>    </td>
    <td width="2%" valign="top">&nbsp;</td>
    <td width="32%" valign="top"> <UL STYLE="margin-left:20px">
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">The Fund&#146;s effective
            duration was managed below that of its benchmark throughout the period,
            which was negative for performance, as California municipal yields
            decreased across all maturities.</FONT></DIV>
      </LI>
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">Exposure to tobacco
            securitized municipals detracted from performance, as the overall
            index declined -4.80% year-to-date.</FONT></DIV>
      </LI>
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">Municipal bonds within
            California underperformed the broader national market for the period,
            as issuance within the state was the largest nationwide.</FONT></DIV>
      </LI>
    </UL></td>
  </tr>
  <tr>
    <td width="32%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="32%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="32%">&nbsp;</td>
  </tr>
</table>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">*&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">The Lehman Brothers General Municipal Bond Index is an unmanaged index of municipal bonds. The Lehman Brothers Aggregate Bond Index is an unmanaged index of investment grade, U.S. dollar-denominated
fixed income securities of domestic issuers having a maturity greater than one year. The Lehman Brothers Long-Term Treasury Index is an unmanaged index of U.S. Treasury issues with maturities greater than 10 years.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
<B><FONT size=1 face="sans-serif">Total Return</FONT></B><SUP><FONT size=1 face="sans-serif">(1) </FONT></SUP><B><FONT size=1 face="sans-serif">:</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
    <div align="center"><B><FONT size=1 face="sans-serif">Market Price</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #003893;">
<B><FONT size=1 face="sans-serif">Net Asset Value (&#147;NAV&#148;)</FONT></B>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #003893;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">Six Months</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">(8.77)%</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
    <div align="right"><FONT size=1 face="sans-serif">(4.30)%</FONT> </div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">1 Year</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">(7.55)%</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
    <div align="right"><FONT size=1 face="sans-serif">(3.09)%</FONT> </div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">5 Year</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">6.25%</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
    <div align="right"><FONT size=1 face="sans-serif">6.30%</FONT> </div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 11/30/07</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">5.32%</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
    <div align="right"><FONT size=1 face="sans-serif">5.82%</FONT> </div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<div style="position:relative;float:left;width:48%">
  <p align="justify"><b><font size=1 face="sans-serif">Common Share Market Price/NAV
        Performance:</font></b><br>
      <font size=1 face="sans-serif">Commencement of Operations (6/28/02) to
      11/30/07</font><br>
      <font color="#666666" size=1 face="WINGDINGS 2">&#162;</font> <font size=1 face="sans-serif">Market
      Price</font><br>
  <font color="#003893" size=1 face="WINGDINGS 2">&#162;</font> <font size=1 face="sans-serif">NAV</font></p>
  <img src="c51855_ncsrsx4x1.jpg" border=0> <br>
</div>
<div style="position:relative;float:right;width:48%">
  <table width="100%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #003893;"><b><font size=1 face="sans-serif">Market
            Price/NAV:</font></b> </td>
      <td style="border-bottom:1px solid #003893;">&nbsp;</td>
      <td align=left nowrap style="border-bottom:1px solid #003893;">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">Market
          Price</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">&#36;14.14</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">NAV</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">&#36;13.84</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">Premium
          to NAV</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">2.17%</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">Market
          Price Yield</font><sup><font size=1 face="sans-serif">(2)</font></sup> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">5.51%</font> </td>
    </tr>
  </table>
  <br>
  <div style="border-bottom:1px solid #003893">
    <div align="center"><b><font size=1 face="sans-serif">Moody&#146;s Ratings</font></b><br>
          <b><font size=1 face="sans-serif">(as a % of total investments)</font></b> </div>
  </div>
  <p align="center"> <img src="c51855_ncsrsx4x2.jpg" border=0>
</div>
<br clear=all>

<div align="justify"><font size=1 face="sans-serif">(1) </font><b><font size=1 face="sans-serif">Past
performance is no guarantee of future results. </font></b><font size=1 face="sans-serif">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.
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></div>
<div align="justify" STYLE="margin-top:6px"><font size=1 face="sans-serif">Returns are calculated by determining the percentage
    change in net asset value or market share price (as applicable) with all
    distributions reinvested. The Fund&#146;s performance at market price will
    differ from its results at NAV. Although market price returns typically reflect
    investment results over time, during shorter periods returns at market price
    can also be influenced by factors such as changing views about the Fund,
    market conditions, supply and demand for the Fund&#146;s shares, or changes
    in Fund distributions.</font></div>
<div align="justify" STYLE="margin-top:6px"><font size=1 face="sans-serif">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></div>
<div align="justify" STYLE="margin-top:6px"><font size=1 face="sans-serif">(2) Market Price Yield is determined by dividing
    the annualized current monthly per share dividend (comprised from net investment
    income) payable to common shareholders by the market price per common share
at November 30, 2007.</font></div>

<P align="right">
<FONT size=1 face="sans-serif">11.30.07 |  PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">3</FONT></B></P>

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<P STYLE="page-break-before:always"></P><PAGE>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td align=left nowrap><b><font size=2 face="sans-serif" color="#003893">PIMCO New
          York Municipal Income Fund II&nbsp;</font></b></td>
    <td align=left nowrap><b><font size=2 face="sans-serif">Fund Insights/Performance</font></b> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">November
        30, 2007 (unaudited)</font> </td>
    <td width=95% align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><b><font size=2 face="sans-serif">&amp; Statistics</font></b> </div></td>
  </tr>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="32%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="32%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="32%">&nbsp;</td>
  </tr>
  <tr>
    <td width="32%" valign="top"><UL>
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">For the fiscal six
            months ended November 30, 2007, PIMCO New York Municipal Income Fund
            II returned -2.61% on net asset value (NAV) and -9.38% on market
            price, compared to 0.92% and -7.02%, respectively for the Lipper
            New York Municipal Debt Funds (Leveraged) average.</FONT></DIV>
      </LI>
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">Municipals underperformed
            Treasuries and the taxable debt sector during the period. The Lehman
            Brothers General Municipal Bond Index* returned 2.93%, while the
            Lehman Brothers</FONT></DIV>
      </LI>
    </UL>    </td>
    <td width="2%" valign="top">&nbsp;</td>
    <td width="32%" valign="top"><UL>
     <DIV align="justify"><FONT size=1 face="sans-serif">Aggregate and the Lehman Brothers Long-Term
      Treasury Indices returned 5.63% and 7.84%, respectively.</FONT></DIV>
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">The Fund&#146;s average
            credit quality was AA- at the end of the six-month period, versus
            the benchmark&#146;s average of AA1/AA2.</FONT></DIV>
      </LI>
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">For the six-month period,
            10-year New York yields decreased 47 basis points, while 20- and
            30-year New York yields decreased 16 and 14 basis points, respectively.</FONT></DIV>
      </LI>
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">Exposure to New York
            prerefunded bonds contributed to the Fund&#146;s</FONT></DIV>
      </LI>
    </UL>    </td>
    <td width="2%" valign="top">&nbsp;</td>
    <td width="32%" valign="top"><UL>
      <FONT size=1 face="sans-serif">performance during the reporting period.</FONT>
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">The Fund&#146;s effective
            duration was managed below that of its benchmark throughout the period,
            which was negative for performance, as municipal yields decreased
            across all maturities.</FONT></DIV>
      </LI>
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">Exposure to tobacco
            securitized municipals detracted from performance as the overall
            index declined -4.80% year-to-date.</FONT></DIV>
      </LI>
      <LI>
        <DIV align="justify"><FONT size=1 face="sans-serif">Municipal bonds within
            New York slightly outperformed the broader national market for the
            period.</FONT></DIV>
      </LI>
    </UL>    </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
</table>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">*&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">The Lehman Brothers General Municipal Bond Index is an unmanaged index of municipal bonds. The Lehman Brothers Aggregate Bond Index is an unmanaged index of investment grade, U.S. dollar-denominated
fixed income securities of domestic issuers having a maturity greater than one year. The Lehman Brothers Long-Term Treasury Index is an unmanaged index of U.S. Treasury issues with maturities greater than 10 years.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
<B><FONT size=1 face="sans-serif">Total Return</FONT></B><SUP><FONT size=1 face="sans-serif">(1) </FONT></SUP><B><FONT size=1 face="sans-serif">:</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
    <div align="center"><B><FONT size=1 face="sans-serif">Market Price</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #003893;">
<B><FONT size=1 face="sans-serif">Net Asset Value (&#147;NAV&#148;)</FONT></B>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #003893;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">Six Months</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">(9.38)%</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
    <div align="right"><FONT size=1 face="sans-serif">(2.61)%</FONT> </div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">1 Year</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">(8.44)%</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
    <div align="right"><FONT size=1 face="sans-serif">(2.63)%</FONT> </div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">5 Year</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">5.58%</FONT>  </TD>
  <TD style="border-bottom:1px solid #003893;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">
    <div align="right"><FONT size=1 face="sans-serif">6.19%</FONT> </div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #003893;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 11/30/07</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">4.53%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="right"><FONT size=1 face="sans-serif">5.94%</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<div style="position:relative;float:left;width:48%">
  <p align="justify"><b><font size=1 face="sans-serif">Common Share Market Price/NAV
        Performance:</font></b><br>
      <font size=1 face="sans-serif">Commencement of Operations (6/28/02) to
      11/30/07</font><br>
      <font color="#666666" size=1 face="WINGDINGS 2">&#162;</font> <font size=1 face="sans-serif">Market
      Price</font><br>
  <font color="#003893" size=1 face="WINGDINGS 2">&#162;</font> <font size=1 face="sans-serif">NAV</font></p>
  <img src="c51855_ncsrsx5x1.jpg" border=0> <br>
</div>

<div style="position:relative;float:right;width:48%">
  <table width="100%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #003893;"><b><font size=1 face="sans-serif">Market
            Price/NAV:</font></b> </td>
      <td style="border-bottom:1px solid #003893;">&nbsp;</td>
      <td align=left nowrap style="border-bottom:1px solid #003893;">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">Market
          Price</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">&#36;13.65</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">NAV</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">&#36;14.01</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">Discount
          to NAV</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">(2.57)%</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">Market
          Price Yield</font><sup><font size=1 face="sans-serif">(2)</font></sup> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=1 face="sans-serif">5.60%</font> </td>
    </tr>
  </table>
  <br>
  <div style="border-bottom:1px solid #003893">
    <div align="center"><b><font size=1 face="sans-serif">Moody&#146;s Rati</font></b><b><font size=1 face="sans-serif">n</font></b><b><font size=1 face="sans-serif">gs </font></b><br>
          <b><font size=1 face="sans-serif">(as a % of total i</font></b><b><font size=1 face="sans-serif">n</font></b><b><font size=1 face="sans-serif">vestme</font></b><b><font size=1 face="sans-serif">n</font></b><b><font size=1 face="sans-serif">ts)</font></b></div>
  </div>
  <p align="center"> <img src="c51855_ncsrsx5x2.jpg" border=0>
</div>
<br clear=all>

  <div align="justify"><font size=1 face="sans-serif">(1) </font><b><font size=1 face="sans-serif">Past
    performance is no guarantee of future results. </font></b><font size=1 face="sans-serif">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.
      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></div>
<div align="justify" STYLE="margin-top:6px"><font size=1 face="sans-serif">Returns are calculated by determining the percentage
    change in net asset value or market share price (as applicable) with all
    distributions reinvested. The Fund&#146;s performance at market price will
    differ from its results at NAV. Although market price returns typically reflect
    investment results over time, during shorter periods returns at market price
    can also be influenced by factors such as changing views about the Fund,
    market conditions, supply and demand for the Fund&#146;s shares, or changes
in Fund distributions. </font></div>
<div align="justify"  STYLE="margin-top:6px"><font size=1 face="sans-serif">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></div>
<div align="justify" STYLE="margin-top:6px"><font size=1 face="sans-serif">(2) Market Price Yield is determined by dividing
    the annualized current monthly per share dividend (comprised from net investment
    income) payable to common shareholders by the market price per common share
at November 30, 2007.</font></div>
<P align="justify">
<B><FONT size=1 face="sans-serif">4 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report |  11.30.07 </FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT></div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD height="20" colspan=10 align=right valign="middle" nowrap bgcolor="#B7D2FF">
    <div align="left"><B><FONT size=1 face="sans-serif">&nbsp;&nbsp;MUNICIPAL BONDS &amp; NOTES&#151;95.0%</FONT></B> </div>          </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Alabama&#151;4.2%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap><FONT size=1 face="sans-serif">&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif"> 10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Birmingham Baptist Medical Centers Special Care Facs.</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financing Auth. Rev., 5.00%, 11/15/30, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa1/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,230,000</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Birmingham Waterworks &amp; Sewer Board Rev., Ser. B,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 1/1/13) (MBIA) (b),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,145</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,231,871</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,758,700</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 1/1/33 (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,573,920</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,750</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Huntsville Health Care Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 6/1/32, Ser. B, (Pre-refunded @ &#36;101, 6/1/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,929,532</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">16,580</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Jefferson Cnty. Sewer Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 2/1/38, Ser. B, (Pre-refunded @ &#36;100,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/12) (FGIC) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,608,955</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,650</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tuscaloosa Educational Building Auth. Rev., 5.00%, 6/1/26</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,474,093</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">62,807,071</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Alaska&#151;0.6%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,900</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Northern Tobacco Securitization Corp. Rev., 5.00%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6/1/46, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,922,311</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,550</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Housing Finance Corp. Rev., 5.25%, 6/1/32,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. C (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,570,697</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">8,493,008</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Arizona&#151;3.0%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Beatitudes Project, 5.20%, 10/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,660,265</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,300</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Hospital System, 5.75%, 12/1/32, (Pre-refunded @ &#36;101,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">12/1/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,448,811</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Pima Cnty. Industrial Dev. Auth. Rev., 5.50%, 7/1/37 (c)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,385,760</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">33,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Salt River Project Agricultural Improvement &amp; Power Dist. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/37, Ser. A (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/AA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">34,400,190</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">44,895,026</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Arkansas&#151;0.1%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Arkansas Dev. Finance Auth. Rev., zero coupon, 7/1/46 (AMBAC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,875,770</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;2.9%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,610</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Alameda Corridor Transportation Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/16, Ser. A (AMBAC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,671,454</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Golden State Tobacco Securitization Corp.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Tobacco Settlement Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,256,900</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,300</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,630,033</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39, (Pre-refunded @ &#36;100, 6/1/13) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,458,900</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Rancho Cucamonga Community Facs. Dist., Special Tax,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.30%, 9/1/23, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,030,440</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Southern California Public Power Auth., Transmission</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Project Rev., zero coupon, 7/1/13</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/A+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,227,200</FONT>  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,700</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Statewide Community Dev. Auth. Rev., Baptist Univ.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.00%, 11/1/17, Ser. B (c)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,944,541</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.07  |  PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">5</FONT></B></P>

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<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT> </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;(continued)</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Univ. of California Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,430</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/37, Ser. C (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,437,177</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,900</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/38, Ser. B</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AA-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,907,917</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">42,564,562</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Colorado&#151;5.1%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">30,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,489,300</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">E-470 Public Highway Auth. Rev., Ser. B (MBIA),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/35</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,920,400</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,240,000</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">American Baptist Homes, 5.90%, 8/1/37, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">975,310</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Health Initiatives, 5.50%, 3/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">26,769,250</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,305</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Exempla, Inc., 5.625%, 1/1/33, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A1/A-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,794,659</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Retirement Fac. Liberty Height, zero coupon, 7/15/22</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,387,735</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Housing &amp; Finance Auth. Rev., Evergreen Country Day School,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.875%, 6/1/37 (c)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,971,040</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">75,547,694</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">District of Columbia&#151;1.2%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Washington D.C. Convention Center Auth. Tax Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 10/1/28, (Pre-refunded @ &#36;100, 10/1/08)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(AMBAC) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">17,711,925</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Florida&#151;3.5%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,310</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Dev. Finance Corp. Rev., Learning Gate Community School,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 2/15/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,330,859</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Highlands Cnty. Health Facs. Auth. Rev., Adventist/Sunbelt,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 11/15/31, Ser. A, (Pre-refunded @ &#36;101, 11/15/11) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A1/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,850,400</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,335</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Hillsborough Cnty. Industrial Dev. Auth., Pollution Control Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Tampa Electric Co. Project, 5.50%, 10/1/23</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa2/BBB-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,394,356</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">635</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Hillsborough Cnty. Industrial Dev. Auth. Rev., Health Fac.</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Project, 5.625%, 8/15/23</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa2/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">639,432</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,135</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Jacksonville Health Facs. Auth. Rev., 5.25%, 11/15/32, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,254,868</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Lakeland Hospital System Rev., Regional Health System,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/15/32, (Pre-refunded @ &#36;101, 11/15/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,715,320</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Leesburg Hospital Rev., Leesburg Regional Medical Center</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Project, 5.50%, 7/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa1/BBB+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,007,050</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Orange Cnty. Health Facs. Auth. Rev., Adventist Health</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">System, (Pre-refunded @ &#36;101, 11/15/12) (b),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,550</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=right nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    5.625%,
        11/15/32</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A1/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,821,626</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=right nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    6.25%,
        11/15/24</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A1/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,631,300</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Sarasota Cnty. Health Fac. Auth. Rev., 5.75%, 7/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">480,100</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Sumter Landing Community Dev. Dist. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 10/1/35, Ser. A (MBIA) (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,969,100</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Winter Springs Water &amp; Sewer Rev., zero coupon,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10/1/29 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">520,455</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">51,614,866</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">6 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report  |  11.30.07</FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT> </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Georgia&#151;0.6%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,487</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Grantor Trust Gov&#146;t, CP, 4.75%, 6/1/28, Ser. A (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,530,361</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,775</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Medical Center Hospital Auth. Rev., 5.25%, 7/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,513,179</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,600</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Richmond Cnty. Dev. Auth. Rev., zero coupon, 12/1/21</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,165,376</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">9,208,916</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Hawaii&#151;1.3%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,170</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Honolulu City &amp; Cnty. Wastewater System Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">First Board Resolution, 4.75%, 7/1/28 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">19,321,635</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Illinois&#151;17.7%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Central Lake Cnty. Water Agcy. Rev., Ser. A (AMBAC),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,935</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/28</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,038,312</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">675</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/28, (Pre-refunded @ &#36;100, 11/1/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">730,350</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,150</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/32, (Pre-refunded @ &#36;100, 11/1/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,818,300</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Chicago, GO, Ser. A (FGIC),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,635</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 1/1/29</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,665,967</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,415</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 1/1/29, (Pre-refunded @ &#36;101, 1/1/09) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,517,040</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Chicago, Lake Shore East, Special Assessment,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,162</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.625%, 12/1/22</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,299,073</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,700</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 12/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,979,524</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Chicago Board of Education School Reform, GO (FGIC),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,535</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/16, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,786,261</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/28, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,788,000</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/31</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,369,845</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Chicago City Colleges, GO (FGIC),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">32,670</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,751,611</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">29,145</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/38</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,542,761</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">32,670</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/39</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,957,403</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Cicero, GO, 5.25%, 12/1/31 (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,237,700</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Dev. Finance Auth. Retirement Housing Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Christian Homes, Inc., 5.75%, 5/15/31, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,394,525</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Regency Park, zero coupon, 7/15/23</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,954,200</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">134,650</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Regency Park, zero coupon, 7/15/25</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">59,721,314</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Sedgebrook, Inc., 6.00%, 11/15/42, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,474,095</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">250</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Finance Auth. Rev., 6.00%, 3/1/37, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">246,918</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Condell Medical Center, 5.50%, 5/15/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa2/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,953,400</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,100</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Elmhurst Memorial Healthcare, 5.625%, 1/1/28</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,865,408</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Metropolitan Pier &amp; Exposition Auth. Rev. (MBIA),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">60,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/15/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,591,200</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">50,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/15/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">14,004,000</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,460</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/15/38</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">551,261</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">68,470</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Sports Facs. Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/15/30 (AMBAC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">64,784,945</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">262,023,413</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Indiana&#151;0.6%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Brownsburg 1999 School Building Corp. Rev., Ser. A,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 9/15/13) (FSA) (b),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;      5.00%,
        9/15/25</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,085,430</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    5.25%,
        3/15/25</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,196,900</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.07  |  PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">7</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Indiana&#151;(continued)</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,125</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Fort Wayne Pollution Control Rev., 6.20%, 10/15/25</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Caa1/B-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,080,739</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Bank Rev., Hendricks,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 4/1/30, Ser. D, (Pre-refunded @ &#36;100,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4/1/12) (AMBAC) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">538,950</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">990</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Vigo Cnty. Hospital Auth. Rev., 5.80%, 9/1/47 (c)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">919,967</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">8,821,986</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Iowa&#151;3.7%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Finance Auth. Rev., Wedum Walnut Ridge LLC, 5.625%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">12/1/45, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">921,810</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,300</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Higher Education Loan Auth. Rev., Grandview College,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.10%, 10/1/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,199,559</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. of Iowa Rev., Ser. B,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">46,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/1/34</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">41,869,660</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,850</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.60%, 6/1/35, (Pre-refunded @ &#36;101, 6/1/11) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,591,453</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">54,582,482</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Kansas&#151;0.2%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,800</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Univ. of Kansas Hospital Auth. Health Facs. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 9/1/32, (Pre-refunded @ &#36;100, 9/1/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">3,080,700</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Kentucky&#151;0.3%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Economic Dev. Finance Auth., Hospital Facs. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Healthcare Partners, 5.25%, 10/1/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,539,150</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,840</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">St. Luke&#146;s Hospital, 6.00%, 10/1/19, Ser. B</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,855,640</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">4,394,790</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Louisiana&#151;4.7%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Public Facs. Auth. Rev., Ochsner Clinic Foundation, Ser. B,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,400</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/15/32, (Pre-refunded @ &#36;100, 5/15/26) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">23,438,376</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,300</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/15/47</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,304,686</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., Ser. 2001-B,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">36,395</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.875%, 5/15/39</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">35,357,742</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.875%, 5/15/39 (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,772,000</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">69,872,804</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Maryland&#151;0.1%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Health &amp; Higher Educational Facs. Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Adventist Healthcare, 5.75%, 1/1/25, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa2/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,019,420</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;2.4%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">14,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Bay Transportation Auth., Special Assessment,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 7/1/34, Ser. A, (Pre-refunded @ &#36;100, 7/1/15) (b)(h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,686,100</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,610</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Dev. Finance Agcy. Rev., 6.75%, 10/15/37, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,499,729</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,295</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Turnpike Auth. Rev., 4.75%, 1/1/34, Ser. A (AMBAC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,302,387</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,050</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Water Res. Auth. Rev., 4.75%, 8/1/37, Ser. A (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,056,266</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">36,544,482</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Michigan&#151;2.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Detroit City School Dist., GO,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/32, Ser. A (Pre-refunded @ &#36;100, 5/1/13)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(FGIC)(Q-SBLF) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,183,570</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,545</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Garden City Hospital Finance Auth. Rev., 5.00%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/15/38, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,893,611</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">8 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report  |  11.30.07</FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Michigan&#151;(continued)</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">800</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Public Educational Fac. Auth. Rev., 6.50%, 9/1/37 (c)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">802,504</FONT>  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Star International Academy, CP, 6.125%, 3/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BB+</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">505,910</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Hospital Finance Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ascension Health, 5.25%, 11/15/26, Ser. B</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">Aa2/AA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,141,050</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Oakwood Group, Ser. A,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 4/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">A2/A</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,998,825</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,925</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 4/1/22</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">A2/A</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,055,476</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Finance Auth. Rev., 6.00%, 6/1/48, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,822,700</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">41,403,646</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Minnesota&#151;0.5%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">280</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">City of Minneapolis, Tax Allocation, Grant Park Project</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.35%, 2/1/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">256,228</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,300</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Meeker Cnty. Rev., 5.75%, 11/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,283,464</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Minneapolis Rev., Providence Project, 5.75%, 10/1/37, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,450,095</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">North Oaks, Presbyterian Homes Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,640</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 10/1/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,666,057</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,530</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 10/1/39</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,545,009</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Oronoco Multifamily Housing Rev., 5.40%, 6/1/41</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">479,845</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">7,680,698</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Mississippi&#151;0.3%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,605</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Business Finance Corp., Pollution Control Rev., 5.875%, 4/1/22</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Ba1/BBB</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,611,850</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">740</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Dev. Bank Special Obligation, Projects &amp; Equipment</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Acquisitions Rev., 5.00%, 7/1/24 (AMBAC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">744,958</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">4,356,808</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Missouri&#151;0.3%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,600</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Branson Regional Airport Transportation Dev. Dist. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 7/1/37, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,522,910</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">820</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Hanley Road &amp; North of Folk Ave. Transportation Dist. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/25</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">778,196</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">St. Louis Parking Facs. Rev., Downtown Parking Fac.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 2/1/28, (Pre-refunded @ &#36;100, 2/1/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,651,710</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">4,952,816</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Nevada&#151;1.7%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Clark Cnty., GO (FGIC),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,450</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/31</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,478,318</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,950</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/31, (Pre-refunded @ &#36;100, 6/1/11) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,062,359</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Reno Transportation Project Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 6/1/12) (AMBAC) (b),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,960</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,259,218</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,151,120</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,764,460</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,570</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 6/1/41</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,181,202</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,290</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Truckee Meadows Water Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/30, Ser. A, (Pre-refunded @ &#36;100, 7/1/11)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(FSA) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,497,533</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">25,394,210</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.07  |  PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">9</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">New Hampshire&#151;0.2%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Health &amp; Education Facs. Auth. Rev., Catholic Medical Center,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">360</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 7/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa1/BBB+ </FONT> </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">372,074</FONT>  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,640</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 7/1/32, (Pre-refunded @ &#36;101, 7/1/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa1/BBB+</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,968,390</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">3,340,464</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">New Jersey&#151;3.4%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,250</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Burlington Cnty. Bridge Commission Rev., 5.625%, 1/1/38</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,225,950</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Economic Dev. Auth., Kapkowski Road Landfill, Special</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Assessment,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 10/1/21</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,225,400</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,405</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 4/1/31</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,840,785</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Economic Dev. Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Arbor Glen,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">525</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/15/28</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">529,027</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">225</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/15/28, Ser. A, (Pre-refunded @ &#36;102, 5/15/09) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">237,919</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,300</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Seabrook Village, 5.25%, 11/15/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,196,832</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">250</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Seashore Gardens, 5.375%, 11/1/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">233,850</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,830</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Health Care Facs. Financing Auth. Rev., Trinitas Hospital,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 7/1/30, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB-</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,741,666</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Educational Facs. Auth. Rev., 6.00%, 7/1/25, Ser. D</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,611,615</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,150</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/41, Ser. 1A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,029,957</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,285</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/37, (Pre-refunded @ &#36;100, 6/1/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,424,692</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,095</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 6/1/42, (Pre-refunded @ &#36;100, 6/1/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,447,459</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,150</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/43, (Pre-refunded @ &#36;100, 6/1/13) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,011,000</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39, (Pre-refunded @ &#36;100, 6/1/13) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,912,050</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">50,668,202</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">New Mexico&#151;0.3%</FONT></B>  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Farmington Pollution Control Rev., 5.80%, 4/1/22</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa2/BBB</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,019,450</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">New York&#151;3.2%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,200</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev., 6.00%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">11/15/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,172,256</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Liberty Dev. Corp. Rev., 5.25%, 10/1/35 (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,622,500</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Metropolitan Transportation Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,600</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/15/30, Ser. A (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,893,832</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 11/15/32, Ser. B, (Pre-refunded @ &#36;100, 11/15/13) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/AAA</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,038,900</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,750</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Water &amp; Sewer System Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/15/37, Ser. D (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AA+</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,897,108</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,700</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Dormitory Auth. Rev., Sloan-Kettering Center Memorial,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/34, Ser. 1</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Aa2/AA</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,859,929</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Environmental Facs. Corp. Rev., 5.00%, 6/15/28</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,081,180</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">47,565,705</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">North Carolina&#151;0.0%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">550</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">North Carolina Medical Care Commission Rev., Salemtowne,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.10%, 10/1/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">504,829</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">10 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report  |  11.30.07</FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Ohio&#151;0.5%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Lorain Cnty. Hospital Rev., Catholic Healthcare,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">A1/AA-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,657,275</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;3.4%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Allegheny Cnty. Hospital Dev. Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">22,600</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 11/15/40, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Ba2/BB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,580,690</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">505</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/15, Ser. B, (Pre-refunded @ &#36;102, 11/15/10) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Ba3/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">584,825</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/22, Ser. B, (Pre-refunded @ &#36;102, 11/15/10) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Ba3/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,183,160</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,700</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/30, Ser. B, (Pre-refunded @ &#36;102, 11/15/10) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Ba3/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,744,012</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Cumberland Cnty. Auth., Retirement Community Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Wesley Affiliated Services,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.25%, 1/1/35, Ser. A, (Pre-refunded @ &#36;101, 1/1/13) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,320,215</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,250</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Harrisburg Auth. Rev., 6.00%, 9/1/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,263,910</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Montgomery Cnty. Higher Education &amp; Health Auth. Hospital</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Rev., Abington Memorial Hospital, Ser. A,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/A</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,065,550</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,750</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/A</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,761,513</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Philadelphia, GO, 5.25%, 9/15/25, Ser. 2001 (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,106,470</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Pittsburgh &amp; Allegheny Cnty. Public Auditorium Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/1/29 (AMBAC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">506,910</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">50,117,255</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;0.3%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,200</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Electric Power Auth. Power Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/29, Ser. NN, (Pre-refunded @ &#36;100, 7/1/13) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">A3/BBB+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">4,580,436</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Rhode Island&#151;5.1%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">76,200</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">76,257,912</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">South Carolina&#151;5.3%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">27,745</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Greenville Cnty. School Dist. Rev., Building Equity Sooner</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Tomorrow, 5.50%, 12/1/28, (Pre-refunded @ &#36;101,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">12/1/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AA-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">30,767,263</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,120</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Jobs Economic Dev. Auth. Rev., Bon Secours Health System,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A3/A-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,706,182</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Lexington Cnty., Health Services Dist. Hospital Rev. (b),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/1/32, (Pre-refunded @ &#36;100, 11/1/13)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/A+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">16,604,400</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/37, (Pre-refunded @ &#36;100, 5/1/14)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/A+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,885,735</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 11/1/28, (Pre-refunded @ &#36;100, 11/1/13)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/A+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,601,000</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,250</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Rev. Management Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.375%, 5/15/28, Ser. B</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,289,227</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">78,853,807</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Tennessee&#151;0.3%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,750</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Knox Cnty. Health Educational &amp; Housing Facs.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Board Hospital Facs. Rev., Catholic Healthcare Partners,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 10/1/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
 <FONT size=1 face="sans-serif">A1/AA-</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,808,725</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Sullivan Cnty. Health Educational &amp; Housing Fac. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/36, Ser. C</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">488,360</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">4,297,085</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.07  |  PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">11</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Texas&#151;8.6%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Arlington Independent School Dist., GO, 5.00%, 2/15/24</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(PSF-GTD)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,099</FONT>  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Aubrey Independent School Dist., GO (PSF-GTD),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">130</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">140,395</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,350</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/33, (Pre-refunded @ &#36;100, 8/15/14) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,881,527</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Brazos Cnty. Health Facs. Dev. Corp., Franciscan Services</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Corp. Rev., 5.375%, 1/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/A-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,609,005</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,700</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Comal Cnty. Health Facs. Dev., McKenna Memorial Hospital</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Project Rev., 6.25%, 2/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa2/BBB-</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,785,941</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Frisco Independent School Dist., GO, zero coupon,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/15/34 (PSF-GTD)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,324,000</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,750</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Harris Cnty., GO, 5.125%, 8/15/31, (Pre-refunded @ &#36;100,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/15/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/AA+</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">21,286,945</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,250</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Harris Cnty. Health Facs. Dev. Corp. Rev., St. Luke&#146;s Episcopal</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Hospital, 5.375%, 2/15/26, Ser. A, (Pre-refunded @ &#36;100,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/15/11) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,633,302</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">700</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">HFDC of Central Texas, Inc., Village at Gleannloch Farms Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/37, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">626,430</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Keller Independent School Dist., GO (PSF-GTD),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">770</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.875%, 8/15/31</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">773,989</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,730</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.875%, 8/15/31, (Pre-refunded @ &#36;100, 8/15/09) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,915,277</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,170</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Little Elm Independent School Dist., GO,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.30%, 8/15/29, Ser. A (PSF-GTD)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,343,145</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,250</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">North Dallas Thruway Auth. Rev., 4.75%, 1/1/29 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,267,937</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Sabine River Auth. Rev., 5.20%, 5/1/28</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/CCC</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,718,400</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State, GO,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,025</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 4/1/35, Ser. A (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/AA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,073,621</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 4/1/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/AA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,582,600</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Public Finance Auth. Rev., 5.875%, 12/1/36, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB-</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,007,880</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Turnpike Auth. Central Turnpike System Rev., Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(AMBAC),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/15/19</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,018,000</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,880</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/15/42</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,934,701</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Water Financial Assistance, GO,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,250</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/AA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,326,960</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,650</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 8/1/35</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/AA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,711,446</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Wichita Falls Water &amp; Sewer Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/27, (Pre-refunded @ &#36;100, 8/1/11) (AMBAC) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,481,360</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,150</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Willacy Cnty. Rev., 6.875%, 9/1/28, Ser. A1</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,377,337</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">127,830,297</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Utah&#151;3.2%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">44,150</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Utah Transit Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 6/15/35, Ser. B, (Pre-refunded @ &#36;100, 12/15/15)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(FSA) (b)(h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">47,950,873</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">12 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report  |  11.30.07</FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT> </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Virginia&#151;0.6%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Fredericksburg Industrial Dev. Auth.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Medicorp Health System Rev., Ser. B,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif"> 2,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/15/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A3/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,519,525</FONT>  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 6/15/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A3/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,070,800</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,050</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">James City Cnty. Economic Dev. Auth. Rev., 5.50%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">7/1/37, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,914,167</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">8,504,492</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Washington&#151;2.1%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">26,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Health Care Fac. Auth. Rev., 6.125%, 8/15/37, Ser. A (d)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa2/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,560,600</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,800</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Housing Finance Commission Rev., Skyline at First Hill,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 1/1/38, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,528,612</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">32,089,212</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Wisconsin&#151;0.7%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Badger Tobacco Asset Securitization Corp. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,125</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/17</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,168,357</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,750</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 6/1/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,017,995</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Health &amp; Educational Facs. Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Froedert &amp; Community Health Oblig.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">90</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AA-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">92,354</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">910</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30, (Pre-refunded @ &#36;101, 10/1/11) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AA-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">983,228</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">10,261,934</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total Municipal Bonds &amp; Notes (cost&#151;&#36;1,324,843,752)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,413,667,956</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom">
  <TD height="20" colspan=4 align=right valign="middle" nowrap bgcolor="#B7D2FF">
    <div align="left">&nbsp;&nbsp;<B><FONT size=1 face="sans-serif">VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(f)</FONT><B><FONT size=1 face="sans-serif">&#151;4.6%</FONT></B> </div></TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">  <div align="center"></div></TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Alabama&#151;0.4%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,450</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Jefferson Cnty. Sewer Rev., 10.47%, 2/1/36,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 352 (FGIC) (c)(e)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,174,950</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,400</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Montgomery Special Care Facs. Financing Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.40%, 11/15/29, Ser. 435 (MBIA) (c)(e)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,508,010</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">6,682,960</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Colorado&#151;0.2%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,250</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Denver City &amp; Cnty. Airport Rev., 9.40%, 11/15/25,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 425 (FSA) (c)(e)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,432,025</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Florida&#151;0.6%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,830</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Highlands Cnty. Health Facs. Auth. Rev., Adventist,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/15/31, Ser. C</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A1/A+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,798,757</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,782</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Orange Cnty. School Board, CP, 9.40%, 8/1/24,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 328 (MBIA) (c)(e)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,119,867</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,241</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Governmental Utilities Auth. Rev., 9.40%, 10/1/29 (c)(e)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,239,876</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">9,158,500</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Illinois&#151;0.6%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chicago, GO (c)(e),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,780</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.03%, 1/1/28, Ser. 332 (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,131,995</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.78%, 1/1/40, Ser. 426 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,814,680</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,288</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Cook Cnty., GO, 9.28%, 11/15/28, Ser. 403 (FGIC) (c)(e)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,421,952</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 10.66%, 4/1/27, Ser. 783 (FSA) (c)(e)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,430,600</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">8,799,227</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.07  |  PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">13</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT> </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;1.4%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif"> 1,400</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Boston Water &amp; Sewer Community Rev., 9.32%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">11/1/28, Ser. 434 (FGIC) (c)(e)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,497,440</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 10.58%, 11/1/30, Ser. 785 (FGIC-TCRS) (c)(e)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,153,480</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Turnpike Auth. Rev. (c)(e),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,366</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.44%, 1/1/37, Ser. 334 (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,424,559</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.44%, 1/1/37, Ser. 489 (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,023,850</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,668</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.44%, 1/1/39, Ser. 335 (AMBAC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,892,840</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">20,992,169</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Nevada&#151;0.2%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 9.28%, 5/15/28, Ser. 344 (FGIC) (c)(e)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,253,328</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Ohio&#151;0.1%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,580</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Hamilton Cnty. Sales Tax Rev., 9.40%, 12/1/27,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 356 (MBIA) (c)(e)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,724,649</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;0.3%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Philadelphia School Dist., GO (MBIA) (c)(e),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,670</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.15%, 4/1/27, Ser. 345</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,837,000</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,677</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.15%, 4/1/27, Ser. 496</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,944,700</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">4,781,700</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Texas&#151;0.7%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,460</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Denton Utility System Rev., 10.03%, 12/1/29,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 428 (MBIA) (c)(e)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,683,860</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,100</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Houston Airport System Rev., 9.28%, 7/1/25,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 404 (FGIC) (c)(e)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,121,945</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Houston Water &amp; Sewer System Rev. (c)(e),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.40%, 12/1/28, Ser. 427 (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,576,420</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,070</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.53%, 12/1/30, Ser. 495 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,951,090</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">10,333,315</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Washington&#151;0.1%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,820</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Central Puget Sound Regional Transit Auth. Sales Tax</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">&amp; Motor Rev., 8.04%, 2/1/28, Ser. 360 (FGIC) (c)(e)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,859,130</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Total Variable Rate Notes (cost&#151;&#36;59,613,943)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">69,017,003</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom">
  <TD height="20" colspan=4 align=right valign="middle" nowrap bgcolor="#B7D2FF">
    <div align="left"><B><FONT size=1 face="sans-serif">&nbsp;&nbsp;U.S. TREASURY BILLS </FONT></B><FONT size=1 face="sans-serif">(g)</FONT><B><FONT size=1 face="sans-serif">&#151;0.4%</FONT></B> </div></TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">  <div align="center"></div></TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,535</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">3.06%-5.60%, 12/13/07-2/28/08 (cost&#151;&#36;5,524,177)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,524,177</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Total Investments </FONT></B><FONT size=1 face="sans-serif">(cost&#151;&#36;1,389,981,872)</FONT><B><FONT size=1 face="sans-serif">&#151;100.0%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">1,488,209,136</FONT></B>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">14 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report  |  11.30.07</FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD height="20" colspan=4 align=center valign="middle" nowrap bgcolor="#B7D2FF">
    <div align="left"><B><FONT size=1 face="sans-serif">&nbsp;&nbsp;CALIFORNIA MUNICIPAL
    BONDS &amp; NOTES&#151;95.2%</FONT></B> </div></TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">  <div align="center"></div></TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif"> 2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">ABC Unified School Dist., GO, zero coupon,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/23, Ser. B (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">956,140</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Alpine Union School Dist., GO, zero coupon,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/24, Ser. B (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">474,220</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,115</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Anaheim City School Dist., GO,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/26, (Pre-refunded @ &#36;101, 8/1/11) (FGIC) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,689,948</FONT>  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Assoc. of Bay Area Gov&#146;t Finance Auth. Rev., Odd Fellows Home,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,300</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.20%, 11/15/22</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/A+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,493,556</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">26,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.35%, 11/15/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/A+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">26,934,180</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">23,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Bakersfield, CP, zero coupon, 4/15/21</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,724,520</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Bay Area Gov&#146;t Assoc.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Lease Rev., 5.00%, 7/1/32, Ser. 2002-1 (AMBAC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,059,660</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,945</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Windmere Ranch Dist. 99-1, Special Assessment,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.30%, 9/2/25, (Pre-refunded @ &#36;102, 9/2/11) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,191,198</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,085</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Capistrano Unified School Dist., Community Fac. Dist., Special Tax,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.70%, 9/1/20, (Pre-refunded @ &#36;102, 9/1/09) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,150,805</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,300</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ceres Unified School Dist., GO, zero coupon, 8/1/27 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">762,404</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chula Vista Community Facs. Dist., Special Tax,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 9/1/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,712,720</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,825</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.15%, 9/1/26</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,885,335</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,380</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.20%, 9/1/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,494,274</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chula Vista, Special Tax, (Pre-refunded @ &#36;102, 9/1/10) (b),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,160</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.05%, 9/1/25</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,266,592</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.10%, 9/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,732,975</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Clovis Unified School Dist., GO, Ser. B (FGIC),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/23</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">948,860</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,535</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/25</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,496,083</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">947,050</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,410</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Community College Financing Auth. Lease Rev., 5.00%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/27, Ser. A (AMBAC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,451,877</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Corona-Norco Unified School Dist., Public Financing Auth.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,110</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.10%, 9/1/25 (AMBAC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,139,015</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">210</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.55%, 9/1/15, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">210,326</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">305</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.65%, 9/1/16, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">305,220</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">160</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 9/1/17, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">159,984</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">530</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 9/1/20, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">530,588</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 9/1/25, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">999,890</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,150</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.10%, 9/1/32, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,153,071</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Coronado Community Dev. Agcy., Tax Allocation,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.875%, 9/1/35 (AMBAC) (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,021,400</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Dinuba Financing Auth. Lease Rev., 5.10%, 8/1/32 (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,116,340</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Educational Facs. Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,475</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Loyola Marymount Univ., zero coupon, 10/1/34 (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">909,616</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Woodbury Univ., 5.00%, 1/1/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,896,020</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.07  |  PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">15</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Empire Union School Dist., Special Tax (AMBAC),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,560</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA </FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">504,286</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,265</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">367,710</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Escondido Union School Dist., GO, zero coupon, 8/1/27 (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">386,160</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,440</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Eureka Union School Dist., GO, zero coupon, 8/1/27 (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">942,230</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Foothill Eastern Corridor Agcy. Toll Road Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,100</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/25, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,360,359</FONT>  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,270</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/26, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,460,513</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/15/27 (MBIA-IBC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,472,820</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,780</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/28, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,520,165</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,860</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/30, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,447,103</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">400</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Franklin-McKinley School Dist., GO,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/27, Ser. B, (Pre-refunded @ &#36;100, 8/1/13)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">(FSA) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">434,588</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,440</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Fremont Community Facs. Dist. No. 1, Special Tax, 5.30%, 9/1/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,363,464</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Golden State Tobacco Securitization Corp. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/1/37, Ser. A-2</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,263,200</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/33, Ser. A-1</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,009,200</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/35, Ser. A (FGIC) (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,062,000</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">45,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/38 Ser. A (FGIC) (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">45,194,850</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,485</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/45 (AMBAC-TCRS) (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,500,357</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/45, Ser. A (FGIC-TCRS) (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,007,380</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,700</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/33, Ser. 2003-A-1</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,870,117</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">36,200</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39, Ser. 2003-A-1, (Pre-refunded @ &#36;100,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6/1/13) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">42,068,020</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Finance Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Adventist Health System, 5.00%, 3/1/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">NR/A</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,893,440</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Healthcare West (b),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">495</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/28, (Partially pre-refunded @ &#36;101, 7/1/08)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">496,757</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">70</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/28, (Pre-refunded @ &#36;101, 7/1/08)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">71,390</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,115</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Hope Rehabilitation, 5.375%, 11/1/20 (CA Mtg. Ins.)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/A+</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,206,981</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Paradise VY Estates (CA Mtg. Ins.),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 1/1/22</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/A+</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,649,160</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,875</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 1/1/26</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/A+</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,966,527</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,750</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Huntington Beach Community Facs. Dist., Special Tax,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.30%, 9/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,792,298</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">200</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Infrastructure &amp; Economic Dev. Bank Rev., Bay Area Toll Bridges,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/36, (Pre-refunded @ &#36;100, 1/1/28) (AMBAC) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">219,258</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Irvine Improvement Board Act 1915, Special Assessment,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.70%, 9/2/26</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,063,140</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Irvine Unified School Dist., Special Tax, 5.125%, 9/1/36, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">899,590</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,900</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Jurupa Unified School Dist., GO, zero coupon, 5/1/27 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">726,693</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,450</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Kings Canyon JT Unified School Dist., GO, zero coupon,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/27 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">937,052</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,300</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Livermore-Amador Valley Water Management Agcy. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/31, Ser. A (AMBAC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,422,165</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">16 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report  |  11.30.07</FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Los Angeles, CP (MBIA),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,895</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/1/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,155,436</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,685</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/27, Ser. AU</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,760,019</FONT>  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Los Angeles Department of Water &amp; Power Rev., Ser. A (h),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 7/1/30 (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,142,050</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">30,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/35 (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">31,226,100</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">16,950</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/41 (FGIC-TCRS)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,312,221</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,200</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Los Angeles Wastewater System Rev., 5.00%, 6/1/30,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,385,976</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Manhattan Beach Unified School Dist., GO, zero coupon,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9/1/25 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">425,170</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Manteca Redev. Agcy., Tax Allocation,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,295</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/32 (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,519,759</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/36 (AMBAC) (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,279,500</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Manteca Unified School Dist., Special Tax (MBIA),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,365</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/25</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">996,871</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,330</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/29, Ser. C</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,433,135</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Merced Cnty., CP, Juvenile Justice Correctional Fac.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/32 (AMBAC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,085,360</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Modesto Elementary School Dist. Stanislaus Cnty., GO,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (FGIC),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,615</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/23</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,250,153</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,705</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,221,659</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 5/1/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">774,340</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,150</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Modesto High School Dist. Stanislaus Cnty., GO,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/26, Ser. A (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">868,256</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Modesto Public Financing Auth. Lease Rev. (AMBAC),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">55</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/29</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">55,884</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">945</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/29, (Pre-refunded @ &#36;101, 9/1/08) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">966,574</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,385</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Monrovia Financing Auth. Lease Rev., Hillside Wilderness</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Preserve, 5.125%, 12/1/31 (AMBAC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,486,601</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Montebello Unified School Dist., GO,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">677,445</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,485</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24 (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">676,135</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,830</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/25 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,208,070</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,775</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/27 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,061,354</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,700</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Moreno Valley Unified School Dist. Community Facs. Dist.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, 5.20%, 9/1/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,312,814</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,400</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Morgan Hill Unified School Dist., GO, zero coupon,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/23 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,208,640</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Mountain View-Whisman School Dist., GO,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/27, Ser. D, (Pre-refunded @ &#36;101,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6/1/12) (MBIA) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,621,800</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,245</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Newark Unified School Dist., GO, zero coupon, 8/1/26,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. D (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,310,461</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,805</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Oakland, GO, 5.00%, 1/15/27, Ser. A (FGIC) (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,313,988</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.07  |  PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">17</FONT></B></P>

<HR noshade width="100%" size=4>
<P STYLE="page-break-before:always"></P><PAGE>

<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Oakland Redev. Agcy., Tax Allocation, (Pre-refunded @ &#36;100,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">3/1/13) (b),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,395</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/A</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,522,712</FONT>  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,185</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/A</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,387,244</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Orange Cnty. Community Facs. Dist., Special Tax,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">No. 01-1-Ladera Ranch, 6.00%, 8/15/25, Ser. A,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;101, 8/15/10) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,082,210</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Orange Cnty. Sanitation Dist., CP,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 2/1/30, (Pre-refunded @ &#36;100, 8/1/13) (FGIC) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,191,240</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Palmdale Community Redev. Agcy., Tax Allocation (AMBAC),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,230</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">398,791</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,230</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/31</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">378,828</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,225</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">357,467</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,750</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Paramount Unified School Dist., GO, zero coupon,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9/1/23, Ser. B (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">839,773</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Perris Public Financing Auth. Rev., Tax Allocation, Ser. C,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">780</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/20</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">814,999</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,800</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 10/1/31</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,884,330</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Placentia-Yorba Linda Unified School Dist., CP,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/32 (FGIC) (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,299,400</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,150</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Placer Union High School Dist., GO, zero coupon, 8/1/33 (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,858,951</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Poway Unified School Dist., Special Tax,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community Facs. Dist. No. 6,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,700</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 9/1/28</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,611,089</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,300</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 9/1/28, Area B</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,204,849</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 9/1/25</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,504,935</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.60%, 9/1/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,919,990</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.05%, 9/1/25, Area A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,021,710</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 9/1/33, Area A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,584,865</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community Facs. Dist. No. 10,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.65%, 9/1/25</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,004,040</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.70%, 9/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,171,356</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Rancho Cucamonga Community Facs. Dist., Special Tax,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.375%, 9/1/31, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,059,500</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Richmond Wastewater Rev., zero coupon, 8/1/30 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">522,435</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,510</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Riverside, CP, 5.00%, 9/1/33 (AMBAC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,599,435</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Riverside Unified School Dist., Community Facs., Dist. No. 15,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, Ser. A,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.15%, 9/1/25</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">959,490</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">939,870</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/35</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">931,000</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Rocklin Unified School Dist., GO (FGIC),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,221,700</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/25</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,678,360</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/26</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,586,200</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,688,445</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">18 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07</FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Roseville Redev. Agcy., Tax Allocation (MBIA),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,365</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,447,880</FONT>  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,075</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,124,904</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sacramento City Financing Auth. Rev., Ser. A,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 12/1/32, (Pre-refunded @ &#36;100, 12/1/12) (FSA) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,859,955</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,475</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">North Natomas CFD No. 2, 6.25%, 9/1/23</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,521,629</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,490</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sacramento Cnty., Airport System Rev., 5.00%, 7/1/32,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,812,492</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">14,350</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sacramento Cnty., Sanitation Dist. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 12/1/35, (Pre-refunded @ &#36;100, 12/1/14)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(AMBAC) (a)(b)(h)(i)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,776,964</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Diego Cnty. Water Auth., CP, Ser. A (MBIA),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,285</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/28</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,553,683</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/29</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,251,680</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Diego Community Facs. Dist. No. 3, Special Tax, Ser. A,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,200</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.60%, 9/1/21</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,179,588</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">800</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.70%, 9/1/26</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">777,592</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,300</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 9/1/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,205,056</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Diego Public Facs. Financing Auth. Lease Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/15/29, Ser. A (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,020,630</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Fire &amp; Life Safety Facs., 5.00%, 4/1/32 (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,530,840</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">14,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Diego Public Facs. Financing Auth. Water Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/32 (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">14,396,760</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,775</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Diego Unified School Dist., GO, 5.00%, 7/1/27 (FGIC) (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,260,626</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Francisco City &amp; Cnty. Airport Community, International</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Airport Rev. (MBIA),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,585</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.50%, 5/1/28, Ser. 2</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,482,348</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,585</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,920,965</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,715</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/32, Ser 28B, (Pre-refunded @ &#36;100, 5/1/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,336,031</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,405</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Joaquin Hills Transportation Corridor Agcy. Toll Road Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/25</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,924,582</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Jose, Libraries &amp; Parks, GO,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">14,970</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/32 (MBIA) (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,394,549</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,190</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 9/1/31</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/AA+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,519,443</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Juan Unified School Dist., GO (FSA),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,770</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/23</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">852,680</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,105</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/26</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,487,971</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,150</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/27, Ser. A (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,511,059</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,835</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Mateo Foster City School Dist., GO,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.10%, 8/1/31, (Pre-refunded @ &#36;101, 8/1/11) (FGIC) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,194,144</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,300</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Mateo Union High School Dist., GO, zero coupon,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9/1/20 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,303,134</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,730</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Rafael City High School Dist., GO, 5.00%, 8/1/27,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,784,184</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,280</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Rafael Elementary School Dist., GO, 5.00%, 8/1/27,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,382,730</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Santa Clara Unified School Dist., GO (MBIA),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,755</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/25</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,842,278</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,040</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,121,046</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">19</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,260</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Santa Cruz Cnty. Rev., 5.25%, 8/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A3/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,327,082</FONT>  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Santa Margarita Water Dist., Special Tax,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 9/1/30, (Pre-refunded @ &#36;100, 9/1/13) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,271,160</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,185</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 9/1/29</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,241,854</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">815</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 9/1/29, (Pre-refunded @ &#36;102, 9/1/09) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">871,952</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Santa Monica Community College Dist., GO, zero coupon,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/26, Ser. C (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">778,800</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Saugus Hart School Facs. Financing Auth., Special Tax,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community Facs. Dist. 00-1,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,140</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.10%, 9/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,147,079</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,195</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 9/1/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,206,809</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Shasta Union High School Dist., GO, zero coupon, 8/1/24 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">447,970</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,745</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">South Tahoe JT Powers Parking Financing Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.00%, 12/1/27, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,664,681</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,800</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Southern Mono Health Care Dist., GO, zero coupon,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/26 (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">713,790</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,730</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Dev. Finance Agcy., Tax Allocation, 5.00%, 9/1/27 (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,837,126</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,605</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Public Works Board Lease Rev., UCLA Replacement</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Hospital,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/22, Ser. A (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,991,985</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Statewide Community Dev. Auth.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,600</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Baptist Univ., 5.50%, 11/1/38, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,572,368</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,555</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Bentley School, 6.75%, 7/1/32 (a)(i)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,767,909</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,250</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Huntington Park Chapter School, 5.25%, 7/1/42, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,165,575</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,700</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Jewish Home Rev., 5.50%, 11/15/33 (CA St. Mtg.)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/A+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,128,740</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,770</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Kaiser Permanente Rev., 5.50%, 11/1/32, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/A+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,847,643</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Live Oak School Rev., 6.75%, 10/1/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,076,290</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Peninsula Project Rev., 5.00%, 11/1/29</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">458,835</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,170</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Wildwood Elementary School, CP, 6.10%, 11/1/15 (a)(i)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,177,196</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,365</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Windrush School Rev., 5.50%, 7/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,351,159</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Statewide Financing Auth. Tobacco Settlement Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,665</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 5/1/29</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,641,474</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/1/37 (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,864,200</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,750</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tamalpais Union High School Dist., GO, 5.00%, 8/1/27 (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,009,315</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Securitization Agcy. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Alameda Cnty., 6.00%, 6/1/42</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,422,735</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Fresno Cnty.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,750</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 6/1/23</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,754,050</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/35</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,946,600</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,875</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Gold Cnty., zero coupon, 6/1/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,297,519</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,800</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Stanislaus Funding, 5.875%, 6/1/43, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,723,878</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Securitization Auth. of Southern California Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/37, Ser. A-1</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,764,480</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">995</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tracy Community Facs. Dist., Special Tax, No. 99-2</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">South Macarthur Area, 6.00%, 9/1/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,011,925</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">20 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07</FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT> </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Univ. Rev. (h),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif"> 5,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/35, Ser. F (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,533,220</FONT>  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/35, Ser. G (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,016,400</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,650</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/38, Ser. B</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AA-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,665,424</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/27, Ser. O, (Pre-refunded @ &#36;101,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=right nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    9/1/10) (FGIC) (b)</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,573,100</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ventura Cnty. Community College Dist., GO, 5.00%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/27, Ser. A (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,373,000</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,555</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ventura Unified School Dist., GO, 5.00%, 8/1/32, Ser. F (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,609,021</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Vernon Electric System Rev., Malburg Generating Station,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 4/1/33, (Pre-refunded @ &#36;100, 4/1/08) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,014,540</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Victor Elementary School Dist., GO, Ser. A (FGIC),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,125</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">508,084</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,410</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/26</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">973,254</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Vista Unified School Dist., GO, zero coupon,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/26, Ser. A (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">407,530</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">West Contra Costa Unified School Dist., GO, Ser. A (MBIA),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,740</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/26</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,803,376</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,690</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/28</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,748,830</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,890</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/31</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,929,425</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">William S. Hart JT School Financing Auth. Rev., 5.625%, 9/1/34</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,062,200</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,110</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Yuba City Unified School Dist., GO, zero coupon, 9/1/25 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">904,916</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total California Municipal Bonds &amp; Notes (cost&#151;&#36;825,548,624)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">858,735,747</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom">
  <TD height="20" colspan=10 align=right valign="middle" nowrap bgcolor="#B7D2FF">
    <div align="left"><B><FONT size=1 face="sans-serif">&nbsp;&nbsp;OTHER MUNICIPAL BONDS &amp; NOTES&#151;3.6%</FONT></B> </div>    <div align="center"></div>      </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Iowa&#151;1.6%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">16,100</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. of Iowa Rev., zero coupon,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6/1/34, Ser. B</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">14,654,381</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">New York&#151;0.4%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,235</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Dormitory Auth. Hospital Rev., 6.25%, 8/15/15 (FHA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">3,566,782</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;0.5%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,300</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Allegheny Cnty. Hospital Dev. Auth. Rev., 5.375%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">11/15/40, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Ba2/BB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">3,915,795</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;1.1%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Electric Power Auth. Power Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/29, Ser. NN, (Pre-refunded @ &#36;100, 7/1/13) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">A3/BBB+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,181,160</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,505</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Public Building Auth. Rev., Gov&#146;t Facs., 5.00%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">7/1/36, Ser. I (GTD)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,493,577</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sales Tax Financing Corp., Rev., Ser. A (AMBAC),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">32,600</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/47</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,323,412</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/54</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,139,500</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">10,137,649</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total Other Municipal Bonds &amp; Notes (cost&#151;&#36;33,203,782)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">32,274,607</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">21</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD height="20" colspan=4 align=left valign="middle" nowrap bgcolor="#B7D2FF">
<B><FONT size=1 face="sans-serif">&nbsp;&nbsp;CALIFORNIA VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(c) (e) (f)</FONT><B><FONT size=1 face="sans-serif">&#151;0.2%</FONT></B>  </TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif"> 1,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Modesto Public Financing Auth. Lease Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.52%, 9/1/29, Ser. 354 (AMBAC) (cost&#151;&#36;1,481,552)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,600,350</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;&nbsp;</TD>
</TR>

<TR valign="bottom">
  <TD height="20" colspan=4 align=left valign="middle" nowrap bgcolor="#B7D2FF">
<B><FONT size=1 face="sans-serif">&nbsp;&nbsp;OTHER VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(f)</FONT><B><FONT size=1 face="sans-serif">&#151;0.6%</FONT></B>  </TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;0.6%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,300</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(cost&#151;&#36;5,553,072)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Ba1/BBB-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,558,428</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom">
  <TD height="20" colspan=4 align=left valign="middle" nowrap bgcolor="#B7D2FF">
<B><FONT size=1 face="sans-serif">&nbsp;&nbsp;U.S. TREASURY BILLS </FONT></B><FONT size=1 face="sans-serif">(g)</FONT><B><FONT size=1 face="sans-serif">&#151;0.4%</FONT></B>  </TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,920</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">3.20%-5.60%, 12/13/07-2/28/08 (cost&#151;&#36;3,907,611)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">3,907,611</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Total Investments </FONT></B><FONT size=1 face="sans-serif">(cost&#151;&#36;869,694,641)</FONT><B><FONT size=1 face="sans-serif">&#151;100.0%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">902,076,743</FONT></B>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">22 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07</FONT></P>
<HR noshade width="100%" size=4>



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      New York Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT> </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan=4 align=left valign="middle" nowrap bgcolor="#B7D2FF">
<B><FONT size=1 face="sans-serif">&nbsp;&nbsp;NEW YORK MUNICIPAL BONDS &amp; NOTES&#151;89.4%</FONT></B>  </TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">  <div align="center"></div></TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Buffalo Municipal Water Finance Auth., Water System Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B, (Pre-refunded @ &#36;100, 7/1/12) (FSA) (b),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">250</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA </FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">268,443</FONT>  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,079,040</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,400</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 11/15/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,344,512</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Erie Cnty. Tobacco Asset Securitization Corp. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.50%, 7/15/32, (Pre-refunded @ &#36;101, 7/15/10) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,906,700</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Liberty Dev. Corp. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 10/1/35 (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,655,625</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,700</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 10/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,873,128</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Metropolitan Transportation Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,850</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/15/30, Ser. A (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,901,282</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 11/15/31, Ser. E</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">A2/A</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,355,800</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,000</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.35%, 7/1/31, Ser. B</FONT>  </TD>
  <TD>&nbsp;  </TD>
<TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">A1/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,290,150</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,130</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Mortgage Agcy. Rev., 4.75%, 10/1/27, Ser. 128 (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,056,858</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York City, GO, 5.00%, 3/1/33, Ser. I</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,064,160</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York City Health &amp; Hospital Corp. Rev., Ser. A,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,100</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 2/15/26</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">A1/A</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,122,429</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.45%, 2/15/26</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">A1/A</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,051,760</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York City Industrial Dev. Agcy. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">975</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Eger Harbor, 4.95%, 11/20/32 (GNMA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AA+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">976,687</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,415</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Liberty Interactive Corp., 5.00%, 9/1/35</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,347,646</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,220</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Staten Island Univ. Hospital, 6.45%, 7/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">B2/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,253,318</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">United Jewish Appeal Fed., 5.00%, 7/1/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,558,635</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Water &amp; Sewer System Rev. (h),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.50%, 6/15/33, Ser. C</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AA+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,310,925</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/15/32, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AA+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,105,150</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/15/34, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AA+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,491,550</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York City Transitional Finance Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/1/27, Ser. B</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,355,400</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,785</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York City Trust for Cultural Res. Rev., 5.00%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">2/1/34 (FGIC) (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,055,295</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,600</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Port Auth. New York &amp; New Jersey Rev., 5.00%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4/15/32, Ser. 125 (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,746,448</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Dormitory Auth. Lease Rev., State Univ. Dormitory Facs.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/32, (Pre-refunded @ &#36;100, 7/1/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,046,675</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Dormitory Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 12/1/35 (Radian)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,775,400</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,320</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/28 (Radian)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,321,214</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">80</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/28, (Pre-refunded @ &#36;102, 9/1/09) (Radian) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">84,249</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,490</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/15/31, Ser. A (AMBAC) (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,639,266</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 7/1/37, Ser. B (d)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Ba2/BB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">982,280</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,600</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Health of Long Island, 5.10%, 7/1/34</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa1/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,504,710</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Kaleida Health Hospital, 5.05%, 2/15/25 (FHA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,046,820</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,300</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Lenox Hill Hospital, 5.50%, 7/1/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Ba2/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,094,572</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">23</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      New York Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif"> 8,850</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">North General Hospital, 5.00%, 2/15/25</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AA-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,040,009</FONT>  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,600</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">State Personal Income Tax, 5.00%, 3/15/32,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        (Pre-refunded @ &#36;100,
    3/15/13) (b)</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,298,062</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,250</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Student Housing Corp., 5.125%, 7/1/34,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        (Pre-refunded @ &#36;100,
    7/1/14) (FGIC) (b)</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,376,787</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,270</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Teachers College, 5.00%, 7/1/32 (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,403,480</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Yeshiva Univ., 5.125%, 7/1/34 (AMBAC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,097,040</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Environmental Facs. Corp., State Clean</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Water &amp; Drinking Rev., 5.125%, 6/15/31</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,078,040</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,100</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Urban Dev. Corp., Personal Income Tax Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 3/15/33, Ser. C-1, (Pre-refunded @ &#36;100, 3/15/13) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,595,137</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Asset Backed, Inc. Rev., Ser.1,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/34</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">22,973,750</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 7/15/32, (Pre-refunded @ &#36;100, 7/15/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">27,576,500</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.375%, 7/15/39, (Pre-refunded @ &#36;101, 7/15/09) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,587,700</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Triborough Bridge &amp; Tunnel Auth. Rev. (FGIC-TCRS),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">710</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">728,630</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,990</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/32, (Pre-refunded @ &#36;100, 1/1/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,254,218</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,815</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ulster Cnty. Industrial Dev. Agcy. Rev., 6.00%, 9/15/37, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,772,983</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Warren &amp; Washington Cntys. Industrial Dev. Agcy. Fac. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Glens Falls Hospital, 5.00%, 12/1/35, Ser. A (FSA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,049,860</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">750</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Westchester Cnty. Industrial Dev. Agcy. Continuing Care</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Retirement Rev., Kendal on Hudson, 6.50%, 1/1/34</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">776,400</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total New York Municipal Bonds &amp; Notes (cost&#151;&#36;235,077,800)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">244,274,723</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom">
  <TD height="20" colspan=4 align=left valign="middle" nowrap bgcolor="#B7D2FF">
<B><FONT size=1 face="sans-serif">&nbsp;&nbsp;OTHER MUNICIPAL BONDS &amp; NOTES&#151;6.8%</FONT></B>  </TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">  <div align="center"></div></TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;3.0%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Alameda Unified School Dist., Alameda Cnty., GO, Ser. A (FSA),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,593,585</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/25</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,291,740</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,130</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Covina Valley Unified School Dist., GO,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/1/25, Ser. B (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,346,933</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Securitization Agcy. Rev., Los Angeles Cnty.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/1/28</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,845,700</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">8,077,958</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Colorado&#151;0.0%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">210</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">108,425</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;3.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,675</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Children&#146;s Trust Fund, Tobacco Settlement Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 5/15/43</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,593,280</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Commonwealth Highway &amp; Transportation Auth. Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 7/1/38, Ser. D, (Pre-refunded @ &#36;100, 7/1/12) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,625,145</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">750</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Electric Power Auth. Power Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/29, Ser. NN, (Pre-refunded @ &#36;100, 7/1/13) (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A3/BBB+</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">817,935</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">24 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07</FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      New York Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;(continued)</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sales Tax Financing Corp., Rev., Ser. A,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif"> 14,250</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/54 (AMBAC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA </FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,299,030</FONT>  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,900</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/56</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/A+</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,051,221</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">10,386,611</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total Other Municipal Bonds &amp; Notes (cost&#151;&#36;18,348,814)</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">18,572,994</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom">
  <TD height="20" colspan=4 align=left valign="middle" nowrap bgcolor="#B7D2FF">
<B><FONT size=1 face="sans-serif">&nbsp;&nbsp;NEW YORK VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(c) (e) (f)</FONT><B><FONT size=1 face="sans-serif">&#151;2.8%</FONT></B>  </TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,595</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Long Island Power Auth. Electric System Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.74%, 12/1/26, Ser. 339 (MBIA-IBC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,147,506</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,300</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Urban Dev. Corp. Rev., 9.897%, 3/15/35</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,548,430</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total New York Variable Rate Notes (cost&#151;&#36;7,016,192)</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">7,695,936</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom">
  <TD height="20" colspan=4 align=left valign="middle" nowrap bgcolor="#B7D2FF">
<B><FONT size=1 face="sans-serif">&nbsp;&nbsp;OTHER VARIABLE RATE NOTES&#151;0.7%</FONT></B>  </TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;0.7%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,900</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(cost&#151;&#36;1,990,724)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Ba1/BBB-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,992,644</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom">
  <TD height="20" colspan=4 align=left valign="middle" nowrap bgcolor="#B7D2FF">
<B><FONT size=1 face="sans-serif">&nbsp;&nbsp;U.S. TREASURY BILLS </FONT></B><FONT size=1 face="sans-serif">(g)</FONT><B><FONT size=1 face="sans-serif">&#151;0.3%</FONT></B>  </TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#B7D2FF">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">795</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">3.21%-5.60%, 12/13/07-2/28/08 (cost&#151;&#36;793,307)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">793,307</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Total Investments </FONT></B><FONT size=1 face="sans-serif">(cost&#151;&#36;263,226,837)&#151;</FONT><B><FONT size=1 face="sans-serif">100.0%</FONT></B>  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;"><div align="left"><B><FONT size=1 face="sans-serif">&#36;</FONT></B></div></TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">273,329,604</FONT></B>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">&nbsp;</P>
<P align="right">&nbsp;</P>
<P align="right"><FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">25</FONT></B></P>
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<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font> </div>
<P align="justify">&nbsp;</P>
<div style="border-top:3px solid #000000"> &nbsp;</div>
<DIV align="justify"><B><FONT size=1 face="sans-serif">Notes to Schedules of Investments:</FONT></B></DIV>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(a)&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Illiquid security.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(b)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Pre-refunded bonds are collateralized by U.S. Government or other eligible securities which are held in escrow and used to pay principal and interest and retire the bonds at the earliest refunding
date (payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate).</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(c)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">144A Security&#151;security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to
qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(d)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">When-issued or delayed-delivery security. To be settled/delivered after November 30, 2007.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(e)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Inverse Floater&#151;interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(f)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Variable Rate Notes&#151;instruments whose interest rates change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base
rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on November 30, 2007.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(g)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">All or partial amount segregated as collateral for futures contracts.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(h)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Residual Interest Bonds held
    in trust&#151;securities represent underlying bonds transferred to a separate
    securitization trust established in a tender option bond transaction in which
    the Funds  acquired the residual interest certificates. These securities
    serve as collateral in a financing transaction.</FONT></P>  </TD>
</TR>

<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(i)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Private Placement&#151;restricted as to resale and may not have a readily available market. Securities with an aggregate value of &#36;20,722,069, representing 2.30% of total investments in
California Municipal Income II.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2><div style="border-bottom:1px solid #000000"> &nbsp;</div></TD></TR></TABLE>
<P align="justify">
<B><FONT size=1 face="sans-serif">Glossary:</FONT></B><BR>
<FONT size=1 face="sans-serif">AMBAC &#151; insured by American Municipal Bond Assurance Corp.</FONT><BR>
<FONT size=1 face="sans-serif">CA Mtg. Ins. &#151; insured by California Mortgage Insurance</FONT><BR>
<FONT size=1 face="sans-serif">CA St. Mtg.&#151;insured by California State Mortgage</FONT><BR>
<FONT size=1 face="sans-serif">CP &#151; Certificates of Participation</FONT><BR>
<FONT size=1 face="sans-serif">FGIC &#151; insured by Financial Guaranty Insurance Co.</FONT><BR>
<FONT size=1 face="sans-serif">FHA &#151; insured by Federal Housing Administration</FONT><BR>
<FONT size=1 face="sans-serif">FSA &#151; insured by Financial Security Assurance, Inc.</FONT><BR>
<FONT size=1 face="sans-serif">GNMA &#151; insured by Government National Mortgage Association</FONT><BR>
<FONT size=1 face="sans-serif">GO &#151; General Obligation Bond</FONT><BR>
<FONT size=1 face="sans-serif">GTD &#151; Guaranteed</FONT><BR>
<FONT size=1 face="sans-serif">IBC &#151; Insurance Bond Certificate</FONT><BR>
<FONT size=1 face="sans-serif">MBIA &#151; insured by Municipal Bond Investors Assurance</FONT><BR>
<FONT size=1 face="sans-serif">NR &#151; Not Rated</FONT><BR>
<FONT size=1 face="sans-serif">PSF &#151; Public School Fund</FONT><BR>
<FONT size=1 face="sans-serif">Q-SBLF&#151;Qualified School Bond Loan Fund</FONT><BR>
<FONT size=1 face="sans-serif">Radian &#151; insured by Radian Guaranty, Inc.</FONT><BR>
<FONT size=1 face="sans-serif">TCRS &#151; Temporary Custodian Receipts</FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">26 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements</FONT></B></P>
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<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
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<P align="center">&nbsp;</P>
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<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Statements
      of Assets and Liabilities</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=right nowrap>
<B><FONT size=1 face="sans-serif">California&nbsp;&nbsp;&nbsp;</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=right nowrap>
<B><FONT size=1 face="sans-serif">New York&nbsp;&nbsp;&nbsp;</FONT></B>  </TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"> <div align="right"><B><FONT size=1 face="sans-serif">Municipal II</FONT></B> </div></TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"> <div align="right"><B><FONT size=1 face="sans-serif">Municipal II</FONT></B> </div></TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><B><FONT size=1 face="sans-serif">Municipal II</FONT></B> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Assets:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Investments, at value (cost&#151;&#36;1,389,981,872, &#36;869,694,641</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">and &#36;263,226,837, respectively)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;1,488,209,136</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;902,076,743</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;273,329,604</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Interest receivable</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">18,847,663</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,682,801</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,234,551</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Receivable for variation margin on futures contracts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,746,875</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,264,375</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">261,569</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Receivable for investments sold</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">13,000</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Prepaid expenses and other assets</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,035,714</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">124,633</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">440,556</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:2px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Total Assets</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,510,852,388</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">914,148,552</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">278,266,280</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Liabilities:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Payable for floating rate notes</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">115,540,000</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">220,964,639</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">36,847,780</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Payable for investments purchased</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">25,560,600</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">971,210</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Payable to custodian for cash overdraft</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,623,048</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,912,760</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">886,465</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Dividends payable to common and preferred shareholders</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,005,126</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,215,352</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">737,216</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Interest payable</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,645,474</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">763,863</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">171,560</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Investment management fees payable</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">608,629</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">308,710</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">107,222</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Accrued expenses and other payables</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">172,769</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">890,830</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">184,708</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:2px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Total Liabilities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">158,155,646</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">230,056,154</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">39,906,161</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Preferred shares (&#36;0.00001 par value and &#36;25,000 net</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">asset and liquidation value per share applicable to</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">an aggregate of 20,200, 10,400 and 3,600 shares</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">issued and outstanding, respectively)</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">505,000,000</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">260,000,000</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">90,000,000</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net Assets Applicable to Common Shareholders</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;847,696,742</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;424,092,398</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;148,360,119</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Composition of Net Assets Applicable to</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Common Shareholders:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Common Stock:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Par value (&#36;0.00001 per share)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;590</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;307</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;106</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Paid-in-capital in excess of par</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">839,548,318</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">435,674,520</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">150,349,620</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Dividends in excess of net investment income</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(600,341</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(2,860,552</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(685,374</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Accumulated net realized loss on investments</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(89,069,595</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(41,984,628</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(11,636,645</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Net unrealized appreciation of investments and</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">futures contracts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">97,817,770</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">33,262,751</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,332,412</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net Assets Applicable to Common Shareholders</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;847,696,742</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;424,092,398</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;148,360,119</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Common Shares Outstanding</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">59,029,006</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">30,650,629</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,591,830</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net Asset Value Per Common Share</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.36</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;13.84</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.01</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">28 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements</FONT></B></P>
<HR noshade width="100%" size=4>



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Statements
      of Operations</font></b><br>
      <font size=1 face="sans-serif">Six months ended November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=right nowrap>
<B><FONT size=1 face="sans-serif">California&nbsp;&nbsp;&nbsp;</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=right nowrap>
<B><FONT size=1 face="sans-serif">New York&nbsp;&nbsp;&nbsp;</FONT></B>  </TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Municipal II</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><B><FONT size=1 face="sans-serif">Municipal II</FONT></B> </div></TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><B><FONT size=1 face="sans-serif">Municipal II</FONT></B> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Investment Income:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Interest</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;39,142,486</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;23,699,633</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;7,377,789</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Expenses:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Investment management fees</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,436,791</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,268,892</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">783,628</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Interest expense</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,071,922</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,926,175</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">922,755</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Auction agent fees and commissions</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">645,178</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">335,430</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">119,972</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Custodian and accounting agent fees</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">422,310</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">193,088</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">27,263</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Shareholder communications</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">60,690</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">42,232</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">23,487</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Audit and tax services</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">43,077</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">35,977</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">25,623</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Trustees&#146; fees and expenses</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">40,739</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">28,897</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,869</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">New York Stock Exchange listing fees</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">27,240</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14,118</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,243</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Transfer agent fees</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">17,796</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">17,399</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">19,032</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Legal fees</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">16,953</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,695</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8,468</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Insurance expense</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,924</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,780</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,282</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Miscellaneous</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">19,337</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8,825</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,330</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Total expenses</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,812,957</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,886,508</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,964,952</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Less: investment management fees waived</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(739,074</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(378,085</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(130,557</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="left"><FONT size=1 face="sans-serif">&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 align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(22,233</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(22,803</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(16,655</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net expenses</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,051,650</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,485,620</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,817,740</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net Investment Income</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">32,090,836</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">16,214,013</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,560,049</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Realized and Change In Unrealized Gain (Loss):</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Net realized gain (loss) on:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Investments</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,952,107</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">531,914</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">375,613</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Futures contracts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(5,505,482</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(11,954,612</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,722,170</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Net change in unrealized appreciation/depreciation of:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Investments</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(28,461,750</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(17,386,596</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(5,471,730</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Futures contracts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(10,755,000</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(2,620,425</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,259,766</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Net realized and change in unrealized loss on investments</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">and futures contracts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(40,770,125</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(31,429,719</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,078,053</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Net Decrease in Net Assets Resulting from</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:2px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Investment Operations</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(8,679,289</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(15,215,706</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(2,518,004</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Dividends on Preferred Shares from</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Net Investment Income</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,965,712</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(4,279,372</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,514,346</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Net Decrease in Net Assets Applicable to Common</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:2px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Shareholders Resulting from Investment Operations</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;(17,645,001</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;(19,495,078</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;(4,032,350</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="right"><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">29</FONT></B></P>
<HR noshade width="100%" size=4>



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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><B><FONT size=2 face="sans-serif" color="#003893">PIMCO
    Municipal Income Funds II&nbsp;</FONT></B></div></TD>
  <TD width=95% align=right nowrap><div align="left"><B><FONT size=2 face="sans-serif" color="#003893"></FONT></B><B><FONT size=2 face="sans-serif">Statements
    of Changes in Net Assets</FONT></B></div></TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=95% align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><B><FONT size=2 face="sans-serif">Applicable
    to Common Shareholders</FONT></B></div></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD><div style="border-bottom:1px solid #000000"> &nbsp;</div></TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="sans-serif">Municipal II</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap><div align="center"><FONT size=1 face="sans-serif">Six months</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">ended</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD colspan="2" align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">November 30, 2007</FONT> </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD colspan="2" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Year ended</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(unaudited)</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">May 31, 2007</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Investment Operations:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;32,090,836</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;65,691,345</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net realized gain (loss) on investments and futures contracts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,553,375</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">87,615</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Net change in unrealized appreciation/depreciation of investments</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">and futures contracts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(39,216,750</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">19,514,662</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net increase (decrease) in net assets resulting from investment operations</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,679,289</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">85,293,622</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=7>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Dividends on Preferred Shares from Net Investment Income</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(8,965,712</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(17,388,694</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Net increase (decrease) in net assets applicable to common shareholders</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">resulting from investment operations</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(17,645,001</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">67,904,928</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=7>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Dividends to Common Shareholders from Net Investment Income</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(23,006,036</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(47,920,349</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR>
  <TD colspan=7>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Capital Share Transactions:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Reinvestment of dividends and distributions</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,533,019</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,998,399</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Total increase (decrease) in net assets applicable to common shareholders</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(39,118,018</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">23,982,978</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=7>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Net Assets Applicable to Common Shareholders:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Beginning of period</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">886,814,760</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">862,831,782</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">End of period (including dividends in excess of net investment income of</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">&#36;(600,341) and &#36;(719,429); &#36;(2,860,552) and &#36;(1,935,976); &#36;(685,374)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:2px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">and &#36;(524,386); respectively)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;847,696,742</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;886,814,760</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=7>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Common Shares Issued in Reinvestment of Dividends</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">104,373</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">266,561</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">30 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements</FONT></B></P>
<HR noshade width="100%" size=4>



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


<TABLE border=0 cellpadding=0 cellspacing=0>
  <TR valign="baseline">
    <TD colspan=11>&nbsp;</TD>
  </TR>
  <TR valign="baseline">
    <TD colspan=11>&nbsp;</TD>
  </TR>
  <TR valign="baseline">
    <TD colspan=11>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="sans-serif">California Municipal II</FONT></B> </div></TD>
  <TD nowrap><div style="border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </div></TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="sans-serif">New York Municipal II</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">Six months</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Six months</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">ended</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">ended</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">November 30, 2007</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Year ended</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">November 30, 2007</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Year ended</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(unaudited)</FONT> </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">May 31, 2007</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(unaudited)</FONT> </div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">May 31, 2007</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif"><br>
&#36;16,214,013</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif"><br>
&#36;33,005,824</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif"><br>
&#36;5,560,049</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif"><br>
&#36;11,516,932</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(11,422,698</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(931,161</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,346,557</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">138,535</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="baseline">
  <TD colspan=11>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(20,007,021</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">11,319,352</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(6,731,496</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,022,067</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(15,215,706</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">43,394,015</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(2,518,004</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,677,534</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="baseline">
  <TD colspan=11>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(4,279,372</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(8,273,822</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(1,514,346</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,954,143</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="baseline">
  <TD colspan=11>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(19,495,078</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">35,120,193</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(4,032,350</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,723,391</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="baseline">
  <TD colspan=11>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(12,859,217</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(25,618,929</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(4,206,691</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,378,638</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="baseline">
  <TD colspan=11>&nbsp;</TD>
</TR>
<TR valign="baseline">
  <TD colspan=11>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,162,603</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,403,958</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">381,270</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">784,927</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(31,191,692</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">11,905,222</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(7,857,771</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,129,680</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="baseline">
  <TD colspan=11>&nbsp;</TD>
</TR>
<TR valign="baseline">
  <TD colspan=11>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">455,284,090</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">443,378,868</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">156,217,890</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">154,088,210</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="baseline">
  <TD colspan=11>&nbsp;</TD>
</TR>
<TR valign="baseline">
  <TD colspan=11>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;424,092,398</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;455,284,090</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;148,360,119</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;156,217,890</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="baseline">
  <TD colspan=11>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">80,100</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">158,649</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">26,456</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD valign="baseline">&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">52,337</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><BR>
</p>
<P align="right">
<B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">31</FONT></B></P>

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



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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><B><FONT size=2 face="sans-serif" color="#003893">PIMCO
        Municipal Income Fund II </FONT></B><B><FONT size=2 face="sans-serif">Statement
        of Cash Flows<br>
  </FONT><FONT size=1 face="sans-serif">Six months ended November 30, 2007 (unaudited)</FONT></B> </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Cash Flows provided by Operating Activities:</FONT></B>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Purchases of long-term investments</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36; (141,662,025</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Proceeds from sales of long-term investments</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">154,167,711</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Interest received</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">29,191,541</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Operating expenses paid</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(5,055,499</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net cash used for futures transactions</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(18,328,445</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net increase in short-term investments</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(189,384</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash provided by operating activities</FONT></B>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">18,123,899</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Cash Flows from Financing Activities:</FONT></B>  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Cash dividends paid (excluding reinvestment of dividends of &#36;1,553,019)</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(30,411,883</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Custody overdraft</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,623,048</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash used for financing activities*</FONT></B>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(19,788,835</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net decrease in cash</FONT></B>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(1,664,936</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Cash at beginning of period</FONT></B>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,664,936</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Cash at end of period</FONT></B>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Reconciliation of Net Increase in Net Assets From Investment</FONT></B>  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Operations to Net Cash Provided by Operating Activities:</FONT></B>  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net decrease in net assets resulting from investment operations</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,679,289</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in interest receivable</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(499,495</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in receivable for investments sold</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">407,000</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in payable for investments purchased</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">25,560,600</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in prepaid expenses and other assets</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">523</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in investment management fees payable</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">15,472</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in variation margin payable on futures contracts</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(355,219</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in variation margin receivable on futures contracts</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,712,744</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in accrued expenses and other payables</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(91,766</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">Net decrease in investments</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">3,478,817</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash provided by operating activities</FONT></B>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;18,123,899</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<B><FONT size=1 face="sans-serif">*&nbsp;&nbsp;&nbsp;</FONT></B></TD>
  <TD>
<P align="justify"><B><FONT size=1 face="sans-serif">Supplemental Disclosure</FONT></B></P>  </TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD>
<P align="justify"><FONT size=1 face="sans-serif">Non-cash financing activity not included consists of interest expense on floating rate notes issued of &#36;2,071,922.</FONT></P>
  </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<P align="justify">
<B><FONT size=1 face="sans-serif">32 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements</FONT></B></P>

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



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


<div style="border-bottom:3px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Statement
      of Cash Flows</font></b><br>
      <font size=1 face="sans-serif">Six months ended November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Cash Flows provided by Operating Activities:</FONT></B>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Purchases of long-term investments</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36; (23,498,795</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Proceeds from sales of long-term investments</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">36,732,288</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Interest received</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">16,757,888</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Operating expenses paid</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(2,622,300</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net cash used for futures transactions</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(15,928,025</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net increase in short-term investments</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(479,428</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash provided by operating activities</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">10,961,628</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Cash Flows from Financing Activities:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Cash dividends paid (excluding reinvestment of dividends of &#36;1,162,603)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(15,973,228</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Custody overdraft</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,912,760</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash used for financing activities*</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(11,060,468</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net decrease in cash</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(98,840</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Cash at beginning of period</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">98,840</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Cash at end of period</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Reconciliation of Net Increase in Net Assets From Investment</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Operations to Net Cash Provided by Operating Activities:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net increase in net assets resulting from investment operations</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(15,215,706</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in interest receivable</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">183,907</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in receivable for investments sold</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">323,055</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in prepaid expenses and other assets</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,899</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in investment management fees payable</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,181</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in variation margin payable on futures contracts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(138,925</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in variation margin receivable on futures contracts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,214,062</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in accrued expenses and other payables</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(72,935</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">Net decrease in investments</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">27,086,214</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash provided by operating activities</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;10,961,628</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">*&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="justify"><B><FONT size=1 face="sans-serif">Supplemental Disclosure</FONT></B></P>  </TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD>
<P align="justify"><FONT size=1 face="sans-serif">Non-cash financing activity not included consists of interest expense on floating rate notes issued of &#36;4,926,175</FONT></P>
  </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<P align="right">
<B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">33</FONT></B></P>

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


<div style="border-bottom:3px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      New York Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Statement
      of Cash Flows</font></b><br>
      <font size=1 face="sans-serif">Six months ended November 30, 2007 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Cash Flows provided by Operating Activities:</FONT></B>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Purchases of long-term investments</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36; (13,797,598</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Proceeds from sales of long-term investments</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,076,291</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Interest received</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,259,697</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Operating expenses paid</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(918,901</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net cash used for futures transactions</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(3,257,505</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net decrease in short-term investments</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,566,790</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash provided by operating activities</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,928,774</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Cash Flows from Financing Activities:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Cash dividends paid (excluding reinvestment of dividends of &#36;381,270)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(5,318,658</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Custody overdraft</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">886,465</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash used for financing activities*</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(4,432,193</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net decrease in cash</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(1,503,419</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:2px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Cash at beginning of period</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,503,419</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Cash at end of period</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Reconciliation of Net Increase in Net Assets From Investment</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Operations to Net Cash Provided by Operating Activities:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;  </TD>
  <TD align=left valign="baseline" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net decrease in net assets resulting from investment operations</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(2,518,004</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in interest receivable</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">63,482</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in receivable for investments sold</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,000</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in payable for investments purchased</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">971,210</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in prepaid expenses and other assets</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(9,007</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in investment management fees payable</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,256</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in variation margin payable on futures contracts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(17,719</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in variation margin receivable on futures contracts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(257,850</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in accrued expenses and other payables</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(17,165</FONT>  </TD>
  <TD align=left valign="baseline" nowrap style="border-bottom:1px solid #000000;"><FONT size=1>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">Net decrease in investments</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">4,701,571</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash provided by operating activities</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;2,928,774</FONT>  </TD>
  <TD align=right valign="baseline" nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<B><FONT size=1 face="sans-serif">*&nbsp;&nbsp;&nbsp;</FONT></B></TD>
  <TD>
<P align="justify"><B><FONT size=1 face="sans-serif">Supplemental Disclosure</FONT></B></P>  </TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD>
<P align="justify"><FONT size=1 face="sans-serif">Non-cash financing activity not included consists of interest expense on floating rate notes issued of &#36;922,755.</FONT></P>
  </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<P align="justify">
<B><FONT size=1 face="sans-serif">34 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements</FONT></B></P>

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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Notes
      to Financial Statements</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font> </div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies<br>
</FONT></B><FONT size=1 face="sans-serif">PIMCO
Municipal Income Fund II (&#145;&#145;Municipal II&#146;&#146;), PIMCO California Municipal Income Fund II (&#145;&#145;California Municipal II&#146;&#146;) and PIMCO New York Municipal Income Fund II
(&#145;&#145;New York Municipal II&#148;), collectively referred to as the &#145;&#145;Funds&#146;&#146; or &#147;PIMCO Municipal Income Funds II&#148;, 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 &#145;&#145;Investment Manager&#146;&#146;), serves as the investment manager and is an indirect, wholly-owned subsidiary of Allianz Global Investors of
America L.P. (&#145;&#145;Allianz Global&#148;). Allianz Global is an indirect majority-owned subsidiary of Allianz SE, a publicly traded European insurance and financial services company. The Funds have an unlimited amount of &#36;0.00001
par value common stock authorized.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Under normal market conditions, Municipal II invests substantially all of its 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 assets in municipal bonds which pay interest that is exempt from federal and California state income taxes. Under normal market conditions, New York Municipal II invests substantially all of
its assets in municipal bonds which pay interest that is 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&#146; 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 size=1 face="sans-serif">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 size=1 face="sans-serif">In the normal course of business the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds&#146; 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 size=1 face="sans-serif">In July 2006, the Financial Accounting Standards Board issued interpretation No. 48, &#147;Accounting for Uncertainty in Income Taxes &#150; an Interpretation of FASB Statement No. 109&#147; (the
&#147;Interpretation&#147;). 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 Funds&#146; management has determined that its evaluation of the Interpretation has resulted in no impact to the Funds&#146;
financial statements at November 30, 2007.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards (&#147;SFAS&#147;) 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 Standard against its current valuation policies to determine future applicability.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The following is a summary of significant accounting policies consistently followed by the Funds:</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(a) Valuation of Investments</FONT></B></P>
<P align="justify">
<FONT size=1 face="sans-serif">Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotations are
not readily available or if a development/event occurs that may significantly impact the value of a security, are fair-valued, in good faith, pursuant to guidelines established by the Board of Trustees or persons acting at their discretion. The
Funds&#146; investments are valued daily using prices supplied by an independent pricing service or dealer quotations, or by using the last sale price on the exchange that is the primary market for such securities, or the last quoted mean price for
those securities for which the over-the-counter market is the primary market or for listed securities in which there were no sales. Independent pricing services use information provided by market makers or estimates of market values obtained from
yield data relating to investments or securities with similar characteristics. Exchange traded options and futures are valued at the settlement price determined by the relevant exchange. </FONT></P>
<P align="right">
<FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">35</FONT></B></P>

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

<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Notes
      to Financial Statements</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font> </div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies (continued)</FONT></B></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(a) Valuation of Investments (continued)<br>
</FONT></B><FONT size=1 face="sans-serif">Securities
purchased on a when-issued or delayed-delivery basis are marked to market daily
until settlement at the forward settlement date. 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&#146;s net asset value is normally determined as of the close of regular trading (normally, 4:00 p.m. Eastern time)
on the New York Stock Exchange (&#147;NYSE&#148;) on each day the NYSE is open
for business.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(b) Investment Transactions and Investment Income<br>
</FONT></B><FONT size=1 face="sans-serif">Investment transactions are accounted for on the trade date. Securities purchased and sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses on
investments are determined on the identified cost basis. Interest income is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized to interest income over the lives of the respective securities
using the effective interest method. Dividend income is recorded on the ex-dividend date.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(c) Federal Income Taxes<br>
</FONT></B><FONT size=1 face="sans-serif">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 size=1 face="sans-serif">(d) Dividends and Distributions &#151; Common Stock<br>
</FONT></B><FONT size=1 face="sans-serif">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.
The Funds record 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 &#147;book-tax&#148; 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 size=1 face="sans-serif">(e) Futures Contracts<br>
</FONT></B><FONT size=1 face="sans-serif">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 &#147;initial margin&#148; 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 &#147;variation margin&#148; 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">
<B><FONT size=1 face="sans-serif">(f) Option Transactions<br>
</FONT></B><FONT size=1 face="sans-serif">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">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">36 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07</FONT></P>
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<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Notes
      to Financial Statements</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font> </div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies (continued)</FONT></B></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(f) Option Transactions (continued)<br>
</FONT></B><FONT size=1 face="sans-serif">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 the current market value.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(g) Inverse Floating Rate Transactions &#151; Residual Interest Municipal Bonds (&#147;RIBs&#148;) / Residual Interest Tax Exempt Bonds (&#147;RITEs&#148;)<br>
</FONT></B><FONT size=1 face="sans-serif">The
Funds invest in RIBs and RITEs (&#147;Inverse Floaters&#148;) 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 (&#147;Fixed Rate Bond&#148;) to a broker who places the Fixed Rate Bond in a special purpose trust (&#147;Trust&#148;) from which floating rate bonds (&#148;Floating Rate Notes&#147;) 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 (&#147;FASB Statement No. 140&#148;), 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 &#147;Payable for floating rate
notes&#148; in the Funds&#146; 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 size=1 face="sans-serif">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 size=1 face="sans-serif">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 vice 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 in
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 size=1 face="sans-serif">The Funds&#146; 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">
<B><FONT size=1 face="sans-serif">(h) When-Issued/Delayed-Delivery Transactions<br>
</FONT></B><FONT size=1 face="sans-serif">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">&nbsp;</P>
<P align="right"><FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">37</FONT></B></P>
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<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Notes
      to Financial Statements</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font> </div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies (continued)</FONT></B></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(i) Custody Credits Earned on Cash Balances<br>
</FONT></B><FONT size=1 face="sans-serif">The Funds benefit from an expense offset arrangement with its 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 size=1 face="sans-serif">(j) Interest Expense<br>
</FONT></B><FONT size=1 face="sans-serif">Relates
to the Funds&#146; 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 size=1 face="sans-serif">2. Investment Manager/Sub-Adviser<br>
</FONT></B><FONT size=1 face="sans-serif">Each
Fund has entered into an Investment Management Agreement (collectively the &#147;Agreements&#148;) with the Investment Manager. Subject to the supervision by each Fund&#146;s Board of Trustees, the Investment
Manager is responsible for managing, either directly or through others selected by it, the Fund&#146;s investment activities, business affairs and administrative matters. Pursuant to the Agreements, the Investment Manager receives an annual fee,
payable monthly, at an annual rate of 0.65% of each Fund&#146;s average daily net assets, inclusive of net assets attributable to any preferred shares that may be outstanding. In order to reduce each Fund&#146;s 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&#146;s average daily net assets, including net assets attributable to any preferred shares that may be outstanding
through June 30, 2007. On July 1, 2007, the contractual fee waiver was reduced to 0.10% of each Fund&#146;s
average daily net assets inclusive of net assets attributable to any preferred
shares that may be outstanding through June 30, 2008, and for a declining amount
thereafter through June 30, 2009.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Investment Manager has retained its affiliate, Pacific Investment Management Company LLC (the &#147;Sub-Adviser&#148;), to manage each Fund&#146;s investments. Subject to the supervision of the Investment Manager,
the Sub-Adviser is responsible for making 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 size=1 face="sans-serif">3. Investments in Securities<br>
</FONT></B><FONT size=1 face="sans-serif">For the six months ended November 30, 2007, purchases and sales of investments, other than short-term securities and U.S. government obligations, were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">California</FONT>  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">Municipal II</FONT> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">Municipal II</FONT> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Municipal II</FONT>  </TD>
</TR>
<TR>
  <TD colspan=7>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Purchases</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=1 face="sans-serif">&#36;167,222,625</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="right"><FONT size=1 face="sans-serif">&#36;23,498,795</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="right"><FONT size=1 face="sans-serif">&#36;14,768,808</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sales</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="right"><FONT size=1 face="sans-serif">153,760,711</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">36,409,233</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,066,291</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">(a) Futures contracts outstanding at November 30, 2007:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Market</FONT>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Unrealized</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Value</FONT>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Expiration</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Appreciation</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Fund</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Type</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">Contracts</FONT> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Date</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Depreciation)</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Municipal II</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Short: U.S. Treasury Bond Futures</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">(2,795)</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">&#36;(327,539)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/19/08</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;(561,094)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">California Municipal II</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Short: U.S. Treasury Bond Futures</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">(2,023)</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">&nbsp;(237,070)</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/19/08</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">867,750&nbsp;</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">New York Municipal II</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Short: U.S. Treasury Bond Futures</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">&nbsp;&nbsp;(426)</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">&nbsp;&nbsp;(49,922)</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/19/08</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(67,508)</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=2 face="sans-serif">4. Income Tax Information<br>
</FONT></B><FONT size=1 face="sans-serif">The cost basis of investments is substantially the same for both financial reporting purposes and federal income tax purposes. Gross unrealized appreciation and gross unrealized depreciation of investments at November
30, 2007 were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Gross</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Gross</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Net</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Cost of</FONT> </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Unrealized</FONT>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Unrealized</FONT>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Unrealized</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">Investments</FONT> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">Appreciation</FONT> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Depreciation</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Appreciation</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Municipal II</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="right"><FONT size=1 face="sans-serif">&#36;1,276,440,994</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;106,671,275</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="right"><FONT size=1 face="sans-serif">&#36;8,464,302</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="right"><FONT size=1 face="sans-serif">&#36;98,206,973</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">California Municipal II</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="right"><FONT size=1 face="sans-serif">649,284,922</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">38,004,660</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="right"><FONT size=1 face="sans-serif">6,883,970</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">31,120,690</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York Municipal II</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="right"><FONT size=1 face="sans-serif">228,773,374</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,199,077</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="right"><FONT size=1 face="sans-serif">3,193,876</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,005,201</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">38 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07</FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Notes
      to Financial Statements</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font> </div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">5. Auction Preferred Shares<br>
</FONT></B><FONT size=1 face="sans-serif">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 &#36;25,000 per share plus accrued dividends.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">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 &#36;25,000 per share plus accrued dividends.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">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 &#36;25,000 per share plus accrued
dividends.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Dividends are accumulated daily at an annual rate (typically re-set every seven days) through auction procedures. Distributions of net realized capital gains, if any, are paid annually.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">For the six months ended November 30, 2007, the annualized dividend rates ranged from:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">High</FONT> </div></TD>
  <TD nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Low</FONT>  </TD>
  <TD nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">At November 30, 2007</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=center nowrap>
    <div align="left"><U><FONT size=1 face="sans-serif">Municipal II:</FONT></U> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">4.20%</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.00%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">4.20%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series B</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">4.00%</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.30%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">4.00%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series C</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">4.15%</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.15%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.75%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series D</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">4.00%</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.85%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.75%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series E</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">4.15%</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.10%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">4.15%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<U><FONT size=1 face="sans-serif">California Municipal II:</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">3.75%</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">1.90%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.75%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series B</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">3.95%</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.95%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.00%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series C</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">3.80%</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.90%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.50%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series D</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">4.05%</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.75%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.50%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series E</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">3.95%</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.90%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.90%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<U><FONT size=1 face="sans-serif">New York Municipal II:</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">4.15%</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.75%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">4.15%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series B</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">4.10%</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.50%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">4.10%</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">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 could trigger the mandatory redemption of Preferred Shares at their liquidation value.</FONT></P>
<P align="justify">
<B><FONT size=2 face="sans-serif">6. Subsequent Common Dividend Declarations</FONT></B></P>
<P align="justify">
<FONT size=1 face="sans-serif">On December 3, 2007, the following dividends were declared to common shareholders payable December 31, 2007 to shareholders of record on December 13, 2007:</FONT></P>
<TABLE border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Municipal II</FONT>  </TD>
  <TD nowrap>&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 align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.065 per common share</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">California Municipal II</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.07 per common share</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">New York Municipal II</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.06625 per common share</FONT>  </TD>
</TR>
</TABLE><BR>
<P align="justify">
<FONT size=1 face="sans-serif">On January 2, 2008 the following dividends were declared to common shareholders payable February 1, 2008 to shareholders of record on January 14, 2008:</FONT></P>
<TABLE border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Municipal II</FONT>  </TD>
  <TD nowrap>&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 align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.065 per common share</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">California Municipal II</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.07 per common share</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">New York Municipal II</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.06625 per common share</FONT>  </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p><BR>
</p>
<P align="right">
<FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">39</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Notes
      to Financial Statements</font></b><br>
      <font size=1 face="sans-serif">November 30, 2007 (unaudited)</font> </div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">7. Legal Proceedings<br>
</FONT></B><FONT size=1 face="sans-serif">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 &#147;Commission&#148;), 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 related to an alleged &#147;market timing&#148; arrangement in certain open-end funds formerly sub-advised by PEA Capital LLC. The Investment Manager and
its affiliates agreed to pay a total of &#36;68 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, and consented to cease and desist orders and censures.
Subsequent to these events, PEA Capital LLC deregistered and dissolved. None
of the settlements allege that any inappropriate activity took place with respect
to the Funds.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Since February 2004, the Investment Manager and certain of its affiliates and their employees have been named as defendants in a number of pending lawsuits concerning &#147;market timing,&#148; and &#147;revenue
sharing/shelf-space/directed brokerage,&#148; which allege the same or similar conduct underlying the regulatory settlements discussed above. The market timing lawsuits have been consolidated in a multi-district litigation proceeding in the U.S.
District Court for the District of Maryland. Any potential resolution of these matters may include, but not be limited to judgments or settlements for damages against the Investment Manager, the Sub-Adviser or their affiliates or related
injunctions.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">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.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The foregoing speaks only as of the date hereof.</FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">40 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07</FONT></P>
<HR noshade width="100%" size=4>



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


<div style="border-bottom:3px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Financial
      Highlights</font></b><br>
      <font size=1 face="sans-serif">For a share of common stock outstanding
throughout each period:</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Period</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">June 28,</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Six Months</FONT> </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">2002</FONT><FONT size=1 face="sans-serif">*</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">ended</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">through</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">November 30, 2007</FONT> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD colspan="15" align=right nowrap STYLE="border-bottom:1px solid #000000">
    <div align="center"><FONT size=1 face="sans-serif">Year Ended May 31,</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">May 31,</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(unaudited)</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2007</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2006</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2005</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2004</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">2003</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net asset value, beginning of period</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.05</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.71</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.81</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.01</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.66</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.33</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">**</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Investment Operations:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.54</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.13</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.08</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.11</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.17</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.93</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Net realized and change in unrealized</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">gain (loss) on investments and</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">futures contracts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.69</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.33</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.01</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.84</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.77</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.53</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Total from investment operations</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.15</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.46</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.09</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.95</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.40</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.46</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Dividends and Distributions</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">on Preferred Shares from:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.15</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.30</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.23</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.14</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.08</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.08</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net realized gains</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.01</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Total dividends and distributions</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">on preferred shares</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.15</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.30</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.23</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.14</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.08</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.09</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Net increase (decrease) in net assets</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">applicable to common shareholders</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">resulting from investment operations</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.30</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.16</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.86</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.81</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.32</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.37</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Dividends and Distributions to</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Common Shareholders from:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.39</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.82</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.96</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1.01</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.97</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.84</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net realized gains</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.09</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Total dividends and distributions</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">to common shareholders</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.39</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.82</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.96</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1.01</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.97</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.93</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Capital Share Transactions:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Common stock offering costs charged</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">to paid-in capital</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.02</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Preferred shares offering</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">costs/underwriting discounts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">charged to paid-in capital</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">in excess of par</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.09</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Total capital share transactions</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.11</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net asset value, end of period</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.36</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.05</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.71</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.81</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.01</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.66</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market price, end of period</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;13.73</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.42</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.45</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.02</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;13.31</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.80</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Total Investment Return </FONT></B><FONT size=1 face="sans-serif">(1)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8.53</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12.64</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.63</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">21.00</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(3.69</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5.19</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">RATIOS/SUPPLEMENTAL DATA:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Net assets applicable to common</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">shareholders, end of period (000)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;847,697</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;886,815</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;862,832</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;862,290</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;812,670</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;846,885</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of expenses to average net</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">assets including interest</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">expense (2)(3)(4)(5)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.64</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.50</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.30</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.05</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.08</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.97</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of expenses to average</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">net assets, excluding interest</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">expense (2)(3)(5)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.16</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.01</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.05</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.02</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.03</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.95</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of net investment income</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">to average net assets (2)(5)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.46</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.45</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.31</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.71</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8.16</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6.99</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Preferred shares asset coverage</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">per share</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;66,951</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;68,889</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;67,701</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;67,676</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;65,224</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;66,920</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Portfolio turnover</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">20</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">26</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">27</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">&nbsp;</P>
<P align="right"><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">41</FONT></B></P>
<HR noshade width="100%" size=4>



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


<div style="border-bottom:3px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Financial
      Highlights</font></b><br>
      <font size=1 face="sans-serif">For a share of common stock outstanding
throughout each period:</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;</TD>
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  <TD>&nbsp;</TD>
  <TD colspan="3" align=right nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
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  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Period</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
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  <TD>&nbsp;  </TD>
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  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">June 28,</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Six Months</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">2002</FONT><FONT size=1 face="sans-serif">*</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">ended</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">through</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">November 30, 2007</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD colspan=15 align=center nowrap style="border-bottom:1px solid #000000;">
    <FONT size=1 face="sans-serif">Year Ended May 31,</FONT>            </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">May 31,</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(unaudited)</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2007</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2006</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2005</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2004</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">2003</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net asset value, beginning of period</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.89</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.58</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.61</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;13.53</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.66</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.33</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">**</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Investment Operations:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.53</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.08</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.06</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.05</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.13</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.86</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Net realized and change in unrealized</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">gain (loss) on investments and</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">futures contracts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1.02</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.34</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.05</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.13</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1.26</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.47</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Total from investment operations</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.49</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.42</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.11</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.18</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.13</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.33</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Dividends on Preferred Shares</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">from Net Investment Income</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.14</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.27</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.21</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.12</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.07</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.07</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Net increase (decrease) in net assets</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">applicable to common shareholders</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">resulting from investment operations</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.63</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.15</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.90</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.06</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.20</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.26</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Dividends to Common Shareholders</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">from Net Investment Income</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.42</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.84</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.93</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.98</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.93</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.81</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Capital Share Transactions:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Common stock offering costs charged</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">to paid-in capital</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.02</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Preferred shares offering</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">costs/underwriting discounts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">charged to paid-in capital in excess</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">of par</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.10</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Total capital share transactions</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.12</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net asset value, end of period</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;13.84</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.89</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.58</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.61</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;13.53</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.66</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market price, end of period</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.14</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.96</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.62</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.76</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;13.27</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.78</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Total Investment Return </FONT></B><FONT size=1 face="sans-serif">(1)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8.77</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">15.35</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5.50</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">19.14</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(3.92</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4.23</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">RATIOS/SUPPLEMENTAL DATA:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Net assets applicable to common</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">shareholders, end of period (000)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;424,092</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;455,284</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;443,379</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;441,596</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;407,659</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;439,970</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of expenses to average net</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">assets including interest</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">expense (2)(3)(4)(6)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3.43</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.89</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.02</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.36</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.60</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.10</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of expenses to average net</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">assets, excluding interest</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">expense (2)(3)(6)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.18</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.01</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.06</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.06</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.07</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.97</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of net investment income</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">to average net assets (2)(6)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.40</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.28</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.24</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.37</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8.05</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6.51</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Preferred shares asset coverage</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">per share</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;65,767</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;68,765</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;67,620</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;67,451</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;64,191</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
 </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;67,301</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Portfolio turnover</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">20</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">39</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">42 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements</FONT></B></P>
<HR noshade width="100%" size=4>



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


<div style="border-bottom:3px solid #000000"> <b><font size=2 face="sans-serif" color="#003893">PIMCO
      New York Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Financial
      Highlights</font></b><br>
      <font size=1 face="sans-serif">For a share of common stock outstanding
throughout each period:</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Period</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">June 28,</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Six Months</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">2002</FONT><FONT size=1 face="sans-serif">*</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">ended</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">through</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">November 30, 2007</FONT> </div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD colspan=15 align=center nowrap style="border-bottom:1px solid #000000;">
    <FONT size=1 face="sans-serif">Year Ended May 31,</FONT>            </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">May 31,</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(unaudited)</FONT> </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2007</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2006</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2005</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2004</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">2003</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net asset value, beginning of period</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.79</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.66</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.62</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;13.54</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.45</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.33</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">**</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Investment Operations:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.52</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.10</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.07</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.07</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.06</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.86</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Net realized and change in unrealized</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">gain (loss) on investments and</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">futures contracts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.76</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.11</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.11</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.12</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.97</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.28</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Total from investment operations</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.24</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.21</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.18</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.19</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.09</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.14</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Dividends on Preferred Shares from</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">net investment income</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.14</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.28</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.23</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.13</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.07</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.08</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Net increase (decrease) in net assets</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">applicable to common shareholders</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">resulting from investment operations</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.38</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.93</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.95</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.06</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.02</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.06</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Dividends to Common Shareholders</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">from net investment income</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.40</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.80</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.91</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.98</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.93</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.81</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Capital Share Transactions:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Common stock offering costs charged</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">to paid-in capital</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.03</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Preferred shares offering</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">costs/underwriting discounts</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">charged to paid-in capital</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">in excess of par</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.10</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Total capital share transactions</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.13</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net asset value, end of period</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.01</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.79</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.66</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.62</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;13.54</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.45</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market price, end of period</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;13.65</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.49</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.14</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.80</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;13.05</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.71</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Total Investment Return </FONT></B><FONT size=1 face="sans-serif">(1)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(9.38</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">15.51</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.65</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">21.45</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(5.15</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3.76</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">RATIOS/SUPPLEMENTAL DATA:</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Net assets applicable to common</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">shareholders, end of period (000)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;148,360</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;156,218</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;154,088</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;152,812</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;140,958</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;149,606</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of expenses to average net</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">assets including interest</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">expense (2)(3)(4)(7)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.43</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.13</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.89</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.25</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.16</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.02</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of expenses to average net</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">assets, excluding interest</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">expense (2)(3)(7)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.21</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.14</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.13</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.14</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.15</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.02</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of net investment income</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">to average net assets (2)(7)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.36</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.33</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.29</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.53</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.58</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6.47</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Preferred shares asset coverage</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">per share</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;66,195</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;68,386</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;67,785</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;67,439</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;64,148</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;66,552</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Portfolio turnover</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">26</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">11</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">27</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">&nbsp;</P>
<P align="right"><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">43</FONT></B></P>
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<P STYLE="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="sans-serif" color="#003893">PIMCO Municipal Income Funds II </FONT></B><B><FONT size=2 face="sans-serif">Financial Highlights</FONT></B></P>
<div style="border-top:3px solid #000000"> &nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>

<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">*</FONT></TD>
  <TD>
<P align="justify"><FONT size=1 face="sans-serif">Commencement of operations.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">**</FONT></TD>
  <TD>
<P align="justify"><FONT size=1 face="sans-serif">Initial public offering price of &#36;15.00 per share less underwriting discount of &#36;0.675 per share.</FONT></P>  </TD>
</TR>
<TR><TD><FONT size=1 face="sans-serif">#</FONT></TD>
  <TD><FONT size=1 face="sans-serif"> Annualized.</FONT></TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(1)&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">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&#146;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 nowrap valign=top>
<FONT size=1 face="sans-serif">(2)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">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 nowrap valign=top>
<FONT size=1 face="sans-serif">(3)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">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 nowrap valign=top>
<FONT size=1 face="sans-serif">(4)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Interest expense relates to the liability for floating rate notes issued in connection with inverse floater transactions.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(5)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">During the periods indicated above, 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
0.17% (annualized), 0.24%, 0.24%, 0.24%, 0.25% and 0.23% (annualized) for the six months ended November 30, 2007, 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 nowrap valign=top>
<FONT size=1 face="sans-serif">(6)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">During the periods indicated above, 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
0.17% (annualized), 0.24%, 0.24%, 0.24%, 0.24% and 0.23% (annualized) for the six months ended November 30, 2007, 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 nowrap valign=top>
<FONT size=1 face="sans-serif">(7)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">During the periods indicated above, 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
0.17% (annualized), 0.24%, 0.24%, 0.24%, 0.24% and 0.23% (annualized) for the six months ended November 30, 2007, 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="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">44 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements</FONT></B></P>
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<P STYLE="page-break-before:always"></P><PAGE>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td align=left nowrap><b><font size=2 face="sans-serif" color="#003893">PIMCO Municipal Income
          Funds II&nbsp;</font></b> </td>
    <td width="95%" align=left nowrap><b><font size=2 face="sans-serif">Matters Relating
          to the Trustees&#146;</font></b> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td width="95%" align=left nowrap><b><font size=2 face="sans-serif">Consideration of
          the Investment</font></b> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td width="95%" align=left nowrap><b><font size=2 face="sans-serif">Management and Portfolio
          Management</font></b> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td width="95%" align=left nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">Agreements</font></b> </td>
  </tr>
</table>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">The Investment Company Act of 1940 requires that both the full Board of Trustees (the &#147;Trustees&#148;) and a majority of the non-interested (&#147;Independent&#148;) Trustees, voting separately, approve the
Funds&#146; Management Agreements (the &#147;Advisory Agreements&#148;) with the Investment Manager and Portfolio Management Agreements (the &#147;Sub-Advisory Agreements&#148;, and together with the Advisory Agreements, the &#147;Agreements&#148;)
between the Investment Manager and the Sub-Adviser. The Trustees met on June 13, 2007 (the &#147;contract review meeting&#148;) for the specific purpose of considering whether to approve the continuation of the Advisory Agreements and the
Sub-Advisory Agreements. The Independent Trustees were assisted in their evaluation of the Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Fund management during the
contract review meeting.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Based on their evaluation of factors that they deemed to be material, including those factors described below, the Board of Trustees, including a majority of the Independent Trustees, concluded that the continuation of
the Funds&#146; Advisory Agreements and the Sub-Advisory Agreements should be approved for a one-year period commencing July 1, 2007.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">In connection with their deliberations regarding the continuation of the Agreements, the Trustees, including the Independent Trustees, considered such information and factors as they believed, in light of the legal
advice furnished to them and their own business judgment, to be relevant. As described below, the Trustees considered the nature, quality, and extent of the various investment management, administrative and other services performed by the Investment
Manager and the Sub-Adviser under the Agreements.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">In connection with their contract review meeting, the Trustees received and relied upon materials provided by the Investment Manager which included, among other items: (i) information provided by Lipper Inc.
(&#147;Lipper&#148;) on the total return investment performance (based on net assets) of the Funds for various time periods and the investment performance of a group of funds with substantially similar investment classifications/objectives
identified by Lipper, (ii) information provided by Lipper on the Funds&#146; management fees and other expenses and the management fees and other expenses of comparable funds identified by Lipper, (iii) information regarding the investment
performance and management fees of comparable portfolios of other clients of the Sub-Adviser, including institutional separate accounts and other clients, (iv) an estimate of the profitability to the Investment Manager from its relationship with the
Funds for the twelve months ended March 31, 2007, (v) descriptions of various functions performed by the Investment Manager and the Sub-Adviser for the Funds, such as portfolio management, compliance monitoring and portfolio trading practices, and
(vi) information regarding the overall organization of the Investment Manager and the Sub-Adviser, including information regarding senior management, portfolio managers and other personnel providing investment management, administrative and other
services to the Funds. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees&#146; conclusions as to the continuation of the Agreements were based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the
factors that figured particularly in the Trustees&#146; deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various
factors.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">As part of their review, the Trustees examined the Investment Manager&#146;s and the Sub-Adviser&#146;s ability to provide high quality investment management and other services to the Funds. The Trustees considered the
investment philosophy and research and decision-making processes of the Sub-Adviser; the experience of key advisory personnel of the Sub-Adviser responsible for portfolio management of the Funds; the ability of the Investment Manager and the
Sub-Adviser to attract and retain capable personnel; the capability and integrity of the senior management and staff of the Investment Manager and the Sub-Adviser; and the level of skill required to manage the Funds. In addition, the Trustees
reviewed the quality of the Investment Manager&#146;s and the Sub-Adviser&#146;s services with respect to regulatory compliance and compliance with the investment policies of the Funds; the nature and quality of certain administrative services the
Investment Manager is responsible for providing to the Funds; and conditions that might affect the Investment Manager&#146;s or the Sub-Adviser&#146;s ability to provide high quality services to the Funds in the future under the Agreements,
including each organization&#146;s respective business reputation, financial condition and operational stability. Based on the foregoing, the Trustees concluded that the Sub-Adviser&#146;s investment process, research capabilities and philosophy
were well suited to the Funds given their investment objectives and policies, and that the Investment Manager and the Sub-Adviser would be able to continue to meet any reasonably foreseeable obligations under the Agreements.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Based on information provided by Lipper, the Trustees also reviewed each Fund&#146;s total return investment performance as well as the performance of comparable funds identified by Lipper. In the course of their
deliberations, the Trustees took</FONT></P>
<P align="right">
<FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">45</FONT></B></P>

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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif" color="#003893">PIMCO Municipal Income Funds II&nbsp;</FONT></B>  </TD>
  <TD width="95%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Matters Relating to the Trustees&#146;</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="95%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Consideration of the Investment</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="95%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Management and Portfolio Management</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Agreements</FONT></B>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">into account information provided by the Investment Manager in connection with the contract review meeting, as well as during investment review meetings conducted with portfolio management personnel during the course
of the year regarding each Fund&#146;s performance.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">In assessing the reasonableness of each Fund&#146;s fees under the Agreements, the Trustees considered, among other information, each Fund&#146;s management fee and the total expense ratio as a percentage of average
net assets attributable to common shares and the management fee and total expense ratios of comparable funds identified by Lipper.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">For each of the Funds, the Trustees specifically took note of how each Fund compared to its Lipper peers as to performance and total expense ratio. The Trustees noted that, while the Funds are not charged a separate
administration fee, it was not clear whether the peer funds in the Lipper categories were charged such a fee by their investment managers. Thus, the Trustees, at the recommendation of the Investment Manager, considered the total expenses of the
Funds compared to the total expenses of the peer funds, recognizing that the fees for management and administrative services would be subsumed within the total expense ratio.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Municipal II</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees noted that Municipal II had outperformed the median for its peer group for the one-year and three-year periods ended March 31, 2007. The Trustees noted that for the one-year period ended March 31, 2007,
Municipal II total return ranked second among fifty-five funds in its Lipper category for its asset class. The Trustees also noted that Municipal II&#146;s expense ratio (after taking into account waivers) was less than the median for its peer
group.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">California Municipal II</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees noted that California Municipal II
had outperformed the median for its peer group for the one-year and three-year
periods ended March 31, 2007. The Trustees noted that for the one- and three-year
periods, California Municipal II ranked first and third, respectively, among
twenty-two funds in its Lipper category for its asset class. The Trustees also
noted that California Municipal II&#146;s expense ratio (after taking into account
waivers) was in line with the median for its peer group. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">New York Municipal II</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees noted that New York Municipal II
had outperformed the median for its peer group for the one-year and three-year
periods ended March 31, 2007. The Trustees noted that in the one-year and three-year
periods,  New York Municipal II&#146;s total return was ranked second among sixteen
funds in its Lipper category for its asset class. The Trustees also noted that
New York Municipal II&#146;s expense ratio (after taking into account waivers) was
more than the median for  its peer group and ranked in the third quintile in
its lipper category for its asset class.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreements, that they were satisfied with the Investment Manager&#146;s and the
Sub-Adviser&#146;s responses and efforts relating to investment performance and the comparative positioning of each Fund with respect to the management fee paid to the Investment Manager.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees also considered the management fees charged by the Sub-Adviser to other clients, including institutional separate accounts with investment strategies similar to those of the Funds. Regarding the
institutional separate accounts, they noted that the management fees paid by the Funds are generally higher than the fees paid by these other clients of the Sub-Adviser, but were advised that the administrative burden for the Investment Manager and
the Sub-Adviser with respect to the Funds is also relatively higher, due in part to the more extensive regulatory regime to which the Funds are subject in comparison to institutional separate accounts. The Trustees noted that the management fees
paid by the Funds are generally higher than the fees paid by the open-end funds but were advised that there are additional portfolio management challenges in managing the Funds, such as the use of leverage and meeting a regular dividend.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees also took into account that the Funds have preferred shares outstanding, which increases the amount of fees received by the Investment Manager and the Sub-Adviser under the Agreements (because the fees are
calculated based on either the Fund&#146;s net assets or total managed assets, including assets attributable to preferred shares and other forms of leverage outstanding but not deducting any liabilities connected to the leverage). In this regard,
the Trustees took into account that the Investment Manager and the Sub-Adviser have a financial incentive for the Funds to continue to have</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">46 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07</FONT></P>

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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif" color="#003893">PIMCO Municipal Income Funds II&nbsp;</FONT></B>  </TD>
  <TD width="95%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Matters Relating to the Trustees&#146;</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="95%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Consideration of the Investment</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="95%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Management and Portfolio Management</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Agreements</FONT></B>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">preferred shares outstanding, which may create a conflict of interest between the Investment Manager and the Sub-Adviser, on the one hand, and the Fund&#146;s common shareholders, on the other. In this regard, the
Trustees considered information provided by the Investment Manager and the Sub-Adviser indicating that each Fund&#146;s use of leverage through preferred shares continues to be appropriate and in the interests of the Fund&#146;s common
shareholders.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Based on a profitability analysis provided by the Investment Manager, the Trustees also considered the profitability of the Investment Manager from its relationship with each Fund and determined that such profitability
was not excessive in light of the nature, scope and quality of services provided to each Fund.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees also took into account that, as closed-end investment companies, the Funds do not currently intend to raise additional assets, so the assets of the Funds will grow (if at all) only through investment
performance. Therefore, the Trustees did not consider potential economies of scale as a principal factor in assessing the fee rates payable under the Agreements.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Additionally, the Trustees considered so-called &#147;fall-out benefits&#148; to the Investment Manager and the Sub-Adviser, such as reputational value derived from serving as Investment Manager and Sub-Adviser to the
Funds.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the Agreements, that the fees payable under the Agreements represent
reasonable compensation in light of the nature and quality of the services being provided by the Investment Manager and Sub-Adviser to the Funds.</FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="right">
<FONT size=1 face="sans-serif">11.30.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">47</FONT></B></P>

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<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif" color="#003893">PIMCO Municipal Income Funds II&nbsp;</FONT></B>  </TD>
  <TD width="95%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Annual Shareholder Meetings Results</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(unaudited)</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><U><FONT size=2 face="sans-serif">Annual Shareholder Meetings Results:<br>
</FONT></U></B><FONT size=1 face="sans-serif">The Funds held their annual meetings of shareholders on December 18, 2007. Common/Preferred shareholders of each fund voted to re-elect Paul Belica and John J. Dalessandro II as class II Trustees to serve until 2010
and John C. Maney as Class II Trustee to serve until 2008. The resulting vote count is indicated below:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">Withheld</FONT>  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Affirmative</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Authority</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<U><FONT size=1 face="sans-serif">Municipal II:</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Re-Election of Paul Belica</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">54,828,248</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">904,846</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Re-Election of John C. Maney</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">54,911,557</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">821,537</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Re-Election of John J. Dalessandro II*</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,457</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">77</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<U><FONT size=1 face="sans-serif">California Municipal II:</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Re-Election of Paul Belica</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">28,142,982</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">355,981</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Re-Election of John C. Maney</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">28,109,346</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">389,617</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Re-Election of John J. Dalessandro II*</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,914</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=6>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<U><FONT size=1 face="sans-serif">New York Municipal II:</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Re-Election of Paul Belica</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,031,161</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">256,715</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Re-Election of John C. Maney</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,023,683</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">264,193</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Re-Election of John J. Dalessandro II*</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,392</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">169</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">Messrs. Robert E. Connor, Hans W. Kertess*, William B. Ogden IV and R. Peter Sullivan III continue to serve as Trustees of the Funds.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">__________________________</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">* Preferred Shares Trustee</FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">48 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.07</FONT></P>
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<DIV align="justify">
<B><FONT face="sans-serif">Trustees and Principal Officers</FONT></B></DIV>
<div style="position:relative;float:left;width:48%">
  <p align="justify"><font size=1 face="sans-serif">Hans W. Kertess</font><br>
      <font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Trustee, Chairman of the Board of Trustees</font><br>
      <font size=1 face="sans-serif">Paul Belica</font><br>
      <font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Trustee</font><br>
      <font size=1 face="sans-serif">Robert E. Connor</font><br>
      <font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Trustee</font><br>
      <font size=1 face="sans-serif">John J. Dalessandro II</font><br>
      <font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Trustee</font><br>
      <font size=1 face="sans-serif">John C. Maney</font><br>
      <font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Trustee</font><br>
      <font size=1 face="sans-serif">William B. Ogden, IV</font><br>
      <font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Trustee</font><br>
      <font size=1 face="sans-serif">R. Peter Sullivan III</font><br>
      <font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Trustee</font></p>
  <p align="justify"> <font size=1 face="sans-serif"> </font>
</div>
<div style="position:relative;float:right;width:48%">
  <p align="justify"><font size=1 face="sans-serif">Brian S. Shlissel</font><br>
      <font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;President &amp; Chief Executive Officer</font><br>
      <font size=1 face="sans-serif">Lawrence G. Altadonna</font><br>
      <font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Treasurer, Principal &amp; Accounting Officer</font><br>
      <font size=1 face="sans-serif">Thomas J. Fuccillo</font><br>
      <font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Vice President, Secretary &amp; Chief Legal
      Officer</font><br>
      <font size=1 face="sans-serif">Scott Whisten</font><br>
      <font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Assistant Treasurer</font><br>
      <font size=1 face="sans-serif">Youse E. Guia</font><br>
      <font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer</font><br>
      <font size=1 face="sans-serif">William V. Healey</font><br>
      <font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Assistant Secretary</font><br>
      <font size=1 face="sans-serif">Richard H. Kirk</font><br>
      <font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Assistant Secretary</font><br>
      <font size=1 face="sans-serif">Kathleen A. Chapman</font><br>
      <font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Assistant Secretary</font><br>
      <font size=1 face="sans-serif">Lagan Srivastava</font><br>
      <font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Assistant Secretary</font></p>
  <p align="justify"> <b><font face="sans-serif"> </font></b>
</div>
<b><font face="sans-serif"><br clear=all>
</font></b>
<P align="justify"><B><FONT face="sans-serif">Investment Manager</FONT></B><BR>
<FONT size=1 face="sans-serif">Allianz Global Investors Fund Management LLC</FONT><BR>
<FONT size=1 face="sans-serif">1345 Avenue of the Americas</FONT><BR>
<FONT size=1 face="sans-serif">New York, NY 10105</FONT><BR>
<B><FONT face="sans-serif">Sub-Adviser</FONT></B><BR>
<FONT size=1 face="sans-serif">Pacific Investment Management Company LLC</FONT><BR>
<FONT size=1 face="sans-serif">840 Newport Center Drive</FONT><BR>
<FONT size=1 face="sans-serif">Newport Beach, CA 92660</FONT><BR>
<B><FONT face="sans-serif">Custodian &amp; Accounting Agent</FONT></B><BR>
<FONT size=1 face="sans-serif">State Street Bank &amp; Trust Co.</FONT><BR>
<FONT size=1 face="sans-serif">225 Franklin Street</FONT><BR>
<FONT size=1 face="sans-serif">Boston, MA 02110</FONT><BR>
<B><FONT face="sans-serif">Transfer Agent, Dividend Paying Agent and Registrar</FONT></B><BR>
<FONT size=1 face="sans-serif">PFPC Inc.</FONT><BR>
<FONT size=1 face="sans-serif">P.O. Box 43027</FONT><BR>
<FONT size=1 face="sans-serif">Providence, RI 02940-3027</FONT><BR>
<B><FONT face="sans-serif">Independent Registered Public Accounting Firm</FONT></B><BR>
<FONT size=1 face="sans-serif">PricewaterhouseCoopers LLP</FONT><BR>
<FONT size=1 face="sans-serif">300 Madison Avenue</FONT><BR>
<FONT size=1 face="sans-serif">New York, NY 10017</FONT><BR>
<B><FONT face="sans-serif">Legal Counsel</FONT></B><BR>
<FONT size=1 face="sans-serif">Ropes &amp; Gray LLP</FONT><BR>
<FONT size=1 face="sans-serif">One International Place</FONT><BR>
<FONT size=1 face="sans-serif">Boston, MA 02210-2624</FONT></P>
<P align="justify">
<I><FONT size=1 face="sans-serif">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 Funds or any securities mentioned in this report.</FONT></I></P>
<P align="justify"><I><FONT size=1 face="sans-serif"> The financial information
      included herein is taken from the records of the Funds without examination
      by an independent registered accounting firm, who did not express an opinion
      hereon.</FONT></I></P>
<P align="justify">
<I><FONT size=1 face="sans-serif">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 size=1 face="sans-serif">The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (&#147;SEC&#148;) for the first and third quarter of its fiscal year on Form N-Q. The Funds&#146; Form N-Qs
are available on the SEC&#146;s website at www.sec.gov, and may be reviewed and copied at the SEC&#146;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&#146; website at www.allianzinvestors.com/closedendfunds.</FONT></I></P>
<P align="justify">
<I><FONT size=1 face="sans-serif">On January 2, 2008, the Funds submitted a CEO annual certification to the New York Stock Exchange (&#145;&#145;NYSE&#146;&#146;) on which the Funds&#146; principal executive officer certified that he was not aware,
as of that date, of any violation by the Fund of the NYSE&#146;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&#146;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&#146; disclosure controls and procedures and internal control over financial reporting, as
applicable.</FONT></I></P>
<P align="justify">
<I><FONT size=1 face="sans-serif">Information on the Funds is available at www.allianzinvestors.com/closedendfunds or by calling the Funds&#146; shareholder servicing agent at (800) 331-1710.</FONT></I></P>

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<p><IMG src="c51855_ncsrsx55x1.jpg" border=0></p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><BR>

</p>

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<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left"><FONT size=2 face="serif">ITEM 2. CODE OF ETHICS</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not required in this filing. </FONT></P>
<P align="left">
<FONT size=2 face="serif">ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT</FONT><FONT face="serif"> </FONT></P>
<P align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not required in this filing.</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES </FONT></P>
<P align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not required in this filing.</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANT</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not required in this filing. </FONT></P>
<P align="left">
<FONT size=2 face="serif">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 align="left"><font size=2> <font face="serif">Item 7. DISCLOSURE OF PROXY
VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</font> </font></P>
<P align="left">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not required in this filing.</FONT><FONT face="serif"> </FONT></P>
<P align="left"><font size=2> <font face="serif">Item 8. PORTFOLIO MANAGERS OF
CLOSED-END MANAGEMENT INVESTMENT COMPANIES </font> </font></P>
<P align="left">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not required in this filing.</FONT><FONT face="serif"> </FONT></P>
<P align="left"><font size=2> <font face="serif">Item 9. PURCHASES OF EQUITY
SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED COMPANIES. </font> </font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>

  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">TOTAL
          NUMBER</FONT></B> </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=right nowrap><div align="center"><B><FONT size=1 face="sans-serif">MAXIMUM
      NUMBER OF</FONT></B> </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">OF SHARES
          PURCHASED</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">SHARES
          MAY THAT YET BE</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">TOTAL
          NUMBER</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">AVERAGE</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">AS PART
          OF PUBLICLY</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">PURCHASED
          UNDER THE PLANS</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="left"><B><FONT size=1 face="sans-serif">PERIOD</FONT></B> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">OF SHARES</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">PRICE
          PAID</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">ANNOUNCED
          PLANS OR</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">OR PROGRAMS</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">PURCHASED</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">PER SHARE</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">PROGRAMS</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">JUNE '07</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">14.76</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">5,012</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">JULY '07</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">14.58</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">5,312</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">AUGUST '07</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">14.42</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">5,353</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">SEPT. '07</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">14.00</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">5,378</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">OCT '07</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">14.32</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">5,401</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">NOV 07</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund&#146;s Board of Trustees since the Fund last provided disclosure in response to this item.</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">ITEM 11. CONTROLS AND PROCEDURES</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant&#146;s President and Chief Executive Officer and Principal Financial Officer have concluded that the registrant&#146;s disclosure controls and procedures (as defined in Rule 30a-2(c) under the
Act (17 CFR 270.3a-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 align="left">
<FONT size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There were no significant changes in the registrant&#146;s internal controls over financial reporting as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a -3(d)) that ocurred during the registrant&#146;s second fiscal quarter of the
period covered by this report that has
materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting. </FONT></P>

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



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


<P align="left">
<FONT size=2 face="serif">ITEM 12. EXHIBITS</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">(a) (1) Exhibit 99.302 Cert. - Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">(b) Exhibit 99.906 Cert. - Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT><FONT face="serif"> </FONT></P>



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



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


<P align="center">
<FONT size=2 face="serif">Signature</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized. </FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap><FONT size=2 face="serif">(Registrant)</FONT>&nbsp;&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">PIMCO
    New York Municipal Income Fund II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=center nowrap>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=2 face="serif">By</FONT></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif"> /s/ Brian S. Shlissel</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
    <FONT size=2 face="serif">President and Chief Executive Officer</FONT>  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=2 face="serif">Date</FONT></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif"> February 6, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=2 face="serif">By</FONT></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif"> /s/ Lawrence G. Altadonna</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
    <FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer</FONT>  </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=2 face="serif">Date</FONT></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif"> February 6, 2008</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on
the dates indicated. </FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=2 face="serif">By</FONT></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif"> /s/
        Brian S. Shlissel</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap><FONT size=2 face="serif">President and Chief Executive
    Officer</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=2 face="serif">Date</FONT></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif"> February
        6, 2008</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=2 face="serif">By</FONT></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif"> /s/
        Lawrence G. Altadonna</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap><FONT size=2 face="serif">Treasurer, Principal
        Financial &amp; Accounting Officer</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=2 face="serif">Date</FONT></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif"> February
        6, 2008</FONT> </TD>
  </TR>
</TABLE>
<BR>

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


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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>13
<FILENAME>c52185_ex99-cert.htm
<TEXT>

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<P align="right">
<B><FONT size=2 face="serif">Exhibit 99CERT</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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">I have reviewed this report Form N-CSR of the PIMCO New York Municipal Income Fund II;</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report;</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT></TD>
  <TD width=100% colspan=3>
<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 colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(a)&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(c)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(d)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the 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 colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">5.</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I have disclosed, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the
equivalent functions):</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(a)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to
record, process, summarize, and report financial information; and</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></P>  </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">Dated: February 6, 2008</FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/ Brian S. Shlissel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>  </TD>
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Brian S. Shlissel</FONT>  </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">President &amp; Chief Executive Officer</FONT>  </TD>
  </TR>
</TABLE>
<BR>

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



<P align="left" style="page-break-before:always"></P><PAGE>
<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, 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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">I have reviewed this report Form N-CSR of the PIMCO New York Municipal Income Fund II;</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report;</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT></TD>
  <TD width=100% colspan=3>
<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 colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(a)&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(c)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(d)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the 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 colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">5.</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I have disclosed, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the
equivalent functions):</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(a)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to
record, process, summarize, and report financial information; and</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></P>  </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">Dated: February 6, 2008</FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=100% nowrap><div style="border-bottom:1px solid #000000;width:150px"> <font size=2 face="serif">/s/
    Lawrence G. Altadonna</font> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">Lawrence G. Altadonna</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer</FONT>
  </TD>
</TR>
</TABLE><BR>

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<TYPE>EX-99.906CERT
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<FILENAME>c52185_ex99-906cert.htm
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<B><FONT size=2 face="serif">Exhibit 99.906CERT</FONT></B><FONT face="serif"> </FONT></P>
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<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>
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  <TD width="3%" valign=top nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</TD>
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<FONT size=2 face="serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=95% valign="top">
<P align="left"><FONT size=2 face="serif">The Semi-Annual Report on the Form N-CSR for the period ended November 30, 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 colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(2)</FONT></TD>
  <TD valign="top">
<P align="left"><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>
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<FONT size=2 face="serif">Dated: February 6, 2008</FONT><FONT face="serif"> </FONT></P>
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  <TD align=left nowrap><FONT size=2 face="serif">By</FONT>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif"> /s/ Brian S. Shlissel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</FONT>  </TD>
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
</TR>
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  <TD colspan="3" align=left nowrap>
    <FONT size=2 face="serif">Brian S. Shlissel</FONT>  </TD>
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  <TD colspan="3" align=left nowrap>
    <FONT size=2 face="serif">President and Chief Executive Officer</FONT>  </TD>
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<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 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>
<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 width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width="2%" valign=top nowrap>
<FONT size=2 face="serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=95% valign="top">
<P align="left"><FONT size=2 face="serif">The Semi-Annual Report on the Form N-CSR for the period ended November 30, 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 colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(4)</FONT></TD>
  <TD valign="top">
<P align="left"><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>
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<FONT size=2 face="serif">Dated: February 6, 2008</FONT><FONT face="serif"> </FONT></P>
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<TR valign="bottom">
  <TD align=center nowrap><div align="left"><FONT size=2 face="serif">By</FONT>&nbsp;</div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="left"><FONT size=2 face="serif"> /s/ Lawrence G. Altadonna</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </div></TD>
  <TD align=center nowrap>&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>
</TR>
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  <TD colspan="3" align=left nowrap>
    <FONT size=2 face="serif">Lawrence G. Altadonna</FONT>  </TD>
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  <TD colspan="3" align=left nowrap>
    <FONT size=2 face="serif">Treasurer, Principal Financial and Accounting Officer</FONT>  </TD>
  </TR>
</TABLE>
<BR>
<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><FONT face="serif"> </FONT></P>

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