PIMCO Municipal Income Fund II (the Fund) is a non-diversified, closed-end management investment company. The Fund invests at least 80% of its net assets in investment-grade municipal bonds that pay interest that is exempt from federal income tax. The Fund seeks to be AMT-free by avoiding bonds generating interest that may subject individuals to the alternative minimum tax. The Funds may also invest in Inverse Floaters without transferring a fixed rate municipal bond into a Trust, which is not accounted for as secured borrowings. The Funds may also invest in Inverse Floaters for the purpose of increasing leverage. The Fund's investment manager is Allianz Global Investors Fund Management LLC, which is an indirect, wholly owned subsidiary of Allianz Global Investors of America L.P. (Allianz Global). Allianz Global is an indirect, wholly owned subsidiary of Allianz SE. The Fund's sub-adviser is Pacific Investment Management Company LLC.