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<SEC-DOCUMENT>0000930413-05-007208.txt : 20051021
<SEC-HEADER>0000930413-05-007208.hdr.sgml : 20051021
<ACCEPTANCE-DATETIME>20051021105045
ACCESSION NUMBER:		0000930413-05-007208
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050831
FILED AS OF DATE:		20051021
DATE AS OF CHANGE:		20051021
EFFECTIVENESS DATE:		20051021

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170299
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21076
		FILM NUMBER:		051148685

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c39465_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="17%" align=center nowrap>&nbsp;</TD>
  <TD width="70%" align=center>&nbsp;</TD>
  <TD width="13%" align=center nowrap><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD width="17%" align=center>&nbsp;</TD>
	<TD width="70%" align=center nowrap>
<B><FONT size=2 face="serif">UNITED STATES</FONT></B>&nbsp;
	</TD>
	<TD width="13%" align=center nowrap>
      <center>
        <FONT size=1 face="serif"><U>OMB APPROVAL</U></FONT>&nbsp;
      </center></TD></TR>
<TR valign="bottom">
  <TD width="17%" align=center>&nbsp;</TD>
	<TD width="70%" align=center nowrap>
<B><FONT size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B>&nbsp;
	</TD>
	<TD align=left nowrap>      <div align="left"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;OMB Number: 3235-0578</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
  <TD width="17%" align=left>&nbsp;</TD>
	<TD width="70%" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">Washington, DC 20549</FONT></B>
    </center></TD>
	<TD align=left nowrap>      <div align="left"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;Expires: February 28, 2006</FONT>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD width="17%">&nbsp;</TD>
	<TD width="70%">&nbsp;</TD>
	<TD align=left nowrap>      <div align="left"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;Estimated average burden</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
  <TD width="17%" align=left>&nbsp;</TD>
  <TD width="70%" align=left>&nbsp;</TD>
  <TD align=left nowrap>      <div align="left"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;hours per response: 20.0</FONT>&nbsp;
    </div></TD></TR>
<TR valign="bottom">
  <TD width="17%" align=left>&nbsp;</TD>
	<TD width="70%" align=left>&nbsp;

	</TD>
	<TD width="13%" align=center nowrap><hr size="1" noshade>    </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">FORM N-Q </FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANY </FONT></B></P>

<p></p><p></p><FONT size=2 face="serif">Investment Company Act File Number: 811-21076</FONT><BR>

<P>
<FONT size=2 face="serif">Registrant Name: PIMCO Municipal Income Fund II </FONT></P>
<P>
<FONT size=2 face="serif">Address of Principal Executive Offices: 1345 Avenue of the Americas New York, New York 10105 </FONT></P>
<P>
<FONT size=2 face="serif">Name and Address of Agent for Service: Lawrence G. Altadonna &#150; 1345 Avenue of the Americas New York, New York 10105 </FONT></P>
<P>
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area code: 212-739-3371 </FONT></P>

<p><FONT size=2 face="serif">Date of Fiscal Year End: 5/31/05</FONT></p>
    <p><FONT size=2 face="serif">Date of Reporting Period: 8/31/05</FONT></P>

    <P>
<FONT size=2 face="serif">Form N-Q is to be used by the registered management investment company, other than a small business investment company registered on Form N-5 (</FONT><FONT size=2 face="sans-serif">&sect;&sect;</FONT><FONT size=2
face="serif"> 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b 1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1
- -5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. </FONT></P>
<P>
<FONT size=2 face="serif">A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to the collection of information contained in Form N-Q unless
the Form displays a currently valid Office of Management and Budget (&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. </FONT><FONT size=2 face="sans-serif">&sect;
</FONT><FONT size=2 face="serif">3507. </FONT></P>

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

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


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


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<FONT size=1 face="sans-serif">August 31, 2005 (unaudited)</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD width=9% align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="sans-serif">Amount</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Credit Rating</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">(000)</FONT>
      </center></TD>
	<TD width=5% align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">Value*</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=2>
  </TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="sans-serif">MUNICIPAL BONDS &amp; NOTES&#151;90.0%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<B><FONT size=1 face="sans-serif">Alabama&#151;3.3%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">Birmingham Waterworks &amp; Sewer Board Rev., Ser. B (MBIA),</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">$1,145</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/27</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">$1,206,567</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/37</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">10,454,200</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">15,000</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">Daphne Special Care Facs. Financing Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=center>
      <div align="left"> &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/15/28,
          (Pre-refunded @ &#36;100, 8/15/08) (a)</FONT>&nbsp;
      </div></TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">13,505,400</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,750</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">Huntsville Health Care Auth. Rev., 5.75%, 6/1/32, Ser. B</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A2/NR</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">1,899,362</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">16,580</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">Jefferson Cnty. Sewer Rev., 4.75%, 2/1/38, Ser. B</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">(FGIC) (Pre-refunded @ &#36;100, 8/1/12) (a)</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">17,999,414</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="5%">
	</TD>
	<TD width="65%">
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD width="3%">
	</TD>
	<TD width="9%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">45,064,943</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="5%">
	</TD>
	<TD width="65%">
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD width="3%">
	</TD>
	<TD width="9%">
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<B><FONT size=1 face="sans-serif">Alaska&#151;0.3%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,550</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">State Housing Finance Corp. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 6/1/32, Ser. C (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">3,632,040</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="5%">
	</TD>
	<TD width="65%">
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD width="3%">
	</TD>
	<TD width="9%">
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<B><FONT size=1 face="sans-serif">Arizona&#151;0.1%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,300</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">Health Fac. Auth. Hospital System Rev., 5.75%, 12/1/32</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">NR/BBB</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">1,386,736</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="5%">
	</TD>
	<TD width="65%">
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD width="3%">
	</TD>
	<TD width="9%">
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<B><FONT size=1 face="sans-serif">California&#151;4.5%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">9,610</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">Alameda Corridor Transportation Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/16, Ser. A (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">6,125,510</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">Golden State Tobacco Securitization Corp.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Tobacco Settlement Rev., Ser. 2003-A-1,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,300</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/33</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">3,680,358</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">9,000</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">10,392,480</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">Rancho Cucamonga Community Facs. Dist., Special Tax,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.30%, 9/1/23, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">NR/NR</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">1,073,970</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">Southern California Public Power Auth., Transmission</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Project Rev., zero coupon, 7/1/13</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Aa3+</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">2,966,360</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">28,775</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">State Economic Recovery, GO,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/11, Ser. A (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">31,440,141</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">6,325</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">University of California Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/31, Ser. C (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">6,515,319</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="5%">
	</TD>
	<TD width="65%">
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD width="3%">
	</TD>
	<TD width="9%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">62,194,138</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="5%">
	</TD>
	<TD width="65%">
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD width="3%">
	</TD>
	<TD width="9%">
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<B><FONT size=1 face="sans-serif">Colorado&#151;5.1%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">30,000</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">Dawson Ridge Dist. No. 1, GO,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/22, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">14,176,800</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">Denver City &amp; Cnty., CP, 5.50%, 12/1/25, Ser. B</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">(AMBAC) (Pre-refunded @ &#36;101, 12/1/10) (a)</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">5,589,900</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">6,500</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">Health Fac. Auth., Retirement Fac. Rev., Liberty Height,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 7/15/22</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">3,100,240</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">Health Fac. Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">25,000</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Health Initiatives, 5.50%, 3/1/32</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Aa2/AA</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">27,377,750</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">18,305</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Exempla, Inc., 5.625%, 1/1/33, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A1/A-</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">19,423,435</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="5%">
	</TD>
	<TD width="65%">
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD width="3%">
	</TD>
	<TD width="9%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">69,668,125</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="5%">
	</TD>
	<TD width="65%">
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD width="3%">
	</TD>
	<TD width="9%">
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<B><FONT size=1 face="sans-serif">District of Columbia&#151;1.3%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">17,500</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=1 face="sans-serif">Washington D.C. Convention Center Auth. Tax Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 10/1/28 (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">17,708,600</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="5%">
	</TD>
	<TD width="65%">
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD width="3%">
	</TD>
	<TD width="9%">
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>

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

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


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<FONT size=1 face="sans-serif">August 31, 2005 (unaudited)</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD width=9% align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="sans-serif">Amount</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Credit Rating</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">(000)</FONT>
      </center></TD>
	<TD width=5% align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">Value*</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=2>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Florida&#151;3.2%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">$8,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Highlands Cnty. Health Facs. Auth. Rev., Adventist/Sunbelt,</FONT>&nbsp;
      </div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 11/15/31, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A2/A+</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">$8,793,280</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,335</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Hillsborough Cnty. Industrial Dev. Auth., Pollution Control</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Rev., Tampa Electric Co. Project, 5.50%, 10/1/23</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa2/BBB-</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,486,611</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">635</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Hillsborough Cnty. Industrial Dev. Rev., Health Fac. Project,</FONT>&nbsp;
      </div></TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 8/15/23, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa2/BBB</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">661,753</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">7,135</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Jacksonville Health Facs. Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 11/15/32, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Aa2/AA</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">7,583,221</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">11,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Lakeland Hospital System Rev., Regional Health System,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/15/32</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A1/NR</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">12,370,665</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Leesburg Hospital Rev., Lessburg Regional Medical Center</FONT>&nbsp;
      </div></TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Project, 5.50%, 7/1/32</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A3/A-</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,150,930</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Orange Cnty. Health Fac. Auth. Rev., Adventist Health System,</FONT>&nbsp;
      </div></TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,550</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/32</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A2/A+</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,759,253</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 11/15/24</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A2/A+</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,683,350</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Winter Springs Water &amp; Sewer Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/29 (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">493,785</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">43,982,848</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Georgia&#151;0.8%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Atlanta Water &amp; Wastewater Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/1/39, Ser. A (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,172,040</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Grantor Trust Government, CP,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 6/1/28, Ser. A (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,599,465</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">9,600</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Richmond Cnty. Dev. Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/21</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,728,096</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">10,499,601</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Hawaii&#151;1.4%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">19,170</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Honolulu City &amp; Cnty. Wastewater System Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">First Board Resolution, 4.75%, 7/1/28 (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">19,666,695</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Illinois&#151;19.8%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Central Lake Cnty. Water Agency Rev., Ser. A (AMBAC),</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,610</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/28</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,839,488</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">8,150</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">8,626,693</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Chicago,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,050</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">GO, 5.125%, 1/1/29, Ser. A (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,305,985</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Lake Shore East, Special Assessment,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,162</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.625%, 12/1/22</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,464,097</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">6,700</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 12/1/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">7,351,642</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Neighborhoods Alive 21 Project, GO,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,110</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/33 (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,379,553</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Chicago Board of Education School Reform, GO (FGIC),</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">15,535</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/16, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">9,759,708</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/28, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,718,300</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/31</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,319,895</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Chicago City Colleges, GO (FGIC),</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">32,670</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/37</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">7,672,223</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">29,145</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/38</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6,514,199</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">32,670</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/39</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6,971,451</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">7,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Chicago Midway Airport Rev., 5.00%, 1/1/31, Ser. B (MBIA)</FONT>&nbsp;
      </div></TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">7,241,220</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

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

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


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<FONT size=1 face="sans-serif">August 31, 2005 (unaudited)</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD width=9% align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="sans-serif">Amount</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Credit Rating</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">(000)</FONT>
      </center></TD>
	<TD width=5% align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">Value*</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=2>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Illinois&#151;(continued)</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">$5,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Cicero, GO, 5.25%, 12/1/31 (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">$5,393,850</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Dev. Finance Auth. Retirement Housing Rev., Zero Regency Park,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 7/15/23</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,556,700</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">134,650</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 7/15/25</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">55,968,619</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">20,100</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev., Elmurst Memorial Healthcare,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 1/1/28</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A2/NR</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">21,456,750</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">McHenry &amp; Kane Cnty. Community Consolidated</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">School Dist. 158, GO, zero coupon, 1/1/12 (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">788,780</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Metropolitan Pier &amp; Exposition Auth. Rev., McCormick (MBIA),</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">60,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/15/30</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">19,197,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">50,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/15/33</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">13,858,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,460</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/15/38</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">552,319</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Schaumburg, GO, 5.00%, 12/1/41, Ser. B (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,751,775</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State, GO, 5.00%, 3/1/34, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Aa3/AA</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">10,529,600</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">68,470</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Sports Facs. Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/15/30 (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">58,523,363</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">270,741,210</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Indiana&#151;0.9%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Brownsburg 1999 School Building Corp. Rev., Ser. A (FSA),</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/15/25</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,058,900</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 3/15/25</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,173,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,125</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Fort Wayne Pollution Control Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.20%, 10/15/25</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Ba2/BB</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,177,511</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Bank Rev., Hendricks, 5.25%, 4/1/30, Ser. D (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">532,510</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Zionsville Community Schools Building Corp. Rev., Ser. A (FSA),</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,450</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/15/27</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,548,817</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,965</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/15/28</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,152,240</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">12,642,978</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Iowa&#151;0.7%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">8,850</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. Rev., 5.60%, 6/1/35, Ser. B</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">9,124,261</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Kansas&#151;0.2%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,800</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Univ. of Kansas, Hospital Auth. Health Facs. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 9/1/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/A-</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,983,568</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Kentucky&#151;0.9%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Economic Dev. Finance Auth. Hospital Facs. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 10/1/30</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Aa3/AA-</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,629,375</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">8,210</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 10/1/19</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A3/A</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">9,131,655</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">11,761,030</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Louisiana&#151;4.4%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">20,400</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Public Facs. Auth. Rev., Ochsner Clinic Foundation,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/15/32, Ser. B</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A3/NR</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">21,590,136</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">36,395</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.875%, 5/15/39, Ser. 2001B</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">38,785,424</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">60,375,560</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>

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

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


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<FONT size=1 face="sans-serif">August 31, 2005 (unaudited)</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD width=9% align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="sans-serif">Amount</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Credit Rating</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">(000)</FONT>
      </center></TD>
	<TD width=5% align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">Value*</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=2>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Maryland&#151;0.1%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">$1,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Health &amp; Higher Educational Fac. Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Adventist Healthcare, 5.75%, 1/1/25, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa2/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">$1,079,170</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;3.1%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,300</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Bay Transportation Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 3/1/21, Ser. A (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,343,368</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">State College Building Auth. Project Rev., Ser. B (XLCA),</FONT>&nbsp;
      </div></TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,560</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/28</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6,636,750</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">7,645</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/33</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">9,176,140</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/39</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6,102,800</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,295</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">State Turnpike Auth. Rev., 4.75%, 1/1/34, Ser. A (AMBAC)</FONT>&nbsp;
      </div></TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,376,992</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Water Res. Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,300</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 12/1/21, Ser. B (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,339,376</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">12,050</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 8/1/37, Ser. A (FSA)</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">12,192,792</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">42,168,218</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Michigan&#151;2.6%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Detroit City School Dist., GO, Ser. A (a)</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">8,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/32 (FGIC) (Pre-refunded @ &#36;100, 5/1/13)</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">9,403,210</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,750</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/31 (FSA) (Pre-refunded @ &#36;100, 5/1/12)</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,937,093</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Detroit Water Supply System Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/30, Ser. A (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,610,025</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Hospital Finance Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ascension Health, 5.25%, 11/15/26, Ser. B</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Aa2/AA</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,296,400</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Oakwood Obligation Group, Ser. A,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">13,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 4/1/32</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A2/A</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">14,455,665</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,925</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 4/1/22</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A2/A</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,130,532</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">35,832,925</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Mississippi&#151;0.3%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,605</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Business Finance Corp., Pollution Control Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.875%, 4/1/22</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Ba1/BBB-</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,707,058</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Dev. Bank Special Obligation, Projects &amp; Equipment</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Acquisitions Rev., 5.00%, 7/1/24 (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,134,150</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,841,208</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Missouri&#151;0.2%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Hanley Road &amp; North
          of Folk Ave Transportation District Rev.,</FONT>&nbsp;
      </div></TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/25</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">NR/NR</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,008,850</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">St. Louis Parking Facs. Rev., Downtown Parking Facility,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 2/1/28</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">NR/NR</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,535,055</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,543,905</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	  <center>
    </center></TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Nevada&#151;1.8%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,400</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Clark Cnty., GO, 5.00%, 6/1/31 (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,540,692</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Reno Transportation Project Rev. (AMBAC),</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,960</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/27</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,198,946</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/32</FONT>&nbsp;
	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,108,640</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/37</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,685,920</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">7,570</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 6/1/41</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">7,959,098</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

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

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


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<FONT size=1 face="sans-serif">August 31, 2005 (unaudited)</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD width=9% align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="sans-serif">Amount</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Credit Rating</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">(000)</FONT>
      </center></TD>
	<TD width=5% align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">Value*</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=2>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Nevada&#151;(continued)</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">$3,290</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Truckee Meadows Water Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/30, Ser. A (FSA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">$3,469,799</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">24,963,095</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">New Hampshire&#151;0.2%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Health &amp; Education Fac. Auth. Hospital Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 7/1/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,171,420</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">New Jersey&#151;2.6%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Camden Cnty. Improvement Auth. Rev., Cooper Health,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">20</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.875%, 2/15/15</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">20,874</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">40</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 2/15/27</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">41,084</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Economic Dev. Auth., Kapkowski Road Landfill Project,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Assessment,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 10/1/21</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,402,360</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">11,405</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 4/1/31</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">12,431,108</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Economic Dev. Auth. Rev., Arbor Glen,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">525</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/15/28</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">531,242</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">225</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/15/28, Ser. A (Pre-refunded @ &#36;102, 5/15/09) (a)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">251,350</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Educational Fac. Auth. Rev., Fairleigh</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Dickinson University, 6.00%, 7/1/25, Ser. D</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,801,735</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,285</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/37</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,378,856</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,095</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 6/1/42</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,343,157</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">6,150</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/43</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6,979,266</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,922,550</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">36,103,582</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">New Mexico&#151;0.4%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Farmington Pollution Control Rev., 5.80%, 4/1/22</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa2/BBB</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,089,500</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">New York&#151;3.2%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Metropolitan Transportation Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">10,600</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/15/30, Ser. A (FSA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">11,181,622</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 11/15/32, Ser. B</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A2/A</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">10,857,900</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Water &amp; Sewer System Rev,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,750</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/15/37, Ser. D</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Aa2/AA+</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,059,653</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">7,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/15/39, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Aa2/AA+</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">7,407,050</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=right><FONT size=1 face="sans-serif">6,700</FONT> </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><div align="left"><FONT size=1 face="sans-serif">State Dormitory Auth. Rev.,
      Sloan-Kettering Center Memorial,</FONT>&nbsp; </div></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/34, Ser. 1</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Aa2/AA</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6,990,177</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Environmental Facs. Corp. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/15/28</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,125,520</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">43,621,922</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Ohio&#151;0.6%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">7,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Lorain Cnty. Hospital Rev., Catholic Healthcare,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Aa3/AA-</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">7,921,275</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>

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

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


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<FONT size=1 face="sans-serif">August 31, 2005 (unaudited)</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD width=9% align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="sans-serif">Amount</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Credit Rating</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">(000)</FONT>
      </center></TD>
	<TD width=5% align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">Value*</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=2>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;2.5%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Allegheny Cnty. Hospital Dev. Auth. Rev., Ser. B,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">$550</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/15</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">B1/B</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">$666,991</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/22</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">B1/B</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,208,090</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,700</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/30</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">B1/B</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6,862,230</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Cumberland Cnty. Auth. Retirement Community Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.25%, 1/1/35, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,886,325</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Montgomery Cnty. Higher Education &amp; Health Auth.</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Hospital Rev., Ser. A,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/27</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/A</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,245,200</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,750</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/A</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,911,400</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Philadelphia, GO, 5.25%, 9/15/25 (FSA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,198,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Philadelphia Auth. Industrial Dev. Lease Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 10/1/30, Ser. B (FSA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,302,400</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Pittsburgh &amp; Allegheny Cnty. Public Auditorium Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/1/29 (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">516,645</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Radnor Township School Dist., GO, 5.00%, 2/15/35, Ser. B (FSA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,673,700</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">34,470,981</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;0.3%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,200</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Electric Power Auth. Power Rev., 5.125%, 7/1/29, Ser. NN</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A3/A-</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,462,164</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Rhode Island&#151;4.8%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">62,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/42, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">66,307,140</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">South Carolina&#151;5.8%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">27,745</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Greenville Cnty. School Dist. Rev., Building</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Equity Sooner Tomorrow, 5.50%, 12/1/28</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Aa3/AA-</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">30,415,734</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">18,120</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Jobs Economic Dev. Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/30</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A3/A-</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">19,097,574</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Lexington Cnty., Health Services Dist. Hospital Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">15,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/1/32</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A2/A</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">16,129,800</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/37</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A2/A</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,776,955</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 11/1/28</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A2/A</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,501,050</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,250</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Rev. Management Auth.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.375%, 5/15/28, Ser. B</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,489,882</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,180</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Transportation Infrastructure Rev., 5.00%, 10/1/29,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (AMBAC) (Pre-refunded @ &#36;100, 10/1/11) (a)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,292,206</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">79,703,201</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Tennessee&#151;2.3%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,815</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Knox Cnty., GO, 5.00%, 2/1/17, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Aa2/AA</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,023,870</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,750</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Knox Cnty. Health Educational &amp; Housing Facs. Board</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Hospital Facs., Rev., 5.25%, 10/1/30</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Aa3/AA-</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,953,400</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">22,785</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Memphis Electric System Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 12/1/11, Ser. A (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">24,924,056</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">30,901,326</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Texas&#151;10.6%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Arlington Independent School Dist., GO,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/15/24 (PSF-GTD)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,045,580</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,480</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Aubrey Independent School Dist., GO,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/33 (PSF-GTD)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,963,123</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

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

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


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<FONT size=1 face="sans-serif">August 31, 2005 (unaudited)</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD width=9% align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="sans-serif">Amount</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Credit Rating</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">(000)</FONT>
      </center></TD>
	<TD width=5% align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">Value*</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=2>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Texas&#151;(continued)</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">$6,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Brazos Cnty. Health Facs. Dev. Corp., Franciscan</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Services Corp. Rev., 5.375%, 1/1/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/A-</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">$6,812,455</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,700</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Comal Cnty. Health Facs., McKenna Memorial</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Hospital Project Rev., 6.25%, 2/1/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB-</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,925,612</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Dallas Area Rapid Transit Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 12/1/31 (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,203,200</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">20,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Frisco Independent School Dist., GO,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/15/34 (PSF-GTD)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,954,600</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">19,750</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Harris Cnty., GO, 5.125%, 8/15/31,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 8/15/12) (a)</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Aa1/AA+</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">21,904,922</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=right><FONT size=1 face="sans-serif">5,250</FONT> </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><FONT size=1 face="sans-serif">Harris Cnty., Health Facs. Dev.
      Corp. Rev.,</FONT>&nbsp; </TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><div align="left">&nbsp; &nbsp; &nbsp; <FONT size=1 face="sans-serif">5.375%,
        2/15/26, Ser. A (Pre-refunded @ &#36;100, 8/15/11) (a)</FONT>&nbsp; </div></TD>
  <TD align=center><FONT size=1 face="sans-serif">NR/AA-</FONT> </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><FONT size=1 face="sans-serif">5,845,298</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">25,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Harris Cnty., Senior Lien Toll Road Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/15/30 (FSA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">26,131,500</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">7,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Keller Independent School Dist., GO,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.875%, 8/15/31, (PSF-GTD)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">7,635,600</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,170</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Little Elm Independent School Dist., GO,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.30%, 8/15/29, Ser. A (PSF-GTD)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,441,225</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">6,250</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">North Dallas Thruway Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 1/1/29 (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6,341,563</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Quinlan Independent School Dist., GO,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.10%, 2/15/32, (PSF-GTD)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,254,400</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">14,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Affordable Housing Corp. Multifamily Housing Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.40%, 9/1/22, Ser. A (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">14,270,340</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Turnpike Auth. Central Turnpike System Rev., Ser. A (AMBAC),</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/15/19</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,488,300</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">8,880</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/15/42</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">9,206,251</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Water Financial Assistance, GO,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,250</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/36</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Aa1/AA</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,398,330</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,650</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 8/1/35</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Aa1/AA</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,757,415</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">8,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Wichita Falls Water &amp; Sewer Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/27 (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">8,373,760</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">144,953,474</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Virginia&#151;0.5%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Fredericksburg Industrial Dev. Medicorp Health System Rev., Ser. B,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/15/33</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A3/NR</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,578,425</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 6/15/27</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">A3/NR</FONT>
      </center></TD>
	<TD align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,175,600</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6,754,025</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Washington&#151;0.4%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Tacoma Sewer Rev., 5.00%, 12/1/31, Ser. A (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,206,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Wisconsin&#151;0.8%</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Badger Tobacco Asset Securitization Corp. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,125</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/17</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,205,167</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">8,635</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 6/1/27</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">9,275,890</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Health &amp; Educational Facs. Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/AA-</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,049,980</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">11,531,037</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Total Municipal Bonds &amp; Notes (cost&#151;&#36;1,113,418,883)</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,233,057,901</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>

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

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


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<FONT size=1 face="sans-serif">August 31, 2005 (unaudited)</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD width=9% align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="sans-serif">Amount</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Credit Rating</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">(000)</FONT>
      </center></TD>
	<TD width=5% align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">Value*</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=2>
  </TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="sans-serif">VARIABLE RATE NOTES </FONT></B><FONT size=2 face="sans-serif">(b)(c)(d)</FONT><B><FONT size=2 face="sans-serif">&#151;8.4%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Alabama&#151;1.1%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">$3,600</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Birmingham Waterworks &amp; Sewer Board Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">15.295%, 1/1/33, Ser. 947 (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">$4,872,960</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">6,675</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Jefferson Cnty. Sewer Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.06%, 2/1/36, Ser. 352 (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">8,409,699</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,100</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Montgomery Special Care Fac., Financing Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.27%, 11/15/29, Ser. 435 (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,349,900</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">15,632,559</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Colorado&#151;0.2%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,812</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Denver City &amp; Cnty. Airport Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.78%, 11/15/25, Ser. 425 (FSA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,296,588</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Florida&#151;0.6%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,227</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Orange Cnty. School Board, CP,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.72%, 8/1/24, Ser. 328 (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,761,833</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,052</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Governmental Utilities Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.72%, 10/1/29, Ser. 327 (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,810,751</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">7,572,584</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Illinois&#151;1.0%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Chicago, GO,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,450</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.48%, 1/1/28, Ser. 332 (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,999,842</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,300</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.94%, 1/1/40, Ser. 426 (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,237,959</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,932</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Cook Cnty., GO, 10.27%, 11/15/28, Ser. 403 (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,287,024</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State, GO, 15.30%, 4/1/27, Ser. 783 (FSA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,787,500</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">14,312,325</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Louisiana&#151;0.3%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.194%, 5/15/39</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,525,440</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;2.2%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,100</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Boston Water &amp; Sewer Community Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.29%, 11/1/28, Ser. 434 (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,424,093</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,420</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State, GO, 14.19%, 11/1/30, Ser. 785 (FGIC-TCRS)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,568,338</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Turnpike Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">11,049</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.29%, 1/1/37, Ser. 334 (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">12,257,982</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.29%, 1/1/37, Ser. 489 (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,992,390</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,667</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">14.08%, 1/1/39, Ser. 335 (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6,651,208</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">29,894,011</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Nevada&#151;0.3%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,300</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State, GO, 10.22%, 5/15/28, Ser. 344 (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,595,779</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">New Mexico&#151;0.1%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">800</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Finance Auth., Transportation Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">14.034%, 6/15/12, Ser. 949 (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,181,280</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Ohio&#151;0.2%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,975</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Hamilton Cnty. Sales Tax Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.81%, 12/1/27, Ser. 356 (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,321,415</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>

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

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


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<FONT size=1 face="sans-serif">August 31, 2005 (unaudited)</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD width=9% align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="sans-serif">Amount</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Credit Rating</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">(000)</FONT>
      </center></TD>
	<TD width=5% align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>
      </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">Value*</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=6><HR noshade size=2>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;0.7%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">$3,050</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Philadelphia Auth. Industrial Dev. Rev., Doubletree,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.50%, 10/1/27</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">$3,160,806</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Philadelphia School Dist., GO (MBIA),</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,016</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.44%, 4/1/27, Ser. 496</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,265,625</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,670</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">12.72%, 4/1/27, Ser. 345</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,826,062</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">9,252,493</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Tennessee&#151;0.3%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,400</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Memphis Electric System Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">14.045%, 12/1/11, Ser. 880 (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,526,560</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Texas&#151;1.3%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,075</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Denton Utility System Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">12.28%, 12/1/29, Ser. 428 (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,581,391</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,650</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Houston Airport System Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.15%, 7/1/25, Ser. 404 (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,802,344</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Houston Water &amp; Sewer System Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,750</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.78%, 12/1/28, Ser. 427 (FSA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,559,600</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,838</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">12.78%, 12/1/30, Ser. 495 (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,257,529</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,345</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State, GO, 8.759%, 4/1/35, Ser. 1147</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,671,706</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">17,872,570</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Washington&#151;0.1%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,820</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Central Puget Sound Regional Transit Auth. Sales</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="left">&nbsp; &nbsp; &nbsp; <FONT size=1 face="sans-serif">Tax &amp; Motor Rev.,
          12.72%, 2/1/28, Ser. 360 (FGIC)</FONT>&nbsp;
      </div></TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,028,390</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Total Variable Rate Notes (cost&#151;&#36;94,583,433)</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">115,011,994</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="sans-serif">VARIABLE RATE DEMAND NOTES </FONT></B><FONT size=2 face="sans-serif">(d)(e)</FONT><B><FONT size=2 face="sans-serif">&#151;0.9%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Kansas&#151;0.1%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,735</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Department of Transportation Highway Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.27%, 9/7/05, Ser. D</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,735,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;0.2%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,850</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Commonwealth of Massachusetts, GO,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.37%, 9/7/05, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,850,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Michigan&#151;0.3%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,500</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">University of Michigan Rev., 2.49%, 9/1/05</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,500,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;0.2%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Univ. of Pittsburgh Rev., University Capital,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.45%, 9/7/05, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">South Dakota&#151;0.1%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">South Dakota Housing Dev. Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.27%, 9/7/05, Ser. D</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Total Variable Rate Demand Notes (cost&#151;&#36;12,084,889)</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">12,085,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>

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

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


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD><td></td>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<FONT size=1 face="sans-serif">August 31, 2005 (unaudited)</FONT>&nbsp;
	</TD>
	<TD align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD><td></td>
</TR>
<TR>
  <TD colspan=7><hr noshade size=1></TD>
  <td></td>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD width=9% align=left>

	  <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD><td></td>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="sans-serif">Amount</FONT>
	</TD>
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD><td></td>
</TR>
<TR valign="bottom">
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">(000)</FONT>
      </center></TD>
	<TD width=5% align=left>
<FONT size=1 face="sans-serif"></FONT>&nbsp;
	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
    </center></TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD width=9% align=right>
<FONT size=1 face="sans-serif">Value*</FONT>&nbsp;
	</TD><td></td>
</TR>
<TR>
  <TD colspan=7><HR noshade size=2>
  </TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="sans-serif">U.S. TREASURY BILLS </FONT></B><FONT size=2 face="sans-serif">(f)</FONT><B><FONT size=2 face="sans-serif">&#151;0.9%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">$11,675</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">2.93%-3.45%, 9/1/05-12/1/05 (cost&#151;&#36;11,660,341)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">$11,659,371</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Total Investments before options written </FONT></B><FONT size=1 face="sans-serif">(cost&#151;&#36;1,231,747,546)</FONT><B><FONT size=1 face="sans-serif">-100.2%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,371,814,266</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="sans-serif">OPTIONS WRITTEN </FONT></B><FONT size=2 face="sans-serif">(g)</FONT><B><FONT size=2 face="serif">&#151;(</FONT></B><B><FONT size=2 face="sans-serif">0.2)%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<U><FONT size=1 face="sans-serif">Contracts</FONT></U>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="sans-serif">Call Options&#151;(0.2)%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">676</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;112, expires 8/26/05</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">(10,562</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">925</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;112, expires 11/22/05</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">(1,040,625</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,239</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;113, expires 11/22/05</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">(851,813</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">(1,903,000</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=2 face="sans-serif">Put Options&#151;(0.0)%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">U.S. Treasury Notes 5 yr. Futures, Chicago Board of Trade,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,637</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;105.50, expires 11/22/05</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">(102,312</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,371</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;106, expires 11/22/05</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">(128,531</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">(230,843</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  </TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Total Options Written (premiums received&#151;&#36;2,397,556)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">(2,133,843</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Total Investments net of options written </FONT></B><FONT size=1 face="sans-serif">(cost&#151;&#36;1,229,349,990)</FONT><B><FONT size=1 face="sans-serif">-100.0%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<B><FONT size=1 face="sans-serif">$1,369,680,423</FONT></B>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>

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

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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan=2 align=left>
<B><FONT size=2 face="sans-serif">Other Investments:</FONT></B>&nbsp;
	</TD>
	<TD width="13%" align=left>

	</TD>
	<TD width="23%" align=left>&nbsp;

	</TD>
	<TD width="13%" align=left>

	</TD>
	<TD width="3%" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<FONT size=2 face="sans-serif">Futures contracts outstanding at August 31, 2005:</FONT>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="5%" align=left>&nbsp;

	</TD>
	<TD width="43%" align=left>

	  <center>
    </center></TD>
	<TD align=center nowrap>
      <center>
        <FONT size=1 face="sans-serif">Notional</FONT>
      </center></TD>
	<TD align=left nowrap>

	  <center>
    </center></TD>
	<TD align=center nowrap>
      <center>
        <FONT size=1 face="sans-serif">Unrealized</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD width="43%" align=left>

	  <center>
    </center></TD>
	<TD align=center nowrap>
      <center>
        <FONT size=1 face="sans-serif">Amount</FONT>
      </center></TD>
	<TD align=center nowrap>
      <center>
        <FONT size=1 face="sans-serif">Expiration</FONT>&nbsp;
      </center></TD>
	<TD align=right nowrap>
      <center>
        <FONT size=1 face="sans-serif">Appreciation</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD width="43%" align=right>      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type</FONT>
    </div></TD>
	<TD align=right nowrap>
      <center>
        <FONT size=1 face="sans-serif">(000)</FONT>
      </center></TD>
	<TD align=center nowrap>
      <center>
        <FONT size=1 face="sans-serif">Date</FONT>&nbsp;
      </center></TD>
	<TD align=right nowrap>
      <center>
        <FONT size=1 face="sans-serif">(Depreciation)</FONT>
      </center></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="43%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Long:</FONT>&nbsp;
      </div></TD>
	<TD width="43%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">U.S. Treasury 5 Year Note</FONT>&nbsp;
      </div></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">$297,600</FONT>
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">12/20/05</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">$3,583,250</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Short:</FONT>&nbsp;
      </div></TD>
	<TD width="43%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">U.S. Treasury 10 Year Bond</FONT>&nbsp;
      </div></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">45,600</FONT>
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">9/21/05</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">(98,250</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD width="43%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">U.S. Treasury 10 Year Bond</FONT>&nbsp;
      </div></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,200</FONT>
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">12/20/05</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">(17,062</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD width="43%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">U.S. Treasury 20 Year Bond</FONT>&nbsp;
      </div></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">164,300</FONT>
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">9/21/05</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">(2,951,750</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD width="43%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">U.S. Treasury 20 Year Bond</FONT>&nbsp;
      </div></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">30,500</FONT>
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">12/20/05</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">(104,844</FONT>
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="43%">
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD width="43%" align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">$411,344</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD width="43%">
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>
<HR noshade size=2>
	</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD>
<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, may be fair-valued, in good faith, pursuant to
guidelines established by the Board of Trustees. The Fund&#146;s investments
are valued  daily by an independent pricing service. The independent pricing
service uses information provided by market makers or estimates of market values
obtained from yield data relating to investments or securities with similar characteristics.
Exchange  traded options and futures, are valued at the settlement price determined
by the relevant exchange. Short-term investments maturing in 60 days or less
are valued at amortized cost, if their original maturity was 60 days or less,
or by amortizing  their value on the 61</FONT><SUP><FONT size=1 face="sans-serif">st </FONT></SUP><FONT size=1 face="sans-serif">day
prior to maturity, if the original term to maturity exceeded 60 days. The prices
used by the Fund to value securities may differ from  the value that would be
realized if the securities were sold. The Fund&#146;s net asset value is determined
daily at the close of regular trading (normally 4:00 p.m. Eastern time) on the
New York Stock Exchange.</FONT></TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=1 face="sans-serif">(a)</FONT></TD>
	<TD>
<FONT size=1 face="sans-serif">Pre-refunded bonds &#151; 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.</FONT></TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=1 face="sans-serif">(b)</FONT></TD>
	<TD>
<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.</FONT></TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=1 face="sans-serif">(c)</FONT></TD>
	<TD>
<FONT size=1 face="sans-serif">Residual Interest/Tax Exempt Municipal
Bonds. The interest rate shown bears an inverse relationship to the interest
rate on another security or the value of an index.</FONT></TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=1 face="sans-serif">(d)</FONT></TD>
	<TD>
<FONT size=1 face="sans-serif">Variable Rate Notes &#151; Instruments whose interest
rates change on a 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 rate shown is the rate in effect August 31,
2005.</FONT></TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=1 face="sans-serif">(e)</FONT></TD>
	<TD>
<FONT size=1 face="sans-serif">Maturity date shown is date of next call.</FONT></TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=1 face="sans-serif">(f)</FONT></TD>
	<TD>
<FONT size=1 face="sans-serif">All or partial amount segregated as initial margin
on futures contracts.</FONT></TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=1 face="sans-serif">(g)</FONT></TD>
	<TD>
<FONT size=1 face="sans-serif">Non-income producing.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P>
<B><U><FONT size=1 face="sans-serif">Glossary:</FONT></U></B></P>
<P>
<FONT size=1 face="sans-serif">AMBAC &#151; insured by American Municipal Bond
Assurance Corp. <br>
CP &#151; Certificates of Participation <br>
FGIC &#151; insured by Financial Guaranty Insurance Co.<br>
</FONT><FONT size=1 face="sans-serif">FSA &#151; insured
by Financial Security Assurance, Inc. <br>
GO &#151; General Obligation Bond <br>
GTD &#151; Guaranteed
<br>
MBIA &#151; insured by Municipal Bond Investors Assurance <br>
NR &#151; Not Rated
<br>
PSF &#151; Public School
Fund <br>
TCRS &#151; Temporary Custodian Receipts <br>
XLCA &#151; insured by XL Capital
Assurance</FONT></P>
<HR noshade  width="100%" size=4>

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


<P>&nbsp;</P>
<P>
<B><FONT size=2 face="serif">Item 2. Controls and Procedures</FONT></B></P>
<P>
<FONT size="2" face="serif">(a)&nbsp;&nbsp; The registrant's President and Chief Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of
1940, 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>
<FONT size="2" face="serif">(b) &nbsp;&nbsp;There were no significant changes in the registrant's internal controls or in factors that could affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses. </FONT></P>
<P>
<B><FONT size=2 face="serif">Item 3. Exhibits</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif"> (a) &nbsp;&nbsp;Exhibit 99CERT&#150; Certification
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002<br>
<br>

</FONT></P>
<HR noshade  width="100%" size=4><PAGE>
<center>
  <B><FONT size=2 face="serif">SIGNATURES</FONT></B></center>
<P>
<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. <br>
<br>
Registrant: PIMCO Municipal Income Fund II</FONT><BR>
<FONT size=2 face="serif"><br>
By /s/ Brian S. Shlissel </FONT><BR>
<FONT size=2 face="serif">President &amp; Chief Executive Officer </FONT><BR>
<FONT size=2 face="serif"><br>
Date: October 21, 2005 </FONT></P>
<P>
<FONT size=2 face="serif">By /s/ Lawrence G. Altadonna <br>
</FONT><FONT size=2 face="serif">Treasurer,
Principal Financial &amp; Accounting Officer<br>
<br>
<FONT size=2 face="serif">Date: October 21, 2005</FONT></FONT></P>
<P>
<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 dated indicated. <br>
<br>
By /s/ Brian S. Shlissel </FONT><BR>
<FONT size=2 face="serif">President &amp; Chief Executive Officer</FONT><br>
<BR>
<FONT size=2 face="serif">Date: October 21, 2005 </FONT></P>
<P>
<FONT size=2 face="serif">By /s/ Lawrence G. Altadonna <br>
</FONT><FONT size=2 face="serif">Treasurer,
Principal Financial &amp; Accounting Officer<br>
<FONT size=2 face="serif"><br>
Date: October 21, 2005</FONT><BR>
</FONT></P>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c39465_ex99cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
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<BODY bgcolor="#ffffff">


<div align="right">
  <p><B><FONT size=2 face="serif">Exhibit 99.CERT</FONT></B></p>
  <p align="center"><B><FONT size=2 face="serif">CERTIFICATIONS</FONT></B></p>
  <p align="left">    <FONT size=2 face="serif">I, Brian S. Shlissel, certify that:</FONT><BR>
      </p>
</div>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">I have reviewed this report Form N-Q of PIMCO Municipal Income Fund II;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the report;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">Based on my knowledge, the schedules of investments
included in this report fairly present in all material respects the investments
of the registrant as of the end of the fiscal quarter for which the report is
 filed;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<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>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<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>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<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>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">c.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<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>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">d.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">5.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<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>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<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>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<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 control over financial reporting.</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P>
<FONT size=2 face="serif">Date: October 21, 2005 <br>
</FONT><FONT size=2 face="serif">Signature &amp; Title:
/s/ Brian S. Shlissel <br>
</FONT><FONT size=2 face="serif">Brian S. Shlissel, President &amp; Chief
Executive Officer</FONT></P>
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<P align="left" style="page-break-before:always"></P><PAGE>

<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">I, Lawrence G. Altadonna, certify that:</FONT><BR>
</TD></TR></TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">I have reviewed this report Form N-Q of PIMCO Municipal Income Fund II;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the report;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">Based on my knowledge, the schedules of investments
included in this report fairly present in all material respects the investments
of the registrant as of the end of the fiscal quarter for which the report is
 filed;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<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>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<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>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<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>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">c.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<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>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">d.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">5.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<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>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<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>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<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 control over financial reporting.</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P>
<FONT size=2 face="serif">Date: October 21, 2005 <br>
</FONT><FONT size=2 face="serif">Signature &amp; Title:
/s/ Lawrence G. Altadonna <br>
</FONT><FONT size=2 face="serif">Lawrence G. Altadonna,
Treasurer, Principal Financial &amp; Accounting Officer</FONT></P>
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