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<SEC-DOCUMENT>0000930413-06-000774.txt : 20060207
<SEC-HEADER>0000930413-06-000774.hdr.sgml : 20060207
<ACCEPTANCE-DATETIME>20060207161953
ACCESSION NUMBER:		0000930413-06-000774
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20051130
FILED AS OF DATE:		20060207
DATE AS OF CHANGE:		20060207
EFFECTIVENESS DATE:		20060207

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21078
		FILM NUMBER:		06585731

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>c40807_ncsrs.htm
<TEXT>

<HTML>
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<p align="center"><FONT size=2 face="sans-serif">UNITED STATES </FONT><BR>
    <FONT size=2 face="sans-serif">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
    <FONT size=2 face="sans-serif">Washington, D.C. 20549 </FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">FORM N-CSR</FONT></B></p>
<p align="center">  <B><FONT size=2 face="sans-serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT</FONT></B><BR>
<B><FONT size=2 face="sans-serif">INVESTMENT COMPANIES</FONT></B></p>
<p align="left"><FONT size=2 face="sans-serif">Investment Company Act file number <U>811-21078</U></FONT></p>
<p align="center"><U><FONT size=2 face="sans-serif">PIMCO
        New York Municipal Income Fund II</FONT></U> <BR>
<FONT size=2 face="sans-serif">(Exact name of registrant as specified in charter)</FONT></p>
<p align="center">
  <U><FONT size=2 face="sans-serif">1345 Avenue of the Americas, New York, New
  York 10105</FONT></U><BR>
  <FONT size=2 face="sans-serif">(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip
code)</FONT></p>
<p align="center">
  <U><FONT size=2 face="sans-serif">Lawrence G. Altadonna - 1345 Avenue of the
  Americas, New York, New York 10105</FONT></U><BR>
<FONT size=2 face="sans-serif">(Name and address of agent for service)</FONT></p>
<p align="left">
  <FONT size=2 face="sans-serif">Registrant's telephone number, including area
  code: </FONT><U><FONT size=2 face="sans-serif">212-739-3371</FONT></U><FONT size=2 face="sans-serif"> </FONT><BR>
  <FONT size=2 face="sans-serif"><br>
  Date of fiscal year end: </FONT><U><FONT size=2 face="sans-serif">May 31, 2005</FONT></U>
</p>
<P>
<FONT size=2 face="sans-serif">Date of reporting period: </FONT><U><FONT size=2 face="sans-serif">November 30, 2005</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT size=2 face="sans-serif">Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to
stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e -1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. </FONT></P>
<P>
<FONT size=2 face="sans-serif">A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in
Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &sect; 3507. </FONT></P>

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


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


<div align="right">
  <P align="right"><FONT size=6 face="sans-serif">PIMCO Municipal Income Fund
      II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR>
    <FONT size=6 face="sans-serif">PIMCO California Municipal Income Fund II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR>
    <FONT size=6 face="sans-serif">PIMCO New York Municipal Income Fund II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
    <br>
    </FONT><BR>
    <FONT size=4 face="sans-serif">S e m i - A n n u a l &nbsp;&nbsp;R e p
      o r t&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR>
    <FONT size=4 face="sans-serif">N o v e m b e r &nbsp;&nbsp;3 0, &nbsp;&nbsp;2
  0 0 5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></p>
  <hr noshade>
  <p align="left"><BR>
    <BR>
  </p>
</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=25% rowspan="23" align=left valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="c40552_ncsrsx1x1.jpg" border=0></TD>
	<TD width=62% align=left>
<B><FONT size=2 face="sans-serif">Contents</FONT></B>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
    <TD width=4% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="sans-serif">Letter to Shareholders</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">1</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="sans-serif">Performance &amp; Statistics</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">2-4</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="sans-serif">Schedules of Investments</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">5-25</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="sans-serif">Statements of Assets and Liabilities</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">26</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="sans-serif">Statements of Operations</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">27</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="sans-serif">Statements of Changes in Net Assets</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">28-29</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="sans-serif">Notes to Financial Statements</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">30-35</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="sans-serif">Financial Highlights</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">36-41</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="sans-serif">Matters Relating to the Trustees Consideration</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="sans-serif">of the Investment Management and Portfolio</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="sans-serif">Management Agreements</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">42-43</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="sans-serif">Annual Shareholder Meetings Results</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">44</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P align="justify">&nbsp;</p>
<P align="justify">&nbsp;</p>
<div align="right"><BR>
  <IMG src="c40552_ncsrsx1x2.jpg" border=0>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>

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



<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Letter to Shareholders</FONT></B>
<hr size="1" noshade>
<P align="right">
<FONT size=2 face="serif">January 25, 2006</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Dear Shareholder:</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We are pleased to provide you with the semi-annual report of PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II, and PIMCO New York Municipal Income Fund II (collectively, &#147;PIMCO Municipal Income
Funds II&#148;) for the six-month period ended November 30, 2005.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">During the period, the Federal Reserve raised short-term interest rates four times for a total increase of 100 basis points. These actions caused the national, California and New York yield curves to flatten: while
municipal yields rose across the curve, shorter-maturity issues experienced the steepest climb.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Within this climate, all three municipal markets produced relatively flat total returns. The Lehman Brothers Municipal Bond Index, a widely used benchmark for the national municipal bond market, returned 0.36% for the
six-month period. The Lehman Brothers California Insured Municipal Bond Index returned 0.46%, while the Lehman Brothers New York Insured Municipal Bond Index returned 0.03% .</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Please refer to the following pages for specific information on each of the PIMCO Municipal Income Funds II. If you have any questions regarding the information provided, we encourage you to contact your financial advisor
or call the Fund&#146;s shareholder servicing agent at (800) 331-1710. You can also visit our Web site at www.allianzinvestors.com.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Together with Allianz Global Investors Fund Management LLC, the Fund&#146;s investment manager, and Pacific Investment Management Company LLC, the Funds&#146; sub-adviser, we thank you for investing with us.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We remain dedicated to serving your financial needs.</FONT></P>
<P align="justify"><FONT size=2 face="serif">Sincerely,</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="82%"><P align="justify"><IMG src="c40552_ncsrsx2x1.jpg" border=0> <BR>
        <FONT size=2 face="serif">Robert E. Connor</FONT></P>
    <P align="justify"> <I><FONT size=2 face="serif">Chairman</FONT></I></P></td>
    <td width="18%" nowrap><img src="c40552_ncsrsx2x2.jpg" width="152" height="57" border=0><br>      <FONT size=2 face="serif">Brian S. Shlissel</FONT>
      <P align="justify"> <I><FONT size=2 face="serif">President &amp; Chief
    Executive Officer</FONT></I></P></td>
  </tr>
</table>
<P align="justify">&nbsp;</P>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=2 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">1</FONT></B></P>

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


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Performance &amp; Statistics </FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=35% align=left>
<B><FONT size=1 face="sans-serif">Symbol:</FONT></B>&nbsp;
	</TD>
	<TD width=39% align=left>
<B><FONT size=1 face="sans-serif">Primary Investments:</FONT></B>&nbsp;
	</TD>
	<TD width=26% align=left>
<B><FONT size=1 face="sans-serif">Inception Date:</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">PML</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Municipal fixed-income</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">June 28, 2002</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">securities, the interest from</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="sans-serif">Objective:</FONT></B>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">which is exempt from federal</FONT>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Total Net Assets</FONT></B><B><SUP><FONT size=1 face="sans-serif">(1): </FONT></SUP></B><B><FONT size=1 face="sans-serif">:</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">To provide current income</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">income tax.</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">&#36;1,350.2 million</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">exempt from federal income tax.</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Portfolio Manager:</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Mark McCray</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="sans-serif">Total Return</FONT></B><SUP><FONT size=1 face="sans-serif">(2)</FONT></SUP><B><FONT size=1 face="sans-serif">:</FONT></B>&nbsp;
	</TD>
	<TD align=center>
<B><FONT size=1 face="sans-serif">Market Price</FONT></B>&nbsp;
	</TD>
	<TD align=right>
<B><FONT size=1 face="sans-serif">Net Asset Value (&#147;NAV&#148;)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">Six Months</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">&nbsp;5.14%</FONT>&nbsp;
      </center></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1.05%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">1 Year</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">15.82%</FONT>&nbsp;
      </center></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">7.41%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 11/30/05</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">&nbsp;7.69%</FONT>&nbsp;
      </center></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">7.42%</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=50% rowspan="13" align=left valign="top"><B><FONT size=1 face="sans-serif">Common Share
        Market Price/NAV Performance: </FONT></B><BR>
    <FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 11/30/05</FONT><BR>
    <IMG src="c40552_ncsrsx3x1.jpg" width="251" height="229" border=0></TD>
	<TD width=35% align=left>
<B><FONT size=1 face="sans-serif">Market Price/NAV:</FONT></B>&nbsp;
	</TD>
	<TD width=15% align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=1 face="sans-serif">Market Price</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">&#36;15.26</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=1 face="sans-serif">NAV</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">&#36;14.46</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=1 face="sans-serif">Premium to NAV</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5.53%</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=1 face="sans-serif">Market Price Yield</FONT><SUP><FONT size=1 face="sans-serif">(3)</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6.63%</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
  <TD colspan="2"><center>
      <B><FONT size=1 face="sans-serif">Moody's Ratings </FONT></B><BR>
        <B><FONT size=1 face="sans-serif">(as a % of total investments)</FONT></B>
  </center></TD>
  </TR>
<TR>
  <TD colspan="2"><hr size="1" noshade>    </TD>
  </TR>
<TR>
  <TD colspan="2"><center>
      <img src="c40552_ncsrsx3x2.jpg" width="166" height="148" border=0>
  </center></TD>
  </TR>
</TABLE>
<P align="justify"><FONT size=1 face="sans-serif">(1) Inclusive of net assets attributable to Preferred Shares outstanding.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">(2) </FONT><B><FONT size=1 face="sans-serif">Past performance is no guarantee of future results. </FONT></B><FONT size=1 face="sans-serif">Total return is calculated by subtracting the value of an investment in the
Fund at the beginning of each specified period from the value at the end of the period and dividing the remainder by the value of the investment at the beginning of the period and expressing the result as a percentage. The calculation assumes that
all income dividends and capital gain distributions have been reinvested at prices obtained under the Fund&#146;s dividend reinvestment plan. Total return does not reflect broker commissions or sales charges. Total return for a period of greater
than one year represents the average annual total return. Total return for a period of less than one year is not annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">An investment in the Fund involves risk, including the loss of principal. Total return, price, yield and net asset value will fluctuate with changes in market conditions. This data is provided for information only and
is not intended for trading purposes. A portion of the income generated by the Fund may be subject to federal, state and local taxes, and may at times be subject to the alternative minimum tax. Closed-end funds, unlike open-end funds, are not
continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Net asset value is total assets applicable to common shareholders less total liabilities
divided by the number of common shares outstanding. Holdings are subject to change daily. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">(3) Market Price Yield is determined by dividing the annualized current monthly per share dividend payable to common shareholders by the market price per common share at November 30, 2005.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">2 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=2 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.05 </FONT></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Performance &amp; Statistics </FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=33% align=left>
<B><FONT size=1 face="sans-serif">Symbol:</FONT></B>&nbsp;
	</TD>
	<TD width=40% align=left>
<B><FONT size=1 face="sans-serif">Primary Investments:</FONT></B>&nbsp;
	</TD>
	<TD width=27% align=left>
<B><FONT size=1 face="sans-serif">Inception Date:</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">PCK</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Municipal fixed-income</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">June 28, 2002</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">securities, the interest from</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="sans-serif">Objective:</FONT></B>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">which is exempt from federal</FONT>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Total Net Assets </FONT></B><SUP><FONT size=1 face="sans-serif">(1)</FONT></SUP><B><FONT size=1 face="sans-serif">:</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">To provide current income</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">and California State income</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">&#36;696.0 million</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">exempt from federal and</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">tax.</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">California State income tax.</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Portfolio Manager:</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Mark McCray</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=48% align=left>
<B><FONT size=1 face="sans-serif">Total Return</FONT></B><SUP><FONT size=1 face="sans-serif">(2)</FONT></SUP><B><FONT size=1 face="sans-serif">:</FONT></B>&nbsp;
	</TD>
	<TD width=17% align=center>
<B><FONT size=1 face="sans-serif">Market Price</FONT></B>&nbsp;
	</TD>
	<TD width=35% align=right>
<B><FONT size=1 face="sans-serif">Net Asset Value (&#147;NAV&#148;)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
  <TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=1 face="sans-serif">Six Months</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">&nbsp;8.41%</FONT>&nbsp;
      </center></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1.76%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=1 face="sans-serif">1 Year</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">18.72%</FONT>&nbsp;
      </center></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">9.29%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 11/30/05</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">&nbsp;&nbsp;7.79%</FONT>&nbsp;
      </center></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6.92%</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=50% rowspan="13" align=left valign="top"><B><FONT size=1 face="sans-serif">Common
        Share Market Price/NAV Performance:</FONT></B><BR>
    <FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 11/30/05</FONT><BR>
    <IMG src="c40552_ncsrsx4x1.jpg" width="251" height="225" border=0> </TD>
	<TD width=41% align=left>
<B><FONT size=1 face="sans-serif">Market Price/NAV:</FONT></B>&nbsp;
	</TD>
	<TD width=9% align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=1 face="sans-serif">Market Price</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">&#36;15.48</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=1 face="sans-serif">NAV</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">&#36;14.38</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=1 face="sans-serif">Premium to NAV</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">7.65%</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=1 face="sans-serif">Market Price Yield</FONT><SUP><FONT size=1 face="sans-serif">(3)</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6.30%</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
  <TD colspan="2"><center>
    <B><FONT size=1 face="sans-serif">Moody's Ratings </FONT></B><BR>
      <B><FONT size=1 face="sans-serif">(as a % of total investments)</FONT></B>
  </center></TD>
  </TR>
<TR>
  <TD colspan="2"><hr size="1" noshade>    </TD>
  </TR>
<TR>
  <TD colspan="2"><center>
    <img src="c40552_ncsrsx4x2.jpg" border=0>
  </center></TD>
</TR>
</TABLE>
<P align="justify"><FONT size=1 face="sans-serif">(1) Inclusive of net assets attributable to Preferred Shares outstanding.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">(2) </FONT><B><FONT size=1 face="sans-serif">Past performance is no guarantee of future results. </FONT></B><FONT size=1 face="sans-serif">Total return is calculated by subtracting the value of an investment in the
Fund at the beginning of each specified period from the value at the end of the period and dividing the remainder by the value of the investment at the beginning of the period and expressing the result as a percentage. The calculation assumes that
all income dividends have been reinvested at prices obtained under the Fund&#146;s dividend reinvestment plan. Total return does not reflect broker commissions or sales charges. Total return for a period of greater than one year represents the
average annual total return. Total return for a period of less than one year is not annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">An investment in the Fund involves risk, including the loss of principal. Total return, price, yield and net asset value will fluctuate with changes in market conditions. This data is provided for information only and
is not intended for trading purposes. A portion of the income generated by the Fund may be subject to federal, state and local taxes, and may at times be subject to the alternative minimum tax. Closed-end funds, unlike open-end funds, are not
continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Net asset value is total assets applicable to common shareholders less total liabilities
divided by the number of common shares outstanding. Holdings are subject to change daily. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">(3) Market Price Yield is determined by dividing the annualized current monthly per share dividend payable to common shareholders by the market price per common share at November 30, 2005.</FONT></P>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=2 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">3</FONT></B></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO New York Municipal Income Fund II Performance &amp; Statistics </FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=31% align=left>
<B><FONT size=1 face="sans-serif">Symbol:</FONT></B>&nbsp;
	</TD>
	<TD width=41% align=left>
<B><FONT size=1 face="sans-serif">Primary Investments:</FONT></B>&nbsp;
	</TD>
	<TD width=28% align=left>
<B><FONT size=1 face="sans-serif">Inception Date:</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">PNI</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Municipal fixed-income</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">June 28, 2002</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">securities, the interest from</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="sans-serif">Objective:</FONT></B>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">which is exempt from federal,</FONT>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Total Net Assets </FONT></B><SUP><FONT size=1 face="sans-serif">(1)</FONT></SUP><B><FONT size=1 face="sans-serif">:</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">To provide current income</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">New York State and New York</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">&#36;240.6 million</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">exempt from federal, New York</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">City income tax.</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">State and New York City income</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Portfolio Manager:</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">tax.</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Mark McCray</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=53% align=left>
<B><FONT size=1 face="sans-serif">Total Return</FONT></B><SUP><FONT size=1 face="sans-serif">(2)</FONT></SUP><B><FONT size=1 face="sans-serif">:</FONT></B>&nbsp;
	</TD>
	<TD width=13% align=center>
<B><FONT size=1 face="sans-serif">Market Price</FONT></B>&nbsp;
	</TD>
	<TD width=34% align=right>
<B><FONT size=1 face="sans-serif">Net Asset Value (&#147;NAV&#148;)</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">Six Months</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">&nbsp;7.82%</FONT>&nbsp;
      </center></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1.55%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">1 Year</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">15.39%</FONT>&nbsp;
      </center></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">10.15%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 11/30/05</FONT>&nbsp;
	</TD>
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">&nbsp;7.68%</FONT>&nbsp;
      </center></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6.85%</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=50% rowspan="13" align=left valign="top"><B><FONT size=1 face="sans-serif">Common
        Share Market Price/NAV Performance:</FONT></B><BR>
    <FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 11/30/05</FONT><BR>
    <IMG src="c40552_ncsrsx5x1.jpg" width="254" height="230" border=0></TD>
	<TD width=39% align=left>
<B><FONT size=1 face="sans-serif">Market Price/NAV:</FONT></B>&nbsp;
	</TD>
	<TD width=11% align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=1 face="sans-serif">Market Price</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">&#36;15.44</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=1 face="sans-serif">NAV</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">&#36;14.36</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=1 face="sans-serif">Premium to NAV</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">7.52%</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=1 face="sans-serif">Market Price Yield</FONT><SUP><FONT size=1 face="sans-serif">(3)</FONT></SUP>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6.31%</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
  <TD colspan="2"><center>
    <B><FONT size=1 face="sans-serif">Moody's Ratings </FONT></B><BR>
      <B><FONT size=1 face="sans-serif">(as a % of total investments)</FONT></B>
  </center></TD>
  </TR>
<TR>
  <TD colspan="2"><hr size="1" noshade>    </TD>
  </TR>
<TR>
  <TD colspan="2"><center>
    <img src="c40552_ncsrsx5x2.jpg" border=0>
  </center></TD>
</TR>
</TABLE>
<BR>
<FONT size=1 face="sans-serif">(1) Inclusive of net assets attributable to Preferred Shares outstanding.</FONT>
<P align="justify">
<FONT size=1 face="sans-serif">(2) </FONT><B><FONT size=1 face="sans-serif">Past performance is no guarantee of future results. </FONT></B><FONT size=1 face="sans-serif">Total return is calculated by subtracting the value of an investment in the
Fund at the beginning of each specified period from the value at the end of the period and dividing the remainder by the value of the investment at the beginning of the period and expressing the result as a percentage. The calculation assumes that
all income dividends have been reinvested at prices obtained under the Fund&#146;s dividend reinvestment plan. Total return does not reflect broker commissions or sales charges. Total return for a period of greater than one year represents the
average annual total return. Total return for a period of less than one year is not annualized.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">An investment in the Fund involves risk, including the loss of principal. Investment return, price, yield and net asset value will fluctuate with changes in market conditions. This data is provided for information only
and is not intended for trading purposes. A portion of the income generated by the Fund may be subject to federal, state and local taxes, and may at times be subject to the alternative minimum tax. Closed-end funds, unlike open-end funds, are not
continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Net asset value is total assets applicable to common shareholders less total liabilities
divided by the number of common shares outstanding. Holdings are subject to change daily. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">(3) Market Price Yield is determined by dividing the annualized current monthly per share dividend payable to common shareholders by the market price per common share at November 30, 2005.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">4 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=2 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.05 </FONT></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=4% align=center>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
    </center></TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=76% align=left>&nbsp;

	</TD>
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=4% align=left>&nbsp;</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

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

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

	</TD>
	<TD align=left>

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

	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
</TR>
<TR>
	<TD>
      <hr noshade size=3>  	</TD>
	<TD><hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD><hr noshade size=3></TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
      <div align="left"><B><FONT size=1 face="sans-serif">MUNICIPAL BONDS &amp; NOTES&#151;90.3%</FONT></B>&nbsp;
    </div></TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
  <TD colspan=7 align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Alabama&#151;3.9%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">&#36;10,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Birmingham Baptist Medical Centers Special Care Fac.</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financing Auth. Rev., 5.00%, 11/15/30, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa1/BAA1</FONT>&nbsp;
	</TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
      </div></TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">9,694,800</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,145</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/27</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,179,316</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/37</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,226,700</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">15,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Daphne Special Care Facs. Financing Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/15/28,
          (Pre-refunded @ &#36;100, 8/15/08) (b)</FONT>&nbsp;
      </div></TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">13,350,750</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,750</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD 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=center>
<FONT size=1 face="sans-serif">A2/NR</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,863,680</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">16,580</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Jefferson Cnty. Sewer Rev., 4.75%, 2/1/38, Ser. B (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 8/1/12) (b)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">17,668,477</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">53,983,723</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>&nbsp;</TD>
	<TD>
      <hr noshade>  	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,550</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Housing Finance Corp. Rev., 5.25%, 6/1/32, Ser. C (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,577,619</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>&nbsp;</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,357,473</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>&nbsp;</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">California&#151;2.3%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">9,610</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Alameda Corridor Transportation Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/16, Ser. A (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,974,825</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

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

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,300</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/33</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,582,909</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">9,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &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>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,051,110</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Rancho Cucamonga Community Facs. Dist., Special Tax,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.30%, 9/1/23, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,059,290</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Southern California Public Power Auth., Transmission Project Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 7/1/13</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aa3/A+</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,913,440</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,430</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/37, Ser. C (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">AAA/AAA</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,394,117</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,900</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/38, Ser. B</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,858,356</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">30,834,047</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>&nbsp;</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Colorado&#151;4.9%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">30,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">13,397,400</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Denver City &amp; Cnty., CP, 5.50%, 12/1/25, Ser. B (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;101, 12/1/10) (b)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,493,750</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">25,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Health Initiatives, 5.50%, 3/1/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">26,851,000</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">18,305</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Exempla, Inc., 5.625%, 1/1/33, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A1/A-</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">19,045,071</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">6,500</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">Retirement Fac. Rev., Liberty Height, zero coupon, 7/15/22</FONT>&nbsp;
      </div></TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,932,280</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">67,719,501</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>&nbsp;</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">17,500</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Washington D.C. Convention Center Auth. Tax Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 10/1/28 (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">17,512,600</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>&nbsp;</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">5</FONT></B></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=4% align=right>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
      </center></TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=75% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

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

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

	</TD>
	<TD align=left>

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

	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
</TR>
<TR>
	<TD>
      <hr noshade size=3>  	</TD>
	<TD><hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD><hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Florida&#151;3.6%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">&#36; 6,520</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Brevard Cnty. Health Facs. Auth. Rev., 5.00%, 4/1/34 (d)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A2/A</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
      </div></TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">6,451,344</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">8,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Highlands Cnty. Health Facs. Auth. Rev., Adventist/Sunbelt,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 11/15/31, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A2/A+</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,633,200</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,335</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Hillsborough Cnty. Industrial Dev. Auth., Pollution Control Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,433,093</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">635</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Hillsborough Cnty. Industrial Dev. Rev., Health Fac. Project,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">651,637</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">7,135</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Jacksonville Health Facs. Auth. Rev., 5.25%, 11/15/32, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">7,397,283</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">11,500</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Lakeland Hospital System Rev., Regional Health System,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/15/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A1/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">12,111,570</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Leesburg Hospital Rev., Leesburg Regional Medical</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Center Project, 5.50%, 7/1/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A3/A-</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,093,180</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,550</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A2/A+</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,705,219</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 11/15/24</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A2/A+</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,557,650</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Winter Springs Water &amp; Sewer Rev., zero coupon, 10/1/29 (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">463,620</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">49,497,796</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>  	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Atlanta Water &amp; Wastewater Rev., 5.00%, 11/1/39, Ser. A (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,074,400</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Grantor Trust Gov&#146;t, CP, 4.75%, 6/1/28, Ser. A (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,529,205</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">9,600</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Richmond Cnty. Dev. Auth. Rev., zero coupon, 12/1/21</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,503,840</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,107,445</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">19,170</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Honolulu City &amp; Cnty. Wastewater System Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">19,373,394</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Illinois&#151;19.2%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=left>

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,759,887</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">8,150</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,439,325</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,050</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Chicago, GO, 5.125%, 1/1/29, Ser. A (FGIC),</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,212,863</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=left>

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,415,118</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">6,700</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">7,243,772</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,110</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Chicago, Neighborhoods Alive 21 Project, GO,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,249,810</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&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>&nbsp;

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

	</TD>
	<TD align=left>

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">9,547,034</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,603,000</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,500</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,215,630</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=left>

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">6,894,677</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">29,145</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,831,914</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">32,670</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">6,217,428</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">7,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Chicago Midway Airport Rev., 5.00%, 1/1/31, Ser. B (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">7,160,090</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
	</TD>
	<TD>&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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,269,850</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=left>

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,256,000</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">134,650</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">51,513,050</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">6 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05</FONT></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=4% align=right>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
      </center></TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=75% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

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

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

	</TD>
	<TD align=left>

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

	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
</TR>
<TR>
	<TD>
      <hr noshade size=3>  	</TD>
	<TD><hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD><hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;20,100</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev., Elmurst Memorial Healthcare,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 1/1/28</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A2/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
      </div></TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">21,022,389</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Illinois Health Facs. Auth., Condell Medical Center Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/15/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa2/BAA2</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,105,750</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">McHenry &amp; Kane Cnty. Community Consolidated School</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">784,370</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=left>

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">17,733,000</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">50,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">12,595,500</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,460</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">493,501</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,500</FONT>&nbsp;
	</TD>
	<TD>&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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,627,935</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>&nbsp;
	</TD>
	<TD>&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=center>
<FONT size=1 face="sans-serif">Aa3/AA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,243,500</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">68,470</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Sports Facs. Auth. Rev., zero coupon, 6/15/30 (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">57,286,110</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">262,721,503</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>  	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Indiana&#151;0.5%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/15/2, Ser. A
          (FSA) (Pre-refunded @ &#36;100, 9/15/13) (b)</FONT>&nbsp;
      </div></TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,082,900</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 3/15/25</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,199,240</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,125</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Fort Wayne Pollution Control Rev., 6.20%, 10/15/25</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">B1/BB-</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,281,603</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
	</TD>
	<TD>&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>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">521,800</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">7,085,543</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Iowa&#151;3.7%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">46,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. of Iowa Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/1/34, Ser. B</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">41,366,880</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">8,850</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">5.60%, 6/1/35, Ser. B
          (Pre-refunded @ &#36;101, 6/1/11) (b)</FONT>&nbsp;
      </div></TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">9,727,566</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">51,094,446</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,800</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Univ. of Kansas, Hospital Auth. Health Facs. Rev., 5.625%, 9/1/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/A-</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,972,788</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Healthcare Partners, 5.25%, 10/1/30</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,579,300</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">7,855</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">St. Luke&#146;s Hospital, 6.00%, 10/1/19</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A3/A</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,791,787</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">11,371,087</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Louisiana&#151;4.3%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">20,400</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Public Facs. Auth. Rev., Ochsner Clinic Foundation,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/15/32, Ser. B</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A3/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">20,523,012</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">36,395</FONT>&nbsp;
	</TD>
	<TD>&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>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">38,089,187</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">58,612,199</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=left>

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,055,390</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">7</FONT></B></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=4% align=center>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
    </center></TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=76% align=left>&nbsp;

	</TD>
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

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

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

	</TD>
	<TD align=left>

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

	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
</TR>
<TR>
	<TD>
      <hr noshade size=3>  	</TD>
	<TD><hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD><hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;3.0%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center nowrap>
      <div align="right"><FONT size=1 face="sans-serif">&#36; 1,300</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Bay Transportation Auth. Rev., General Transportation System,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 3/1/21, Ser. A (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
      </div></TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,331,382</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,560</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/28</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">6,330,894</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">7,645</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/33</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,684,338</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/39</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,735,650</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,295</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Turnpike Auth. Rev., 4.75%, 1/1/34, Ser. A (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,313,769</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,300</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 12/1/21, Ser. B (MBIA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,350,324</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">12,050</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 8/1/37, Ser. A (FSA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">12,070,123</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">40,816,480</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD><hr noshade>

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

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

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

	</TD>
	<TD align=left>

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Detroit City School Dist., GO,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,500</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/32, Ser. A
          (FGIC) (Pre-refunded @ &#36;100, 5/1/13) (b)</FONT>&nbsp;
      </div></TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">9,175,495</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,750</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/31, Ser. A (FSA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,896,195</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Detroit Water Supply System Rev., 5.00%, 7/1/30, Ser. A (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,564,625</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Hospital Finance Auth. Rev., Ascension Health,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 11/15/26, Ser. B</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,180,450</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">13,500</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 4/1/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A2/A</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">14,163,930</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,925</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 4/1/22</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A2/A</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,083,331</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">35,064,026</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,605</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Business Finance Corp., Pollution Control Rev., 5.875%, 4/1/22</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Ba1/BBB-</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,650,567</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Dev. Bank Special Obligation, Projects &amp; Equipment</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,082,200</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,732,767</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Hanley Road &amp; North of Folk Ave. Transportation Dist. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">990,010</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">St. Louis Parking Facs. Rev., Downtown Parking Fac.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,515,210</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,505,220</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,480,206</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,106,956</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,067,380</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,500</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,613,960</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">7,570</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">7,804,746</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,290</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Truckee Meadows Water Auth. Rev., 5.125%, 7/1/30, Ser. A (FSA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,408,275</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">24,481,523</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Health &amp; Education Fac. Auth. Hospital Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,114,690</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD nowrap>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">8 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05</FONT></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=4% align=left>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
      </center></TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=75% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

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

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
      <center>
        <FONT size=1 face="sans-serif">(000)</FONT>&nbsp;
      </center></TD>
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right> <center>
	  <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
    </center></TD>
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Value</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
      <hr noshade size=3>  	</TD>
	<TD><hr noshade size=3>
	</TD>
	<TD colspan=2>
      <hr noshade size=3>
	</TD>
	<TD><hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>  	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">New Jersey&#151;2.5%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
      </div></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">20,718</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">40</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">40,622</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,301,520</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">11,405</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">12,034,100</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">527,635</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">225</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/15/28, Ser. A
          (Pre-refunded @ &#36;102, 5/15/09) (b)</FONT>&nbsp;
      </div></TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">247,477</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,500</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Educational Fac. Auth. Rev., 6.00%, 7/1/25, Ser. D</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,713,710</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,328,857</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,095</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,213,012</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">6,150</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6,677,240</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,791,975</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>&nbsp;

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

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">34,896,866</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>  	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,066,600</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">New York&#151;5.3%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">10,931,992</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 11/15/32, Ser. B</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A2/A</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">10,516,500</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/15/37, Ser. D</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aa2/AA+</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,876,730</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">7,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/15/39, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aa2/AA+</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">7,160,860</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">30,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">New York State Dormitory Auth. Rev., 5.00%, 3/15/35, Ser. F (d)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">AA/AA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">30,804,600</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">6,700</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Dormitory Auth. Rev., Sloan-Kettering Center Memorial,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/34, Ser. 1</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6,848,003</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Environmental Facs. Corp. Rev., 5.00%, 6/15/28</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,073,560</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>&nbsp;

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

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">73,212,245</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Ohio&#151;0.6%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Lorain Cnty. Hospital Rev., Catholic Healthcare, 5.375%, 10/1/30</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">7,769,925</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Oklahoma&#151;0.5%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Tulsa Cnty. Industrial Auth. Rev., Legacy Apartments,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.90%, 11/20/46 (FHA-GNMA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6,565,455</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;2.5%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&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>&nbsp;

	</TD>
	<TD>&nbsp;
	</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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/15</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">B1/B+</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">656,662</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/22</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">B1/B+</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,189,090</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,700</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/30</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">B1/B+</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6,752,562</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,500</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Cumberland Cnty. Auth. Retirement Community Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Wesley Affiliated Services, 7.25%, 1/1/35, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,820,670</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=2 align=left>
<FONT size=1 face="sans-serif">Montgomery Cnty. Higher Education &amp; Health Auth. Hospital Rev.,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Abington Memorial Hospital, Ser. A,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,132,800</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,750</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,832,987</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">9</FONT></B></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=4% align=right>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
      </center></TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=76% align=left>&nbsp;

	</TD>
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

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

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

	</TD>
	<TD align=left>

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

	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
</TR>
<TR>
	<TD>
      <hr noshade size=3>  	</TD>
	<TD><hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD><hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp; 3,000</FONT>&nbsp;
	</TD>
	<TD>&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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
      </div></TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,135,960</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Philadelphia Auth. Industrial Dev. Lease Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,194,050</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">500</FONT>&nbsp;
	</TD>
	<TD>&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>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">508,475</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
	</TD>
	<TD>&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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,603,150</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">33,826,406</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>  	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,200</FONT>&nbsp;
	</TD>
	<TD>&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=center>
<FONT size=1 face="sans-serif">A3/A-</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,309,788</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Rhode Island&#151;4.7%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">62,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">64,269,200</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">South Carolina&#151;5.7%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">27,745</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Greenville Cnty. School Dist. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Building Equity Sooner Tomorrow, 5.50%, 12/1/28</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">29,630,550</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">18,120</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Jobs Economic Dev. Auth. Rev., Bon Secours Health System,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/30</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A3/A-</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">18,734,087</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Lexington Cnty., Health Services Dist. Hospital Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">15,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/1/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A2/A</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">15,784,050</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,500</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/37</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A2/A</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,680,005</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 11/1/28</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A2/A</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,377,250</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,250</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Rev. Management Auth.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,416,790</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,180</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Transportation Infrastructure Rev., 5.00%, 10/1/29, Ser. A</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(AMBAC) (Pre-refunded @ &#36;100, 10/1/11) (b)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,266,022</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">77,888,754</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,750</FONT>&nbsp;
	</TD>
	<TD>&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>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Hospital Facs. Rev., 5.25%, 10/1/30</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,877,763</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Texas&#151;10.4%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Arlington Independent School Dist., GO,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,032,070</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">4,480</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Aubrey Independent School Dist., GO, 5.50%, 2/15/33 (PSF-GTD)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,839,251</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">6,500</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Brazos Cnty. Health Facs. Dev. Corp.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Franciscan Services Corp. Rev., 5.375%, 1/1/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/A-</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">6,668,675</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">2,700</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=2 align=left>
<FONT size=1 face="sans-serif">Comal Cnty. Health Facs., McKenna Memorial Hospital Project Rev.,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 2/1/32</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB-</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,867,373</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Dallas Area Rapid Transit Rev., 5.00%, 12/1/31 (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,108,900</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">20,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Frisco Independent School Dist., GO,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,584,600</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">19,750</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">GO, 5.125%, 8/15/31, (Pre-refunded
          @ &#36;100, 8/15/12) (b)</FONT>&nbsp;
      </div></TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aa1/AA+</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">21,307,090</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">5,250</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">Health Facs. Dev. Corp.
          Rev., St. Luke&#146;s Episcopal Hospital,</FONT>&nbsp;
      </div></TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="left">&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 2/15/26, Ser.
          A (Pre-refunded @ &#36;100, 8/15/11) (b)</FONT>&nbsp;
      </div></TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/AA-</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,711,528</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">25,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Senior Lien Toll Road Rev., 5.00%, 8/15/30 (FSA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">25,655,750</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">7,500</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Keller Independent School Dist., GO, 4.875%, 8/15/31 (PSF-GTD)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">7,558,725</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="sans-serif">3,170</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Little Elm Independent School Dist., GO,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,356,428</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">10 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05</FONT></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=4% align=center>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
    </center></TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=74% align=left>&nbsp;

	</TD>
	<TD width=7% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=6% align=left>&nbsp;

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

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

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

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

	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Value</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
      <hr noshade size=3>  	</TD>
	<TD><hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD><hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center nowrap>
      <div align="right"><FONT size=1 face="sans-serif">&#36; &nbsp;&nbsp;&nbsp;6,250</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">North Dallas Thruway Auth. Rev., 4.75%, 1/1/29 (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
      </div></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6,272,812</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Quinlan Independent School Dist., GO, 5.10%, 2/15/32 (PSF-GTD)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,157,550</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">14,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Affordable Housing Corp. Multifamily Housing Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">Amern. Hsg. Foundation, 5.40%, 9/1/22, Ser. A (MBIA)</FONT>&nbsp;
      </div></TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">14,070,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=2 align=left>
<FONT size=1 face="sans-serif">State Turnpike Auth. Central Turnpike System Rev., Ser. A (AMBAC)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,357,200</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,880</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">9,025,810</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Water Financial Assistance, GO,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,250</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/36</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,329,235</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,650</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 8/1/35</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,724,481</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Wichita Falls Water &amp; Sewer Rev., 5.00%, 8/1/27 (AMBAC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">8,201,360</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></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>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">141,828,838</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>  	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Virginia&#151;0.5%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=2 align=left>
<FONT size=1 face="sans-serif">Fredericksburg Industrial Dev. Medicorp Health System Rev., Ser. B,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 6/15/27</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A3/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,095,280</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/15/33</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A3/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,532,450</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></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>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">6,627,730</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">5,111,500</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

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

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Badger Tobacco Asset Securitization Corp.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,175,918</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,550</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &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>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">8,971,258</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Health &amp; Educational Facs. Auth. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">Froedert &amp; Community
          Health Oblig., 5.375%, 10/1/30</FONT>&nbsp;
      </div></TD>
	<TD align=center>
<FONT size=1 face="sans-serif">NR/AA-</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,030,110</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></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>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">11,177,286</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR>
	<TD colspan=7>

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Total Municipal Bonds &amp; Notes (cost&#151;&#36;1,153,407,211)</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">1,236,019,616</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
	<TD>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>&nbsp;

	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR>
	<TD colspan=7>

	  <div align="right">
	    <hr noshade size=1>
	  </div></TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
      <div align="left"><B><FONT size=1 face="sans-serif">VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(c)(e)(f)</FONT><B><FONT size=1 face="sans-serif">&#151;9.2%</FONT></B>&nbsp;
    </div></TD>
	<TD align=left>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan=7 align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&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>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,600</FONT>&nbsp;
      </div></TD>
	<TD>&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>
	<TD align=left>&nbsp;

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">13.10%, 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=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,531,860</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">6,675</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Jefferson Cnty. Sewer Rev., 9.77%, 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=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">8,083,158</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,100</FONT>&nbsp;
      </div></TD>
	<TD>&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>
	<TD align=left>&nbsp;

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.99%, 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=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,264,493</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></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>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">14,879,511</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>  	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&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>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,812</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Denver City &amp; Cnty. Airport Rev., 10.13%, 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=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,164,962</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Florida&#151;1.0%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,830</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Highlands Cnty. Health Facs. Auth. Rev., Adventist,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/15/31, Ser. C</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">A2/A+</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,851,989</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,228</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Orange Cnty. School Board, CP, 10.07%, 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=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">2,619,807</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,051</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State Governmental Utilities Auth. Rev., 10.07%,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">4,578,357</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,340</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Sumter Landing Community Dev. Dist. Rev.,</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.791%, 10/1/35, Ser. 1208 (MBIA)(a)(d)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">AAA/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">3,183,154</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></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>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=right>
<FONT size=1 face="sans-serif">13,233,307</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">11</FONT></B></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=4% align=center>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
    </center></TD>
	<TD width=1%>&nbsp;
	</TD>
	<TD width=79% align=left>&nbsp;

	</TD>
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=5% align=left>

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">(000)</FONT>&nbsp;
    </center></TD>
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right> <center>
	  <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
    </center></TD>
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
</TR>
<TR>
	<TD>
      <hr noshade size=3>  	</TD>
	<TD><hr noshade size=3>
	</TD>
	<TD colspan=2>
      <hr noshade size=3>
	</TD>
	<TD><hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
	<TD>
      <hr noshade size=3>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&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>
	<TD align=left>

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

	  <div align="right"></div></TD>
	<TD>&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>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center nowrap>
      <div align="right"><FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp; 4,450</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.93%, 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>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
      </div></TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,727,947</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,300</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.65%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,027,089</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,932</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Cook Cnty., GO, 8.99%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,133,643</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State, GO, 13.10%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,548,700</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">13,437,379</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>  	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&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>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., 8.160%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,372,400</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;2.0%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,100</FONT>&nbsp;
      </div></TD>
	<TD>&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>
	<TD align=left>

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.01%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,269,113</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,420</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State, GO, 12.24%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,358,379</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&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>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">11,049</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.01%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">11,591,838</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,500</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.01%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,721,085</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,667</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.88%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">6,196,901</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">28,137,316</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&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>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,300</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State, GO, 8.94%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,486,054</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,335</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Liberty Dev. Corp. Rev., 9.177%, 10/1/35, Ser. 1207 (a)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aa3/AA3</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,418,108</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&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>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,975</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Hamilton Cnty. Sales Tax Rev., 10.16%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,229,854</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&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>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,050</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Philadelphia Auth. Industrial Dev. Rev., Doubletree, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,187,647</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&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>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,016</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.15%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,096,332</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,670</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.51%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,720,434</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">9,004,413</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

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

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,075</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Denton Utility System Rev., 10.63%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,461,097</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,650</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Houston Airport System Rev., 8.87%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,745,320</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&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>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,750</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.13%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,371,830</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,838</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.13%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,941,165</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Sabine River Auth. Rev., 5.20%, 5/1/28</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Baa2/BBB-</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,005,000</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,345</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">State, GO, 7.66%, 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=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,404,441</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR align="right" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">18,928,853</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<B><FONT size=1 face="sans-serif">Utah&#151;0.6%</FONT></B>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,830</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Utah Transit Auth. Rev., 10.62%, 6/15/35, Ser. 1197 (FSA)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">AAA/AAA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,829,558</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	  <div align="right"></div></TD>
	<TD>&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>
	<TD align=left>

	  <div align="right"></div></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,820</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=2 align=left>
<FONT size=1 face="sans-serif">Central Puget Sound Regional Transit Auth. Sales Tax &amp; Motor Rev.,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.51%, 2/1/28, Ser. 360 (FGIC)</FONT>&nbsp;
	</TD>
	<TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,869,049</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
<TR>
	<TD colspan=7>

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

	  <div align="right"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=1 face="sans-serif">Total Variable Rate Notes (cost&#151;&#36;111,203,290)</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
	<TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">125,990,764</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD>
	  <div align="right"></div></TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
	</TD>
	<TD>
      <hr noshade>
	</TD>
	<TD>
      <hr noshade>
	</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">12 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05</FONT></P>

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

<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=right>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
      </center></TD>
        <TD width=0%>&nbsp;
        </TD>
        <TD width=88% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=6% align=left>&nbsp;

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

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

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

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

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

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Value</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">U.S. TREASURY BILLS </FONT></B><FONT size=1 face="sans-serif">(h)</FONT><B><FONT size=1 face="sans-serif">&#151;0.6%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp;&nbsp;8,095</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">3.29%-3.65%,12/1/05-12/15/05 (cost&#151;&#36;8,085,403)</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,085,403</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
</TR>
<TR>
        <TD colspan=5><hr noshade size=1>

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">OPTIONS PURCHASED </FONT></B><FONT size=1 face="sans-serif">(i)</FONT><B><FONT size=1 face="sans-serif">&#151;0.0%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan=5 align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=right>
      <center>
        <U><FONT size=1 face="sans-serif">Contracts</FONT></U>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Put Options&#151;0.0%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">805</FONT>&nbsp;
        </TD>
        <TD>&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 align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;100.50, expires 2/24/06 (cost&#151;&#36;15,194)</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">12,578</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&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;1,272,711,098)&#151;</FONT><B><FONT size=1 face="sans-serif">100.1%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,370,108,361</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
</TR>
<TR>
        <TD colspan=5><hr noshade size=1>

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">OPTIONS WRITTEN </FONT></B><FONT size=1 face="sans-serif">(i)</FONT><B><FONT size=1 face="sans-serif">&#151;(0.1)%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan=5 align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Call Options&#151;(0.0)%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,270</FONT>&nbsp;
        </TD>
        <TD>&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 align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;111, expires 2/24/06</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(277,813)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <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>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,270</FONT>&nbsp;
        </TD>
        <TD>&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 align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;107, expires 2/24/06</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(615,156)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total Options Written (premiums received&#151;&#36;875,779)</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(892,969)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&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;1,271,835,319)&#151;</FONT><B><FONT size=1 face="sans-serif">100.0%</FONT></B>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">&#36;</FONT></B>
      </div></TD>
    <TD align=right><div align="right"><B><FONT size=1 face="sans-serif">1,369,215,392</FONT></B>&nbsp;</div></TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan=2>
      <hr noshade>      </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<B><FONT size=1 face="sans-serif">See accompanying notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1
face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">13</FONT></B></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=4% align=right>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
      </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=5% align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">CALIFORNIA MUNICIPAL BONDS &amp; NOTES&#151;86.1%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
  <TD colspan=7 align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp; 2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">ABC Unified School Dist., GO, zero coupon, 8/1/23, Ser. B (FGIC)</FONT>&nbsp;
      </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
      </div></TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">865,620</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Alpine Union School Dist., GO, zero coupon, 8/1/24, Ser. B (FSA)</FONT>&nbsp;
      </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">424,970</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">8,115</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Anaheim City School Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/26, (FGIC)(Pre-refunded @&#36;101, 8/1/11) (b)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,831,473</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Association of Bay Area Governments Finance Auth. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.20%, 11/15/22</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,512,636</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">26,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.35%, 11/15/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">26,959,660</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">23,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Bakersfield, CP, zero coupon, 4/15/21</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">11,249,990</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,945</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Bay Area Govt. Assoc., Improvement Board</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Act of 1915 Special Assessment, 6.30%, 9/2/25</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,041,822</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Lease Rev., 5.00%, 7/1/32, Ser. 2002-1 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,060,360</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,085</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Capistrano Unified School Dist., Community Fac. Dist.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, 5.70%, 9/1/20,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;102, 9/1/09) (b)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,192,599</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Cathedral City Cove Improvements Dist. 04-02,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Assessment, 5.00%, 9/2/30</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,078,935</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Ceres Unified School Dist., GO, zero coupon, 8/1/27 (FGIC)</FONT>&nbsp;
      </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">689,356</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,160</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.05%, 9/1/25, (Pre-refunded @ &#36;102, 9/1/10) (b)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,309,930</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.10%, 9/1/32, (Pre-refunded @ &#36;102, 9/1/10) (b)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,828,525</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,825</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.15%, 9/1/26</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,925,813</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,380</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.20%, 9/1/33</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,630,010</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Clovis Unified School Dist., GO, Ser. B (FGIC),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/23</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">865,620</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,535</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/25</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,370,307</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/27</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">865,275</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,410</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Community College Financing Auth. Lease Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/27, Ser. A (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,461,620</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Corona-Norco Unified School Dist., Public</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financing Auth., Special Tax, Ser. A,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">210</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.55%, 9/1/15</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">211,976</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">305</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.65%, 9/1/16</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">308,032</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">160</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 9/1/17</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">162,122</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">530</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 9/1/20</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">539,036</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 9/1/25</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,014,810</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,150</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.10%, 9/1/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,225,115</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,110</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, 5.10%, 9/1/25 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,146,963</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,800</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Cotati Redev. Agcy., Tax Allocation, 5.00%, 9/1/31,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,847,264</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Dinuba Financing Auth. Lease Rev., 5.10%, 8/1/32 (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,090,810</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,475</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Educational Facs. Auth. Rev., Loyola Marymount Univ.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/34 (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">800,292</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,520</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Elk Grove Unified School Dist., Community Facs. Dist. No. 1,</FONT>&nbsp;
      </div></TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, 4.75%, 12/1/33 (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,485,377</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=1 face="sans-serif">14 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05</FONT></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=right>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
      </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=6% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=5% align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Empire Union School Dist., Special Tax, (AMBAC),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,560</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/30</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
      </div></TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">443,680</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,265</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">320,058</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Escondido Union School Dist., GO, zero coupon, 8/1/27 (FSA)</FONT>&nbsp;
      </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">346,110</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,440</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Eureka Union School Dist., GO, zero coupon, 8/1/27 (FSA)</FONT>&nbsp;
      </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">844,508</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Foothill Eastern Corridor Agcy. Toll Road Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/25, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,921,792</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,270</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/26, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,266,961</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/15/27 (MBIA-IBC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,345,470</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,780</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/28, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,309,770</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">17,860</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/30, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,543,030</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Franklin-McKinley School Dist., GO, 5.00%, 8/1/27,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">415,960</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,440</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Fremont Community Facs. Dist. No. 1, Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.30%, 9/1/30</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,443,139</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">11,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/33</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">12,703,041</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">36,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &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>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">40,427,798</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Health Facs. Finance Auth. Rev. (CA Mtg. Ins.),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 1/1/22</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,750,140</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,875</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 1/1/26</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,027,830</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,115</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 11/1/20</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,241,900</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Adventist Health System, 5.00%, 3/1/33</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,002,080</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">565</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Healthcare West, 5.00%, 7/1/28, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A3/A-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">565,893</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,750</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Huntington Beach Community Facs. Dist., Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.30%, 9/1/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,797,058</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Industry Urban Dev. Agcy., Tax Allocation (MBIA),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,045</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Transportation Dist. 2, 4.75%, 5/1/21</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,067,959</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,035</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Transportation Dist. 3, 4.75%, 5/1/21</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,057,739</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Infrastructure &amp; Economic Dev. Bank Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Bay Area Toll Bridges,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/36 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">206,610</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Irvine Improvement Board Act 1915, Special Assessment,</FONT>&nbsp;
      </div></TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.70%, 9/2/26</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">7,144,410</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Jurupa Unified School Dist., GO, zero coupon, 5/1/27 (FGIC)</FONT>&nbsp;
      </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">657,609</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,450</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Kings Canyon JT Unified School Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/27 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">847,969</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Livermore-Amador Valley Water Management Agcy. Rev.,</FONT>&nbsp;
      </div></TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/31, Ser. A (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,428,048</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,935</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Long Beach Unified School Dist., GO, 5.00%, 8/1/27,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. C (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">6,113,287</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Los Angeles, CP (MBIA),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">9,895</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/1/27</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,195,412</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,685</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/27, Ser. AU</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,774,088</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Los Angeles, Wastewater System Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/30, Ser. A (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">7,421,040</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">15</FONT></B></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
      </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=74% align=left>&nbsp;

        </TD>
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=5% align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Manhattan Beach Unified School Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/25 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
      </div></TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">386,090</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,295</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Manteca Redev. Agcy., Tax Allocation, 5.00%, 10/1/32 (FSA)</FONT>&nbsp;
      </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">7,520,197</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Manteca Unified School Dist., Special Tax (MBIA),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,365</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/25</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">904,352</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,330</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/29, Ser. C</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,458,186</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Merced Cnty., CP, Juvenile Justice Correctional Fac.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/32 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,095,640</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Modesto Elementary School Dist. Stanislaus Cnty., GO,</FONT>&nbsp;
      </div></TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (FGIC),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,615</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/23</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,122,096</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,705</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,098,365</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 5/1/27</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">693,460</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,150</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Modesto High School Dist. Stanislaus Cnty., GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/26, Ser. A (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">787,824</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Modesto Public Financing Auth. Lease Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/29 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,030,950</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,385</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Monrovia Financing Auth. Lease Rev., Hillside</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 12/1/31 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,492,397</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Montebello Unified School Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">614,640</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,485</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24 (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">608,494</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,830</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/25 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,097,021</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,775</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/27 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">960,455</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Moreno Valley Unified School Dist. Community Facs. Dist.,</FONT>&nbsp;
      </div></TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, 5.20%, 9/1/36 (d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,678,145</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Morgan Hill Unified School Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/23 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,038,744</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Mountain View-Whisman School Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/27, Ser. D (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,558,830</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,800</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Murrieta Redev. Agcy., Tax Allocation, 5.00%, 8/1/32 (MBIA)</FONT>&nbsp;
      </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,854,720</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,245</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Newark Unified School Dist., GO, zero coupon,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/26, Ser. D (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,189,065</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Oakland Redev. Agcy., Tax Allocation,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,395</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/27</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/A-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,426,053</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,185</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/33</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/A-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,226,974</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Orange Cnty. Community Facs. Dist., Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">No. 01-1-Ladera Ranch,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 8/15/25, Ser. A (Pre-refunded @ &#36;101, 8/15/10)(b)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,117,640</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">12,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Orange Cnty. Sanitation Dist., CP, 5.25%, 2/1/30 (FGIC)</FONT>&nbsp;
      </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">12,656,160</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Palmdale Community Redev. Agcy., Tax Allocation (AMBAC),</FONT>&nbsp;
      </div></TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,230</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/30</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">351,140</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,230</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &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>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">331,436</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,225</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">311,371</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,750</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Paramount Unified School Dist., GO, zero coupon,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9/1/23, Ser. B (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">747,915</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=1 face="sans-serif">16 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05</FONT></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=right>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
      </center></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=76% align=left>&nbsp;

        </TD>
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=6% align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Perris Public Financing Auth. Rev., Tax Allocation,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,190</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 10/1/23, Ser. B (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
      </div></TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,217,489</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">780</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/20, Ser. C</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">806,224</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,800</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 10/1/31, Ser. C</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,878,012</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,150</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Placer Union High School Dist., GO, zero coupon, 8/1/33 (FSA)</FONT>&nbsp;
      </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,480,660</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Poway Unified School Dist., Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community FACS Dist. No. 10-Area-D,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.65%, 9/1/25</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,017,740</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.70%, 9/1/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,234,496</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community FACS Dist. No. 6,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 9/1/28</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,711,097</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 9/1/25</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,527,900</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.60%, 9/1/33</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,054,150</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community FACS Dist. No. 6-Area-A,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.05%, 9/1/25</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,049,190</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 9/1/33</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,763,010</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community FACS Dist. No. 6-Area-B, 5.125%, 9/1/28</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,309,453</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Rancho Cucamonga Community Facs. Dist., Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.375%, 9/1/31, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,115,660</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Richmond Wastewater Rev., zero coupon, 8/1/30 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">435,435</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Riverside Unified School Dist., Community Facs.</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Dist. No. 15 Special Tax, Ser. A,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.15%, 9/1/25</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,003,720</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/30</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,003,700</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/35</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,001,430</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,510</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Riverside, CP, 5.00%, 9/1/33 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,604,910</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Rocklin Unified School Dist., GO (FGIC),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,048,800</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/25</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,550,560</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/26</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,465,720</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/27</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,557,495</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Roseville Redev. Agcy., Tax Allocation (MBIA),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,730</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/27</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,868,719</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,365</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,468,070</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,155</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/33</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,219,435</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Sacramento City Financing Auth. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 12/1/32, Ser. A (FSA)</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Prerefunded @ &#36;100, 12/1/12) (b)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,891,995</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,730</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">North Natomas CFD No. 2, 6.25%, 9/1/23, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,873,934</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">12,490</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Sacramento Cnty. Airport System Rev., 5.00%, 7/1/32,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">12,791,509</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">San Diego Cnty. Water Auth. Water Rev., CP, Ser. A (MBIA),</FONT>&nbsp;
      </div></TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">8,285</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/28</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,564,205</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">8,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/29</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,259,360</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Diego Public Facs. Financing Auth. Lease Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/15/29, Ser. A (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,029,830</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Fire &amp; Life Safety Facs., 5.00%, 4/1/32 (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,534,980</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">17</FONT></B></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=4% align=right>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
      </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=5% align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>       </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;&nbsp;14,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Diego Public Facs. Financing Auth. Water Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/32, (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
      </div></TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">14,381,780</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Francisco City &amp; Cnty. Airport Community, Int&#146;l</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Airport Rev., (MBIA),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,585</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.50%, 5/1/28, Ser. 2</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,423,482</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">20,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/32, Ser. 28B</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">20,779,080</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,405</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">San Joaquin Hills Transportation Corridor Agcy. Toll Road Rev.,</FONT>&nbsp;
      </div></TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,242,223</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,190</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Jose, Libraries &amp; Parks, GO, 5.125%, 9/1/31</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa1/AA+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,555,210</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Juan Unified School Dist., GO (FSA),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,770</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/23</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">766,074</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">6,105</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/26</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,237,055</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,835</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Mateo Foster City School Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.10%, 8/1/31 (FGIC) (Pre-refunded @ &#36;101, 8/1/11) (b)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,286,589</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Mateo Union High School Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/20 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,163,087</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,730</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Rafael City High School Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/27, Ser. B (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,786,208</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,280</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Rafael Elementary School Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/27, Ser. B (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,386,567</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Santa Clara Unified School Dist., GO (MBIA),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,755</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/25</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,861,123</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,895</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/26</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,001,478</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,040</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/27</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,137,766</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,260</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Santa Cruz Cnty., Rev., 5.25%, 8/1/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A3/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,306,922</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Santa Margarita Water Dist., Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 9/1/30</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,112,560</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 9/1/29</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,176,040</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Santa Monica Community College Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/26, Ser. C (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">706,740</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Saugus Hart School Facs. Financing Auth., Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community Facs. Dist. 00-1,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,140</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.10%, 9/1/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,164,727</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,260</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 9/1/33</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,308,974</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Shasta Union High School Dist., GO, zero coupon, 8/1/24 (FGIC)</FONT>&nbsp;
      </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">409,760</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,745</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">South Tahoe JT Powers Parking Financing Auth. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.00%, 12/1/27, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,687,767</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,800</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Southern Mono Health Care Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/26 (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">646,416</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">State Department of Water Resources Rev., Central VY Project,</FONT>&nbsp;
      </div></TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 12/1/25, Ser. AC (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">941,769</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">20,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">State Economic Recovery Rev., 5.00%, 7/1/11, Ser. A (MBIA)</FONT>&nbsp;
      </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">21,485,400</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">9,605</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Public Works Board Lease Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/22, Ser. A (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">9,986,799</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,710</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Univ. Rev., 5.00%, 11/1/33, Ser. A (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,757,128</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=1 face="sans-serif">18 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05</FONT></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=4% align=right>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
      </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=5% align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp; 3,555</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Bentley School, 6.75%, 7/1/32 (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
      </div></TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,880,816</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">9,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Health Fac., Jewish Home, 5.50%, 11/15/33 (CA ST Mtg.)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,288,402</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,770</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Kaiser Permanente, 5.50%, 11/1/32, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A3/A+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,895,924</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Live Oak School, 6.75%, 10/1/30</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,146,340</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,170</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Wildwood Elementary School, CP, 6.10%, 11/1/15 (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,171,556</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,775</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Statewide Financing Auth. Tobacco Settlement Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 5/1/29</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,836,060</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,750</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Tamalpais Union High School Dist., GO, 5.00%, 8/1/27 (FSA)</FONT>&nbsp;
      </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,024,350</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Alameda Cnty., 6.00%, 6/1/42</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,691,070</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,175</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 6/1/23</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,218,545</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/35</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,469,400</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,800</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Stanislaus Fdg., 5.875%, 6/1/43, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,864,170</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">995</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Tracy Community Facs. Dist., Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">No. 99-2 South Macarthur Area,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 9/1/27</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,010,313</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">6,250</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">University Rev., 5.00%, 5/15/11, Ser. A (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">6,727,000</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Ventura Cnty. Community College Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/27, Ser. A (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,399,000</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,555</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Ventura Unified School Dist., GO, 5.00%, 8/1/32, Ser. F (FSA)</FONT>&nbsp;
      </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,606,424</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Vernon Electric System Rev., Malburg Generating Station,</FONT>&nbsp;
      </div></TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 4/1/33, (Pre-refunded @ &#36;100, 4/1/08) (b)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,104,820</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,125</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">460,980</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,410</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/26</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">883,096</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Vista Unified School Dist., GO, zero coupon,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/26, Ser. A (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">366,430</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">West Contra Costa University School Dist., GO, Ser. A (MBIA),</FONT>&nbsp;
      </div></TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,740</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/26</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,825,817</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,690</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/28</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,767,391</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,890</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/31</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,936,362</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,375</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Westlands Water Dist. Rev., CP, 5.00%, 9/1/34 (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,466,260</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">William S. Hart JT School Financing Auth. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 9/1/34</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,096,220</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,110</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Yuba City Unified School Dist., GO, zero coupon,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9/1/25 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">806,843</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR align="right" size=1 noshade>
        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=2 align=left>
<FONT size=1 face="sans-serif">Total California Municipal Bonds &amp; Notes (cost&#151;&#36;562,858,987)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">594,966,268</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD colspan=2>&nbsp;
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR align="right" size=2 noshade>
        </TD>
</TR>
<TR>
        <TD colspan=7><hr noshade size=1>

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">OTHER MUNICIPAL BONDS &amp; NOTES&#151;4.6%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
  <TD colspan=7 align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Iowa&#151;2.1%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">16,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. of Iowa Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/1/34, Ser. B</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">14,478,408</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>      </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">New York&#151;0.5%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,250</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">State Dormitory Auth. Rev., Hospital, 6.25%, 8/15/15 (FHA)</FONT>&nbsp;
      </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa2/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,724,793</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">19</FONT></B></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=4% align=center>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
    </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=73% align=left>&nbsp;

        </TD>
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=7% align=left>

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

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

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

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="sans-serif">&#36; &nbsp;2,000</FONT>&nbsp;
      </div></TD>
        <TD>&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=center>
<FONT size=1 face="sans-serif">A3/A-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,052,280</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,505</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Public Building Auth. Rev., Government Facs.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/36, Ser. I (GTD)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa2/BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,481,653</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
        <TD>
          <div align="right"></div></TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR align="right" size=1 noshade>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,533,933</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
        <TD>
          <div align="right"></div></TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Tennessee&#151;1.3%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,535</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Memphis Electric System Rev., 5.00%, 12/1/16,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">9,035,919</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
        <TD>
          <div align="right"></div></TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
<TR>
        <TD colspan=6>

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total Other Municipal Bonds &amp; Notes (cost&#151;&#36;31,461,180)</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">31,773,053</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
<TR>
        <TD colspan=6>

          <div align="right">
            <hr noshade size=1>
          </div></TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
      <div align="left"><B><FONT size=1 face="sans-serif">CALIFORNIA VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(c)(e)(f)</FONT><B><FONT size=1 face="sans-serif">&#151;6.0%</FONT></B>&nbsp;
    </div></TD>
        <TD align=left>&nbsp;

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

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
  <TD colspan=6 align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Coronado Community Dev. Agcy., Tax Allocation,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.951%, 9/1/35 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NA/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,515,400</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,238</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Los Angeles Dept. of Water &amp; Power, Waterworks Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.72%, 7/1/41, Ser. 754 (FGIC-TCRS)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,728,711</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,875</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Modesto Public Financing Auth. Lease Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.22%, 9/1/29, Ser. 354 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,107,125</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,952</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Oakland, GO, 10.22%, 1/15/32, Ser. 756 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,548,601</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,944</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Diego Unified School Dist., GO, 10.22%, 7/1/27,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 758 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,486,609</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,743</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Jose, GO, 10.22%, 9/1/32, Ser. 760 (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,242,798</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,288</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Jose Unified School Dist. Santa Clara Cnty., GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.22%, 8/1/27, Ser. 761 (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,611,410</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,000</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Statewide Financing Auth. Rev., 8.420%, 5/1/37</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,927,600</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">University Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,375</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.22%, 5/15/35, Ser. 1119 (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,331,715</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,250</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.444%, 5/15/35, (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AA2</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,226,300</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,500</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.22%, 9/1/28, Ser. 762 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,880,225</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,130</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.74%, 5/15/38, Ser. 1198</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">AA-/AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,048,866</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
        <TD>
          <div align="right"></div></TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR align="right" size=1 noshade>
        </TD>
</TR>
<TR>
        <TD colspan=6>

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total California Variable Rate Notes (cost&#151;&#36;37,832,956)</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">41,655,360</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
        <TD>&nbsp;
        </TD>
        <TD>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>
<HR align="right" size=2 noshade>
        </TD>
</TR>
<TR>
        <TD colspan=6>

          <div align="right">
            <hr align="right" size=1 noshade>
          </div></TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
      <div align="left"><B><FONT size=1 face="sans-serif">OTHER VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(f)</FONT><B><FONT size=1 face="sans-serif">&#151;2.5%</FONT></B>&nbsp;
    </div></TD>
        <TD align=left>&nbsp;

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

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
  <TD colspan=6 align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;2.5%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">11,000</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Public Building Auth. Rev., Government Facs.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/36, Ser. J (AMBAC-GTD)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">11,754,380</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,300</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,732,268</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
        <TD>
          <div align="right"></div></TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR align="right" size=1 noshade>
        </TD>
</TR>
<TR>
        <TD colspan=6>

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total Other Variable Rate Notes (cost&#151;&#36;17,474,047)</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">17,486,648</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>
<HR align="right" size=2 noshade>
        </TD>
</TR>
<TR>
        <TD colspan=6>

          <div align="right">
            <hr noshade size=1>
          </div></TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
      <div align="left"><B><FONT size=1 face="sans-serif">CALIFORNIA VARIABLE RATE DEMAND NOTES </FONT></B><FONT size=1 face="sans-serif">(f)(g)</FONT><B><FONT size=1 face="sans-serif">&#151;0.2%</FONT></B>&nbsp;
    </div></TD>
        <TD align=left>&nbsp;

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

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
  <TD colspan=6 align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,400</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State, GO, 3.00%, 12/1/05 (cost&#151;&#36;1,400,000)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A-1+/A-1+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,400,000</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>
<HR align="right" size=2 noshade>
        </TD>
</TR>
<TR>
        <TD colspan=6>

          <div align="right">
            <hr noshade size=1>
          </div></TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
      <div align="left"><B><FONT size=1 face="sans-serif">U.S. TREASURY BILLS </FONT></B><FONT size=1 face="sans-serif">(h)</FONT><B><FONT size=1 face="sans-serif">&#151;0.7%</FONT></B>&nbsp;
    </div></TD>
        <TD align=left>&nbsp;

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

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
  <TD colspan=6 align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,405</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">3.29%-3.65%,12/1/05-12/15/05 (cost&#151;&#36;4,399,675)</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,399,675</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
        <TD>
          <div align="right"></div></TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR align="right" size=1 noshade>
        </TD>
</TR>
<TR>
        <TD colspan=6>

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=2 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;655,426,845)&#151;</FONT><B><FONT size=1 face="sans-serif">100.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">691,681,004</FONT>&nbsp;
      </div></TD>
</TR>
<TR>
        <TD>
          <div align="right"></div></TD>
        <TD>
        </TD>
        <TD colspan=2>
        </TD>
        <TD>
        </TD>
        <TD>
<HR align="right" size=1 noshade>
        </TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=1 face="sans-serif">20 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05</FONT></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=right>
      <center>
        <FONT size=1 face="sans-serif">Contracts</FONT>&nbsp;
      </center></TD>
        <TD width=4%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD width=74% align=left>&nbsp;

        </TD>
        <TD width=11%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=5% align=center>
<FONT size=1 face="sans-serif">Value</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">OPTIONS WRITTEN </FONT></B><FONT size=1 face="sans-serif">(i)</FONT><B><FONT size=1 face="sans-serif">&#151;(0.1)%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Call Options&#151;(0.0)%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">678</FONT>&nbsp;
        </TD>
        <TD>&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 align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;111, expires 2/24/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
      </div></TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">(148,313)</FONT>
      </div></TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR align="right" size=1 noshade>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">678</FONT>&nbsp;
        </TD>
        <TD>&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 align=left>&nbsp;

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;107, expires 2/24/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">(328,406)</FONT>
      </div></TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR align="right" size=1 noshade>
        </TD>
</TR>
<TR>
        <TD colspan=6>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total Options Written (premiums received&#151;&#36;467,139)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">(476,719)</FONT>
      </div></TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>      </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
<TR>
        <TD colspan=6>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&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;654,959,706)&#151;</FONT><B><FONT size=1 face="sans-serif">100.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>
      <div align="right"><B><FONT size=1 face="sans-serif">691,204,285</FONT></B>&nbsp;
      </div></TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<B><FONT size=1 face="sans-serif">See accompanying notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1
face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">21</FONT></B></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO New York Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=4% align=center>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
    </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=5% align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <center>
        <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
      <div align="left"><B><FONT size=1 face="sans-serif">NEW YORK MUNICIPAL
            BONDS &amp; NOTES&#151;83.6%</FONT></B>&nbsp;
    </div></TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
  <TD colspan=7 align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Buffalo Municipal Water Finance Auth., Water System Rev.,</FONT>&nbsp;
          </div></TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B (FSA) (Pre-refunded @ &#36;100, 7/1/12) (b)</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="right"><FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/27</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
          </div></TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">270,620</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,089,740</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,000</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Erie Cnty. Tobacco Asset Securitization Corp. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.50%, 7/15/32, (Pre-refunded @ &#36;101, 7/15/10) (b)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Ba1/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">11,315,500</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,075</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Liberty Dev. Corp. Rev., Goldman Sachs Headquarters,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 10/1/35</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa3/A+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,408,053</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,907,942</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,000</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 11/15/31, Ser. E</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A2/A</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,473,200</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">7,000</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Metropolitan Transportation Auth. Service Contract Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.35%, 7/1/31, Ser. B</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A2/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">7,375,760</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York City, GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,000</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 3/1/33, Ser. I</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A1/A+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,062,800</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/33, Ser. O</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A1/A+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,098,400</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York City Health &amp; Hospital Corp. Rev., Ser. A</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,100</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 2/15/26</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A2/BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,136,443</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.45%, 2/15/26</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A2/BBB+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,084,020</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York City Industrial Dev. Agcy. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,000</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Eger Harbor, 4.95%,11/20/32 (GNMA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AA+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,007,170</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Staten Island Univ. Hospital, 5.00%, 7/1/27</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa2/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,562,550</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,235</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">United Jewish Appeal Fed., 6.45%, 7/1/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">B2/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,260,565</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,055</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

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

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

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

        </TD>
        <TD align=left>

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 6/15/25, Ser. D (MBIA-IBC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,084,572</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,000</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York City Transitional Finance Auth. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/1/27, Ser. B</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa1/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,347,500</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,600</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Port Auth. New York &amp; New Jersey Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 4/15/32, Ser. 125 (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,745,800</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Sachem Central School Dist. of Holbrook, GO (MBIA),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,445</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &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>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,589,656</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,895</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/15/29</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,001,478</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">7,500</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">State Dormitory Auth. Lease Rev., State Univ. Dormitory Facs.,</FONT>&nbsp;
          </div></TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/32, (Pre-refunded @ &#36;100, 7/1/12) (b)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A1/AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,118,600</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,600</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Health of Long Island, 5.10%, 7/1/34</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa1/BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,637,752</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,315</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Court Facs. Lease, 5.50%, 5/15/32 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">4,978,172</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Kaleida Health Hospital, 5.05%, 2/15/25 (FHA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">2,074,560</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,300</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Lenox Hill Hospital, 5.50%, 7/1/30</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Ba2/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,215,571</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,400</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Long Island Univ., 5.25%, 9/1/28 (Radian)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,455,356</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Memorial Sloan-Kettering Center, 5.00%, 7/1/34, Ser. 1</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,533,135</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,850</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">North General Hospital, 5.00%, 2/15/25</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AA-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">9,080,542</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,225</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">NY &amp; Presbyterian Hospital Rev., 4.75%, 8/1/27 (AMBAC-FHA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">3,257,508</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Saint Barnabas Hospital, 5.00%, 2/1/31, Ser. A (AMBAC-FHA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">5,124,750</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">8,600</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">State Personal Income Tax, 5.00%, 3/15/32,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

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

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 3/15/13) (b)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A1/AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">9,301,416</FONT>&nbsp;
          </div></TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=1 face="sans-serif">22 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05</FONT></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO New York Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=4% align=right nowrap>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
    </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=74% align=left>&nbsp;

        </TD>
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=6% align=left>&nbsp;

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

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

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

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

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Value</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD nowrap>
    <hr noshade size=3>       </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp; 1,250</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Student Housing Corp., 5.125%, 7/1/34 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
          </div></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,315,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,270</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Teachers College, 5.00%, 7/1/32 (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,402,413</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Yeshiva Univ., 5.125%, 7/1/34 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,104,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Environmental Facs. Corp.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">State Clean Water &amp; Drinking
          Rev., 5.125%, 6/15/31</FONT>&nbsp;
          </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,090,700</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Municipal Board Bank Agcy. Special School Purpose Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/23, Ser. C</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/A+</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,141,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Urban Dev. Corp. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 3/15/33, Ser. C-1
          (Pre-refunded @ &#36;100, 3/15/13) (b)</FONT>&nbsp;
          </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A1/AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,597,516</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 3/15/35, Ser. B</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">AA/AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,107,280</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Asset Backed, Inc. Rev., Ser. 1,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 7/15/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">25,591,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.375%, 7/15/39</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,471,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Triborough Bridge &amp; Tunnel Auth. Rev. (FGIC-TCRS),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">710</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">730,555</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,990</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/32, (Pre-refunded @ &#36;100, 1/1/12) (b)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,303,414</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Warren &amp; Washington Counties Industrial Dev. Agcy. Fac. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Glens Falls Hospital, 5.00%, 12/1/35, Ser. A (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,055,660</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">750</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Westchester Cnty. Industrial Dev. Agcy. Continuing</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Care Retirement Rev., Kendal on Hudson, 6.50%, 1/1/34</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">785,370</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD nowrap>
        </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 nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total New York Municipal Bonds &amp; Notes (cost&#151;&#36;189,163,357)</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">198,294,839</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD nowrap>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
</TR>
<TR>
    <TD colspan=7 nowrap><hr noshade size=1>    </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left nowrap>
<B><FONT size=1 face="sans-serif">OTHER MUNICIPAL BONDS &amp; NOTES&#151;5.0%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan=7 align=left nowrap><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">California&#151;1.6%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Alameda Unified School Dist., Alameda Cnty., GO, Ser. A (FSA),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,447,285</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/25</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,174,140</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,130</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Covina Valley Unified School Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/1/25, Ser. B (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,223,110</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD nowrap>
        </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 nowrap>&nbsp;

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,844,535</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD nowrap>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>      </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Colorado&#151;0.0%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">210</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">93,782</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD nowrap>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;3.4%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,675</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Children&#146;s Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,768,183</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Commonwealth Highway &amp; Transportation Auth. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 7/1/38, Ser. D
          (Pre-refunded @ &#36;100, 7/1/12) (b)</FONT>&nbsp;
          </div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa2/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,631,760</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">750</FONT>&nbsp;
        </TD>
        <TD>&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=center>
<FONT size=1 face="sans-serif">A3/A-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">769,605</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD nowrap>
        </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 nowrap>&nbsp;

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,169,548</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD nowrap>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
<TR>
        <TD colspan=7 nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total Other Municipal Bonds &amp; Notes (cost&#151;&#36;11,362,663)</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">12,107,865</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD nowrap>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">23</FONT></B></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO New York Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=right>
      <center>
        <FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
          </center></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=77% align=left>&nbsp;

        </TD>
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

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

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

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

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

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

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Value</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD><hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">NEW YORK VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(c)(e)(f)</FONT><B><FONT size=1 face="sans-serif">&#151;10.0%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan=7 align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp; 6,994</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Long Island Power Auth. Electric System Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.13%, 12/1/26, Ser. 339 (MBIA-IBC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
          </div></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,278,098</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,030</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Mortgage Agcy. Rev., 9.15%, 10/1/27, Ser. 1199</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa1/AA1</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,061,848</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,250</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.315%, 6/15/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,358,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,750</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.815%, 6/15/34</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,300,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,950</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York City Trust for Cultural Resources Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.301%, 2/1/34 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,207,459</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,475</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Dormitory Auth. Rev., 10.099%, 5/15/31 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,615,282</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,250</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Dormitory Auth. Rev., Drivers,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.004%, 6/1/13, Ser. 93 (Radian)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,396,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Urban Dev. Corp. Rev., 12.94%, 3/15/35</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,469,390</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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total New York Variable Rate Notes (cost&#151;&#36;23,321,263)</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">23,688,277</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
</TR>
<TR>
        <TD colspan=7><hr noshade size=1>

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">OTHER VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(f)</FONT><B><FONT size=1 face="sans-serif">&#151;0.9%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan=7 align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(cost&#151;&#36;2,028,662)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,054,964</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
</TR>
<TR>
        <TD colspan=7><hr noshade size=1>

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">U.S. TREASURY BILLS </FONT></B><FONT size=1 face="sans-serif">(h)</FONT><B><FONT size=1 face="sans-serif">&#151;0.6%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan=7 align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,315</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">3.32%-3.65%,12/1/05-12/15/05 (cost&#151;&#36;1,313,268)</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,313,268</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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=2 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;227,189,213)&#151;</FONT><B><FONT size=1 face="sans-serif">100.1%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">237,459,213</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD colspan=2>&nbsp;
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
</TR>
<TR>
        <TD colspan=7><hr noshade size=1>

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">OPTIONS WRITTEN </FONT></B><FONT size=1 face="sans-serif">(i)</FONT><B><FONT size=1 face="sans-serif">&#151;(0.1)%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan=7 align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=right>
<U><FONT size=1 face="sans-serif">Contracts</FONT></U>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Call Options&#151;(0.0)%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">195</FONT>&nbsp;
        </TD>
        <TD>&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 align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;111, expires 2/24/06</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(42,656)</FONT>
        </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 valign="bottom">
        <TD align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">195</FONT>&nbsp;
        </TD>
        <TD>&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 align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;107, expires 2/24/06</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(94,453)</FONT>
        </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total Options Written (premiums received&#151;&#36;134,137)</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(137,109)</FONT>
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>      </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=2 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;227,055,076)&#151;</FONT><B><FONT size=1 face="sans-serif">100.0%</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">&#36;</FONT></B>&nbsp;
          </div></TD>
        <TD align=right>
<B><FONT size=1 face="sans-serif">237,322,104</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan=2>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=1 face="sans-serif">24 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05</FONT></P>

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

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


<B><FONT size=2 face="sans-serif">PIMCO New York Municipal Income Fund II Schedule of Investments</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<BR>
<hr noshade size=3>
<B><FONT size=1 face="sans-serif">Footnotes</FONT></B>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Illiquid security.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(b)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Pre-refunded bonds are collateralized by U.S. Government or other eligible securities which are held in escrow and used to pay principal and interest and retire the bonds at the earliest refunding date.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(c)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">144A Security &#151; Security
          exempt from registration under Rule 144A of the Securities Act of 1933.
          These securities may be resold in transactions exempt from registration
          typically only to qualified institutional buyers. Unless otherwise
    indicated, these securities are not considered to be illiquid.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(d)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">When-Issued or delayed-delivery security. To be settled/delivered after November 30, 2005.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(e)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Residual Interest/Tax
          Exempt Municipal Bonds &#151; The interest rate shown bears an inverse
          relationship to the interest rate on another security or the value
    of an index.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(f)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Variable Rate Notes &#151; instruments
          whose interest rates change on specified date (such as a coupon date
          or interest payment date) and/or whose interest rates vary with changes
          in a designated base rate (such as the prime interest rate). The interest
    rate disclosed reflects the rate in effect on November 30, 2005.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(g)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Maturity date shown is date of next put.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(h)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">All or partial amount segregated as collateral for futures contracts, when-issued or delayed-delivery securities.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(i)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Non-income producing.</FONT></div></TD>
</TR>
<TR><TD colspan=2><hr size="1" noshade>
    </TD></TR></TABLE>
<p><B><U><FONT size=1 face="sans-serif">Glossary:</FONT></U></B><BR>
    <FONT size=1 face="sans-serif">AMBAC &#151; insured by American Municipal
    Bond Assurance Corp.</FONT><BR>
    <FONT size=1 face="sans-serif">CA Mtg. Ins. &#151; insured by California
    Mortgage Insurance</FONT><BR>
    <FONT size=1 face="sans-serif">CA St. Mtg. &#151; insured by California State
    Mortgage</FONT><BR>
    <FONT size=1 face="sans-serif">CP &#151; Certificates of Participation</FONT><BR>
    <FONT size=1 face="sans-serif">FGIC &#151; insured by Financial Guaranty
    Insurance Co.</FONT><BR>
    <FONT size=1 face="sans-serif">FHA &#151; insured by Federal Housing Administration</FONT><BR>
    <FONT size=1 face="sans-serif">FSA &#151; insured by Financial Security Assurance,
    Inc.</FONT><BR>
    <FONT size=1 face="sans-serif">GNMA &#151; insured by Government National
    Mortgage Association</FONT><BR>
    <FONT size=1 face="sans-serif">GO &#151; General Obligation Bond</FONT><BR>
    <FONT size=1 face="sans-serif">GTD &#151; Guaranteed.</FONT><BR>
    <FONT size=1 face="sans-serif">IBC &#151; Insurance Bond Certificate</FONT><BR>
    <FONT size=1 face="sans-serif">MBIA &#151; insured by Municipal Bond Investors
    Assurance</FONT><BR>
    <FONT size=1 face="sans-serif">NR &#151; Not Rated</FONT><BR>
    <FONT size=1 face="sans-serif">PSF &#151; Public School Fund</FONT><BR>
    <FONT size=1 face="sans-serif">Radian &#151; insured by Radian Guaranty,
    Inc.</FONT><BR>
    <FONT size=1 face="sans-serif">TCRS &#151; Temporary Custodian Receipts</FONT><BR>
    <FONT size=1 face="sans-serif">XLCA &#151; insured by XL Capital Assurance</FONT></p>
<p>&nbsp;</p>
<p><BR>
</p>
<P align="right">
<B><FONT size=1 face="sans-serif">See accompanying notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1
face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">25</FONT></B></P>

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


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

<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Statements of Assets and Liabilities</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD colspan="2" align=right>
<B><FONT size=1 face="sans-serif">California</FONT></B>&nbsp;&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD colspan="2" align=right>
<B><FONT size=1 face="sans-serif">New York</FONT></B>&nbsp;&nbsp;&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

        </TD>
        <TD colspan="2" align=right>
<B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD colspan="2" align=right>
<B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD colspan="2" align=right>
<B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
        </TD>
  </TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </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=left>
<B><FONT size=1 face="sans-serif">Assets:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Investments, at value (cost&#150;&#36;1,272,711,098, &#36;655,426,845</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">and &#36;227,189,213, respectively)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;
</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;1,370,108,361</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;691,681,004</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
    <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;237,459,213</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Cash</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9,097,965</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,578,292</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">72,936</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Interest receivable</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">17,574,202</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9,492,146</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,161,946</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Receivable for variation margin on futures contracts</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">260,002</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">81,786</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">21,107</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Receivable for investments sold</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">85,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">160,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Prepaid expenses</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">48,417</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">36,643</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">17,189</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Total Assets</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,397,173,947</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">704,029,871</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">241,732,391</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
      <hr noshade>      </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
<TR>
        <TD colspan=13>&nbsp;

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

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Payable for investments purchased</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">40,367,149</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,678,145</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Dividends payable to common and preferred shareholders</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,068,932</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,523,270</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">882,599</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Options written, at value (premiums received&#150;</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">&#36;875,779, &#36;467,139, and &#36;134,137)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">892,969</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">476,719</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">137,109</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Investment management fees payable</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">553,617</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">285,225</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">98,796</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Accrued expenses</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">108,031</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">61,122</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">34,223</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Total Liabilities</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">46,990,698</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,024,481</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,152,727</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="sans-serif">Preferred shares (&#36;25,000 net asset and liquidation</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left">&nbsp; &nbsp;<B><FONT size=1 face="sans-serif">value per share applicable to an aggregate of</FONT></B>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">20,200, 10,400 and 3,600 shares issued and</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">outstanding, respectively)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">505,000,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">260,000,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">90,000,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;845,183,249</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;436,005,390</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;150,579,664</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
</TR>
<TR>
        <TD colspan=13>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="sans-serif">Composition of Net Assets Applicable to</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Common Shareholders:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Par value (&#36;0.00001 per share)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;585</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;303</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;105</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Paid-in-capital in excess of par</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">831,138,693</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">430,851,550</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">148,911,247</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Undistributed (dividends in excess of) net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,441,885</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(196,848</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(536,304</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Accumulated net realized loss on investments</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(92,068,323</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(32,198,732</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(9,050,646</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net unrealized appreciation of investments, futures</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

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

        </TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">contracts and options written</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">104,670,409</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">37,549,117</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">11,255,262</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;845,183,249</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;436,005,390</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;150,579,664</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Common Shares Outstanding</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">58,461,164</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">30,326,329</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,489,475</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Net Asset Value Per Common Share</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;14.46</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;14.38</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;14.36</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">26 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1
face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying notes to Financial Statements</FONT></B></P>

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

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Statements of Operations</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD colspan="2" align=right>
<B><FONT size=1 face="sans-serif">California</FONT></B>&nbsp;&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD colspan="2" align=right>
<B><FONT size=1 face="sans-serif">New York</FONT></B>&nbsp;&nbsp;&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD colspan="2" align=right>
<B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD colspan="2" align=right>
<B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD colspan="2" align=right>
<B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
        </TD>
  </TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </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=left>
<B><FONT size=1 face="sans-serif">Investment Income:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Interest</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;35,709,974</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;17,769,476</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;6,463,626</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR>
    <TD colspan=13>&nbsp;
      </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="sans-serif">Expenses:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Investment management fees</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,450,309</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,291,756</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">793,154</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD><hr noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Auction agent fees and commissions</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">644,985</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">337,545</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">117,582</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Custodian and accounting agent fees</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">85,759</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">68,252</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">38,626</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Reports to shareholders</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">39,856</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14,945</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">11,108</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Trustees&#146; fees and expenses</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">33,489</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">20,123</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,326</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Audit and tax services</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">30,718</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">22,480</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">16,582</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">New York Stock Exchange listing fees</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">25,592</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">13,306</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">11,763</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Transfer agent fees</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">18,107</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">18,751</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">19,879</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Legal fees</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14,186</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,318</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,928</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Insurance expense</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">13,424</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,363</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,333</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Miscellaneous</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,686</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,375</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,896</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Investor relations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,711</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,294</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,820</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Total expenses</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,370,822</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,810,508</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,030,997</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Less: investment management fees waived</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(1,026,994</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(528,867</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(183,035</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;custody
          credits earned on cash balances</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(46,102</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(12,542</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(4,729</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net expenses</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,297,726</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,269,099</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">843,233</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=13>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="sans-serif">Net Investment Income</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">31,412,248</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">15,500,377</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,620,393</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
      <hr noshade>      </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
<TR>
        <TD colspan=13>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="sans-serif">Realized and Change in Unrealized Gain (Loss):</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Net realized gain (loss) on:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Investments</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(1,098,506</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(445,823</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(267,302</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Futures contracts</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(22,485,209</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(8,173,851</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(2,221,149</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Options written</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,750,036</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,849,957</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">917,120</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net change in unrealized appreciation/depreciation of:</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Investments</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(22,035,707</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(7,956,298</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(3,606,413</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Futures contracts</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">24,628,836</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,989,726</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,682,421</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Options written</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">909,949</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">557,800</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">196,217</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net realized and change in unrealized loss on investments,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">futures contracts and options written</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(16,330,601</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(5,178,489</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(2,299,106</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Net Increase in Net Assets Resulting from</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Investment Operations</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">15,081,647</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,321,888</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,321,287</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="sans-serif">Dividends on Preferred Shares from</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Net Investment Income</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(5,905,565</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(2,636,715</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(1,008,784</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Net Increase in Net Assets Applicable to Common</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B>&nbsp; &nbsp;<FONT size=1 face="sans-serif">Shareholders Resulting from Investment Operations</FONT></B>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;9,176,082</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;7,685,173</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;2,312,503</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<B><FONT size=1 face="sans-serif">See accompanying notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1
face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">27</FONT></B></P>

<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 width=22% align=right nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">PIMCO Municipal Income
            Funds II </FONT></B>&nbsp;&nbsp;&nbsp;
      </div></TD>
    <TD width=78% align=right><div align="left"><B><FONT size=2 face="sans-serif">Statements of Changes in
    Net Assets</FONT></B></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
    <TD align=right> <div align="left"><B><FONT size=2 face="sans-serif">Applicable to Common Shareholders</FONT></B>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<hr size="1" noshade>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="7" align=left>
      <center>
        <B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
      </center></TD>
  </TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan=5>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Six Months ended</FONT>
      </center>
      <center>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">November 30, 2005</FONT>
      </center>
      <center>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>

          <center>
    </center>
      <center>
        <FONT size=1 face="sans-serif">Year ended</FONT>
      </center> </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">(unaudited)</FONT>
      </center>
      <center>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>

          <center>
    </center>
      <center>
        <FONT size=1 face="sans-serif">May 31, 2005</FONT>
      </center> </TD>
  </TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </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=left>
<B><FONT size=1 face="sans-serif">Investment Operations:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;31,412,248</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;64,807,639</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net realized loss on investments, futures contracts and options written</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(19,833,679</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(56,492,627</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net change in unrealized appreciation/depreciation of investments, futures</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">contracts and options written</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,503,078</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">104,781,470</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net increase in net assets resulting from investment operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">15,081,647</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">113,096,482</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="sans-serif">Dividends on Preferred Shares from Net Investment Income</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(5,905,565</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(8,269,559</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net increase in net assets applicable to common shareholders</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">resulting from investment operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9,176,082</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">104,826,923</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="sans-serif">Dividends on Common Shareholders from Net Investment Income</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(29,548,776</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(58,819,603</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="sans-serif">Capital Share Transactions:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Reinvestment of dividends and distributions</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,265,958</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,612,366</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Total increase (decrease) in net assets applicable to common shareholders</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(17,106,736</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">49,619,686</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
      <hr noshade>      </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
        </TD>
        <TD>
<hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="sans-serif">Net Assets Applicable to Common Shareholders:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Beginning of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">862,289,985</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">812,670,299</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">End of period (including undistributed (dividends in excess of) net investment</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">income of &#36;1,441,885 and &#36;5,483,978; &#36;(196,848) and &#36;1,703,352;</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">&#36;(536,304) and &#36;(41,926); respectively)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;
</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;845,183,249</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;
</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;862,289,985</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="sans-serif">Common Shares Issued in Reinvestment of Dividends:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">221,020</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">247,531</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD> </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
  <TD>
    <hr noshade>
  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">28 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1
face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying notes to Financial Statements</FONT></B></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="60%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD colspan=5 align=center>
<B><FONT size=1 face="sans-serif">California Municipal II</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD colspan=5 align=center>
<B><FONT size=1 face="sans-serif">New York Municipal II</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan=5>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan=5>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Six Months ended</FONT>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Six Months ended</FONT>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">November 30, 2005</FONT>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Year ended</FONT>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">November 30, 2005</FONT>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Year ended</FONT>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">(unaudited)</FONT>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">May 31, 2005</FONT>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">(unaudited)</FONT>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">May 31, 2005</FONT>
      </center></TD>
  </TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </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>&nbsp;
</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;15,500,377</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;
</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;31,511,574</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;
</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;5,620,393</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;
</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;11,114,342</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(5,769,717</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(15,854,430</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(1,571,331</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(3,938,025</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">591,228</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">50,065,774</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(727,775</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">15,598,114</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,321,888</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">65,722,918</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,321,287</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">22,774,431</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
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        <TD>
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</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">29</FONT></B></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Notes to Financial Statements</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<BR>
<P align="justify">
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies<br>
</FONT></B><FONT size=1 face="sans-serif">PIMCO
Municipal Income Fund II (&#147;Municipal II&#148;), PIMCO California Municipal Income Fund II (&#147;California Municipal II&#148;) and PIMCO New York Municipal Income Fund II (&#147;New York Municipal II&#148;)
collectively referred to as the &#147;Funds&#148; or &#147;PIMCO Municipal Income Funds II&#148;, were organized as Massachusetts business trusts on March 29, 2002. Prior to commencing operations on June 28, 2002, the Funds had no operations other
than matters relating to their organization and registration as closed-end management investment companies registered under the Investment Company Act of 1940 and the rules and regulations thereunder, as amended. Allianz Global Investors Fund
Management LLC (the &#147;Investment Manager&#148;), serves as the Funds&#146; investment manager and is an indirect wholly-owned subsidiary of Allianz Global Investors of America L.P. (&#147;Allianz Global&#148;).
Allianz Global is an indirect, majority-owned subsidiary of Allianz AG.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Municipal II invests substantially all of its assets in a portfolio of municipal bonds, the interest from which is exempt from federal income taxes. California Municipal II invests substantially all of its assets in
municipal bonds which pay interest that is exempt from federal and California state income taxes. New York Municipal II invests substantially all of its assets in municipal bonds which pay interest that is exempt from federal, New York State and New
York City income taxes. The Funds will seek to avoid bonds generating interest income which could potentially subject individuals to alternative minimum tax. The issuers&#146; abilities to meet their obligations may be affected by economic and
political developments in a specific state or region.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported
amounts and disclosures in the financial statements. Actual results could differ from those estimates.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">In the normal course of business the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds&#146; maximum exposure under these arrangements is unknown as
this would involve future claims that may be made against the Funds based upon events that have not yet been asserted. However, the Funds expect the risk of any loss to be remote.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The following is a summary of significant accounting policies consistently followed by the Funds:</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(a) Valuation of Investments<br>
</FONT></B><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
Funds&#146; investments are valued daily
using prices supplied by an independent pricing service or dealer quotations, or are valued at the last sale price on the exchange that is the primary market for such securities, or the last quoted bid price for those securities for which the
over-the-counter market is the primary market or for listed securities in which there were no sales. 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 term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. Securities purchased on a when-issued or delayed-delivery basis are marked to
market daily until settlement at the forward settlement value. The prices used by the Funds to value securities may differ from the value that would be realized if the securities were sold and the differences could be material to the financial
statements. The Funds&#146; net asset values are determined daily as of the close
of regular trading (normally, 4:00 p.m. Eastern time) on the New York Stock Exchange
on each day the exchange is open for business.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(b) Investment Transactions and Investment Income<br>
</FONT></B><FONT size=1 face="sans-serif">Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Interest income is recorded on an accrual basis. Original issue
discounts or premiums on debt securities purchased are accreted or amortized daily to non-taxable interest income. Market discount, if any, is accreted daily to taxable income.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(c) Federal Income Taxes<br>
</FONT></B><FONT size=1 face="sans-serif">The Funds intend to distribute all of their taxable income and to comply with the other requirements of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no
provision for U.S. federal income taxes is required. In addition, by distributing substantially all of their taxable ordinary income and long-term capital gains, if any, during each calendar year, the Funds intend not to be subject to U.S. federal
excise tax.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">30 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Notes to Financial Statements</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<BR>
<P align="justify">
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies (continued)</FONT></B></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(d) Dividends and Distributions&#151;Common Stock<br>
</FONT></B><FONT size=1 face="sans-serif">The
Funds declare dividends from net investment income monthly to common shareholders.
Distributions of net realized capital gains, if any, are paid at least annually.
Each Fund records dividends and distributions to its shareholders on the ex-dividend
date. The amount of dividends and distributions from net investment income and
net realized capital gains are determined in accordance with federal income tax
regulations, which may differ from generally accepted accounting principles.
These &#147;book-tax&#148; differences are considered either temporary or permanent
in nature. To the extent these differences are permanent in nature, such amounts
are reclassified within the capital accounts based on their federal income tax
treatment; temporary differences do not require reclassification. To the extent
dividends and/or distributions exceed current and accumulated earnings and profits
for federal income tax purposes, they are reported as dividends and/or distributions
of paid-in capital in excess of par.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(e) Futures Contracts<br>
</FONT></B><FONT size=1 face="sans-serif">A
futures contract is an agreement between two parties to buy and sell a financial
instrument at a set price on a future date. Upon entering into such a contract,
the Funds are required to pledge to the broker an amount of cash or securities,
equal to the minimum &#147;initial margin&#148; requirements of the exchange. Pursuant to the contracts, the Funds agree to receive from or pay to the broker an amount of cash or securities equal to the daily
fluctuation in the value of the contracts. Such receipts or payments are known as &#147;variation margin&#148; and
are recorded by the Funds as unrealized appreciation or depreciation. When the
contracts are closed, the Funds record a realized gain or loss equal to the difference
between the value of the contracts at the time they were opened and the value
at the time they were closed. Any unrealized appreciation or depreciation recorded
is simultaneously reversed. The use of futures transactions involves the risk
of an imperfect correlation in the movements in the price of futures contracts,
interest rates and the underlying hedged assets, and the possible inability of
counterparties to meet the terms of their contracts.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(f) Option Transactions<br>
</FONT></B><FONT size=1 face="sans-serif">The Funds may purchase and write (sell) put and call options on securities for hedging purposes, risk management purposes or as part of its investment strategy. The risk associated with purchasing an option is that the
Funds pay a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for
in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options is decreased by the premiums
paid.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">When an option is written, the premium received is recorded as an asset with an equal liability which is subsequently adjusted to the current market value of the option written. These liabilities are reflected as
options written in the Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on
effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a call option written by the
Funds is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written by the Funds is exercised, the premium reduces the cost basis of
the security. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Funds purchasing a security at a price different
from the current market value.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(g) Residual Interest Municipal Bonds (&#147;RIBS&#148;)/Residual Interest Tax Exempt Bonds (&#147;RITES&#148;)<br>
</FONT></B><FONT size=1 face="sans-serif">The Funds invest in RIBS and RITES whose interest rates bear an inverse relationship to the interest rate on another security or the value of an index. RIBS and RITES are created by dividing the income stream provided
by the underlying bonds to create two securities, one short-term and one long-term. The interest rate on the short-term component is reset by an index or auction process normally every seven to 35 days. After income is paid on the short-term
securities at current rates, the residual income from the underlying bond(s) goes to the long-term securities. Therefore, rising short-term interest rates result in lower income for the longer-term portion, and visa versa. The longer-term bonds may
be more volatile and less liquid than other municipal bonds of comparable maturity. Investments in RIBS and RITES typically will involve greater risk than an investment in a fixed-rate bond The Funds may also invest in RIBS and RITES for the purpose
of increasing their leverage.</FONT></P>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">31</FONT></B></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Notes to Financial Statements</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<BR>
<P align="justify">
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies (continued)</FONT></B></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(h) When-Issued/Delayed-Delivery Transactions<br>
</FONT></B><FONT size=1 face="sans-serif">The Funds may purchase or sell securities on a when-issued or delayed-delivery basis. The transactions involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery
taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Funds will set aside and maintain until the settlement date in a designated account, liquid assets in an amount sufficient to meet the purchase
price. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net
asset value. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a realized gain or loss. When a security on a
delayed-delivery basis is sold, the Fund does not participate in future gains and losses with respect to the security.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(i) Custody Credits Earned on Cash Balances<br>
</FONT></B><FONT size=1 face="sans-serif">The Funds benefit from an expense offset arrangement with their custodian bank whereby uninvested cash balances earn credits which reduce monthly custodian and accounting agent expenses. Had these cash balances been
invested in income producing securities, they would have generated income for the Funds.</FONT></P>
<P align="justify">
<B><FONT size=2 face="sans-serif">2. Investment Manager/Sub-Adviser<br>
</FONT></B><FONT size=1 face="sans-serif">Each
Fund has entered into an Investment Management Agreement (the &#147;Agreements&#148;) with the Investment Manager. Subject to the supervision by each Fund&#146;s Board of Trustees, the Investment Manager is
responsible for managing, either directly or through others selected by it, the Fund&#146;s investment activities, business affairs and other administrative matters. Pursuant to the Agreements, the Investment Manager receives an annual fee, payable
monthly, at the annual rate of 0.65% of each Fund&#146;s average daily net assets, inclusive of net assets attributable to any preferred shares that may be outstanding. In order to reduce each Fund&#146;s expenses, the Investment Manager has
contractually agreed to waive a portion of its investment management fee for each Fund at the annual rate of 0.15% of each Fund&#146;s
average daily net assets, including net assets attributable to any preferred
shares that may be outstanding, from the commencement of operations through June
30, 2007, and for a declining amount thereafter through June 30, 2009.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Investment Manager has retained its affiliate, Pacific Investment Management Company LLC (the &#147;Sub-Adviser&#148;) to manage each Fund&#146;s investments. Subject to the supervision of the Investment Manager,
the Sub-Adviser makes all investment decisions for the Funds. The Investment Manager, not the Funds, pays a portion of the fees it receives to the Sub-Adviser in return for its services, at the maximum annual rate of 0.50% of each Funds average
daily net assets, inclusive of net assets attributable to any preferred shares that may be outstanding. The Sub-Adviser has contractually agreed to waive a portion of the fees it is entitled to receive from the Investment Manager, such that the
Sub-Adviser will receive 0.26% of each Fund&#146;s average daily net assets, including net assets attributable to any preferred shares that may be outstanding, from the commencement of the Funds&#146; operations through June 30, 2007, and will
receive an increasing amount not to exceed 0.50% of each Fund&#146;s average daily net assets, including net assets attributable to any preferred shares that may be outstanding thereafter through June 30, 2009.</FONT></P>
<P align="justify">
<B><FONT size=2 face="sans-serif">3. Investments in Securities</FONT></B></P>
<P align="justify">
<FONT size=1 face="sans-serif">(a) For the period ended November 30, 2005, purchases and sales of investments, other than short-term securities, were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=20% align=left>&nbsp;

        </TD>
        <TD width=18% align=left>

          <center>
    </center></TD>
        <TD width=9% align=left>

          <center>
    </center></TD>
        <TD colspan="2" align=right>
      <center>
        <FONT size=1 face="sans-serif">California</FONT>&nbsp;
      </center></TD>
        <TD colspan="2" align=right>
      <center>
        <FONT size=1 face="sans-serif">New York</FONT>&nbsp;
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD colspan="2" align=left>
      <center>
        <FONT size=1 face="sans-serif">Municipal II</FONT>&nbsp;
      </center></TD>
        <TD colspan="2" align=right>
      <center>
        <FONT size=1 face="sans-serif">Municipal II</FONT>&nbsp;
      </center></TD>
        <TD colspan="2" align=right>
      <center>
        <FONT size=1 face="sans-serif">Municipal II</FONT>&nbsp;
      </center></TD>
  </TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="17%">
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
        <TD width="17%">
<HR noshade size=1>
        </TD>
    <TD width="10%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Purchases</FONT>&nbsp;
        </TD>
        <TD align=left>
 <div align="right"><FONT size=1 face="sans-serif">&#36;</FONT><FONT size=1 face="sans-serif">243,326,595</FONT>&nbsp;
    </div></TD>
        <TD align=right>&nbsp;
</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;77,222,783</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;
</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;50,715,742</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Sales</FONT>&nbsp;
        </TD>
        <TD align=left>
 <div align="right"><FONT size=1 face="sans-serif">204,222,360</FONT>&nbsp;
    </div></TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">80,006,802</FONT>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">41,223,066</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">32 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05</FONT></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Notes to Financial Statements</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<BR>
<P align="justify">
<B><FONT size=2 face="sans-serif">3. Investments in Securities (continued)</FONT></B></P>
<P align="justify">
<FONT size=1 face="sans-serif">(b) Futures contracts outstanding at November 30, 2005:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=14% align=left>&nbsp;

        </TD>
        <TD width=12% align=left>

          <div align="right"></div></TD>
        <TD width=35% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD colspan=2 align=right>
      <center>
        <FONT size=1 face="sans-serif">Notional</FONT>
      </center>

          <center>
      </center></TD>
        <TD width=1%>
          <center>
    </center></TD>
        <TD width=8% align=left>

          <center>
    </center></TD>
        <TD width=4% align=left>

          <center>
    </center></TD>
        <TD width=2%>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Unrealized</FONT>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD colspan="2" align=center>
      <center>
        <FONT size=1 face="sans-serif">Value</FONT>
      </center>

          <center>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="2" align=center>
      <center>
        <FONT size=1 face="sans-serif">Expiration</FONT>
      </center>

          <center>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Appreciation</FONT>
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Fund</FONT>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Type</FONT>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD colspan="2" align=right>
      <center>
        <FONT size=1 face="sans-serif">(000)</FONT>
      </center>
      <center>

      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="2" align=right>
      <center>
        <FONT size=1 face="sans-serif">Date</FONT>
      </center>

          <center>
      </center></TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">(Depreciation)</FONT>
      </center></TD>
  </TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR align="right" size=1 noshade>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD><HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="3%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD><HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Municipal II</FONT>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=1 face="sans-serif">Long:&nbsp;&nbsp;</FONT>&nbsp;
      </div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">U.S. Treasury Notes 5 yr. Futures</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">518,900</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3/22/06</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(1,699,391</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
      <div align="right"><FONT size=1 face="sans-serif">Short:&nbsp;&nbsp;</FONT>&nbsp;
      </div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">U.S. Treasury Notes 10 yr. Futures</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(32,300</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">12/20/05</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">819,484</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">U.S. Treasury Bond Futures</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(263,700</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">12/20/05</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,751,656</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">U.S. Treasury Notes 10 yr. Futures</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(14,500</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3/22/06</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9,743</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">U.S. Treasury Bond Futures</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(119,100</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3/22/06</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">408,844</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
          <div align="right"></div></TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,290,336</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
          <div align="right"></div></TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">California Municipal II</FONT>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
      <div align="right"><FONT size=1 face="sans-serif">Long:&nbsp;&nbsp; </FONT></div></TD>
        <TD align=left><FONT size=1 face="sans-serif">U.S. Treasury Notes 5 yr. Futures</FONT>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left><div align="right"><FONT size=1 face="sans-serif">&#36;</FONT>

        </div></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">43,300</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3/22/06</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(182,219</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
      <div align="right"><FONT size=1 face="sans-serif">Short:&nbsp;&nbsp; </FONT></div></TD>
        <TD align=left><FONT size=1 face="sans-serif">U.S.Treasury Bond Futures</FONT>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(57,700</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">12/20/05</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,417,695</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">U.S. Treasury Bond Futures</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(17,000</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3/22/06</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">69,062</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
          <div align="right"></div></TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,304,538</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
          <div align="right"></div></TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">New York Municipal II</FONT>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
      <div align="right"><FONT size=1 face="sans-serif">Long:&nbsp;&nbsp; </FONT></div></TD>
        <TD align=left><FONT size=1 face="sans-serif">U.S. Treasury Notes 5 yr. Futures</FONT>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left><div align="right"><FONT size=1 face="sans-serif">&#36;</FONT>

        </div></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">23,300</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3/22/06</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(40,250</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
      <div align="right"><FONT size=1 face="sans-serif">Short:&nbsp;&nbsp; </FONT></div></TD>
        <TD align=left><FONT size=1 face="sans-serif">U.S. Treasury Bond Futures</FONT>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(19,600</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">12/20/05</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,004,922</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">U.S. Treasury Bond Futures</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(5,800</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3/22/06</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">23,562</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
          <div align="right"></div></TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">988,234</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
          <div align="right"></div></TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan=14 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan=14 align=left>
<FONT size=1 face="sans-serif">(c) Transactions in options written for the six months ended November 30, 2005:</FONT>
        </TD>
  </TR>
<TR>
        <TD colspan=14>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT size=1 face="sans-serif">Contracts</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Premiums</FONT>
    </center></TD>
  </TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR align="right" size=1 noshade>
        </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>
        <TD>
<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>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<U><FONT size=1 face="sans-serif">Municipal II:</FONT></U>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=2 align=left nowrap>
<FONT size=1 face="sans-serif">Options outstanding, May 31, 2005</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,365</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,248,095</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Options written</FONT>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,712</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,377,720</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Options expired</FONT>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(7,537</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(3,750,036</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
          <div align="right"></div></TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<FONT size=1 face="sans-serif">Options outstanding, November 30, 2005</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,540</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">875,779</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=3>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<U><FONT size=1 face="sans-serif">California Municipal II:</FONT></U>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=2 align=left>
<FONT size=1 face="sans-serif">Options outstanding, May 31, 2005</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,391</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,913,573</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Options written</FONT>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,637</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,403,523</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Options expired</FONT>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(5,672</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(2,849,957</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
          <div align="right"></div></TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<FONT size=1 face="sans-serif">Options outstanding, November 30, 2005</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,356</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">467,139</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=3>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<U><FONT size=1 face="sans-serif">New York Municipal II:</FONT></U>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=2 align=left>
<FONT size=1 face="sans-serif">Options outstanding, May 31, 2005</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">813</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">677,170</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Options written</FONT>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,242</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">374,087</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Options expired</FONT>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(1,665</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(917,120</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
          <div align="right"></div></TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<FONT size=1 face="sans-serif">Options outstanding, November 30, 2005</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">390</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">134,137</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=3>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">33</FONT></B></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Notes to Financial Statements</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<BR>
<P align="justify">
<B><FONT size=2 face="sans-serif">4. Income Tax Information</FONT></B></P>
<P align="justify">
<FONT size=1 face="sans-serif">The cost of investments for federal income tax purposes and gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2005 were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=left>&nbsp;

        </TD>
        <TD width=0>&nbsp;
        </TD>
        <TD width=8% align=left>

          <center>
    </center></TD>
        <TD width=6% align=left>

          <center>
    </center></TD>
        <TD width=6%>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Gross</FONT>&nbsp;
      </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Gross</FONT>&nbsp;
      </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Net</FONT>&nbsp;
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Cost of</FONT>&nbsp;
      </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Unrealized</FONT>&nbsp;
      </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Unrealized</FONT>&nbsp;
      </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Unrealized</FONT>&nbsp;
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Investments</FONT>&nbsp;
      </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Appreciation</FONT>&nbsp;
      </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Depreciation</FONT>&nbsp;
      </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">Appreciation</FONT>&nbsp;
      </center></TD>
  </TR>
<TR>
        <TD>
<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>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="6%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="6%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
    <TD width="7%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Municipal II</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">1,272,711,098</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">98,771,471</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,374,208</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">97,397,263</FONT>&nbsp;
      </div></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">California Municipal II</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">655,426,845</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">36,674,587</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">420,428</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">36,254,159</FONT>&nbsp;
      </div></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">New York Municipal II</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">227,189,213</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">11,727,823</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,457,823</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">10,270,000</FONT>&nbsp;
      </div></TD>
    <TD align=center>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=2 face="sans-serif">5. Auction Preferred Shares<br>
</FONT></B><FONT size=1 face="sans-serif">Municipal
II has issued 4,040 shares of Preferred Shares Series A, 4,040 shares of Preferred
Shares Series B, 4,040 shares of Preferred Shares Series C, 4,040 shares of Preferred
Shares Series D and 4,040 shares of Preferred Shares Series E, each with a net
asset and liquidation value of &#36;25,000 per share plus accrued dividends.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">California Municipal II has issued 2,080 shares of Preferred Shares Series A, 2,080 shares of Preferred Shares Series B, 2,080 shares of Preferred Shares Series C, 2,080 shares of Preferred Shares Series D and 2,080
shares of Preferred Shares Series E, each with a net asset and liquidation value of &#36;25,000 per share plus accrued dividends.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">New York Municipal II has issued 1,800 shares of Preferred Shares Series A and 1,800 shares of Preferred Shares Series B, each with a net asset and liquidation value of &#36;25,000 per share, plus accrued
dividends.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Dividends are accumulated daily at an annual rate set through auction procedures. Distributions of net realized capital gains, if any, are paid annually.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">For the six months ended November 30, 2005, the annualized dividend rates ranged from:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">High</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">Low</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT size=1 face="sans-serif">November 30, 2005</FONT>
        </TD>
  </TR>
<TR>
        <TD>
<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>
        <TD>
<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=center>
      <div align="left"><U><FONT size=1 face="sans-serif">Municipal II:</FONT></U>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.70</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.60</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.30</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.78</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.00</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.78</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.76</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.86</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.75</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.80</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.00</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.80</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.85</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.00</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.85</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
      <div align="left"><U><FONT size=1 face="sans-serif">California Municipal II:</FONT></U>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.60</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.75</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.34</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.55</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.40</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.16</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.70</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.90</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.70</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.60</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.50</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.69</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.80</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.60</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.80</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
      <div align="left"><U><FONT size=1 face="sans-serif">New York Municipal II:</FONT></U>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.70</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.60</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.70</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.80</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.80</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.80</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">The Funds are subject to certain limitations and restrictions while Preferred Shares are outstanding. Failure to comply with these limitations and restrictions could preclude the Funds from declaring any dividends or
distributions to common shareholders or repurchasing common shares and/or triggering the mandatory redemption of Preferred Shares at their liquidation value.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">34 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Notes to Financial Statements</FONT></B><BR>
<FONT size=1 face="sans-serif">November 30, 2005 (unaudited)</FONT>
<hr size="1" noshade>
<BR>
<P align="justify">
<B><FONT size=2 face="sans-serif">6. Subsequent Common Dividend Declarations<br>
</FONT></B><FONT size=1 face="sans-serif">On December 1, 2005, the following dividends were declared to common shareholders payable December 30, 2005 to shareholders of record on December 16, 2005:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD width=49% align=left>
<FONT size=1 face="sans-serif">Municipal II</FONT>&nbsp;
        </TD>
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">&#36;0.084375 per common share</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=1 face="sans-serif">California Municipal II</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;0.08125 per common share</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York Municipal II</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;0.08125 per common share</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left> <div align="justify"><FONT size=1 face="sans-serif">On January 3, 2006 the following
        dividends were declared to common shareholders payable February 1, 2006
    to shareholders of record on January 13, 2006:</FONT></div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD width=46% align=left>
<FONT size=1 face="sans-serif">Municipal II</FONT>&nbsp;
        </TD>
        <TD width=43% align=left>
<FONT size=1 face="sans-serif">&#36;0.084375 per common share</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=1 face="sans-serif">California Municipal II</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;0.08125 per common share</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York Municipal II</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;0.08125 per common share</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=2 face="sans-serif">7. Legal Proceedings<br>
</FONT></B><FONT size=1 face="sans-serif">In
June and September 2004, the Investment Manager, certain of its affiliates (Allianz
Global Investors Distributors LLC and PEA Capital LLC) and Allianz Global, agreed
to settle, without admitting or denying the allegations, claims brought by the
Securities and Exchange Commission (the &#147;Commission&#148;), the New Jersey Attorney General and the California Attorney General alleging violations of federal and state securities laws with respect to certain
open-end funds for which the Investment Manager serves as investment adviser. Two settlements (with the Commission and New Jersey) related to an alleged &#147;market timing&#148; arrangement in certain open-end funds sub-advised by PEA Capital. Two
settlements (with the Commission and California) related to the alleged use of cash and fund portfolio commissions to finance &#147;shelf-space&#148; arrangements with broker-dealers for open-end funds. The Investment Manager and its affiliates
agreed to pay a total of &#36;68 million to settle the claims related to market timing and &#36;20.6
million to settle the claims related to shelf space. The settling parties also
agreed to make certain corporate governance changes. None of the settlements
allege that any inappropriate activity took place with respect to the Funds.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Since February 2004, the Investment Manager and certain of its affiliates and their employees have been named as defendants in a number of pending lawsuits concerning &#147;market timing,&#148; and &#147;revenue
sharing/shelf space/directed brokerage,&#148; which allege the same or similar conduct underlying the regulatory settlements discussed above. The market timing lawsuits have been consolidated in a Multi-District Litigation in the United States
District Court for the District of Maryland, and the revenue sharing/shelf space/directed brokerage lawsuits have been consolidated in the United States District Court for the District of Connecticut. An additional market timing lawsuit filed by the
Attorney General of West Virginia against a number of fund companies, including the Investment Manager and two of its affiliates, has also been transferred to the Multi-District Litigation in Maryland. Any potential resolution of these matters may
include, but not be limited to, judgments or settlements for damages against the Investment Manager or its affiliates or related injunctions. The Investment Manager believes that other similar lawsuits may be filed in federal or state courts in the
future.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Under Section 9(a) of the 1940 Act, if any of the various regulatory proceedings or lawsuits were to result in a court injunction against the Investment Manager, Allianz Global and/or their affiliates, they and their
affiliates would, in the absence of exemptive relief granted by the Commission, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Fund. In connection with an
inquiry from the Commission concerning the status of the New Jersey settlement referenced above with regard to any implications under Section 9(a), the Investment Manager and certain of its affiliates, including the Investment Adviser, (together,
the &#145;&#145;Applicants&#146;&#146;) have sought exemptive relief from the Commission under Section 9(c) of the 1940 Act. The Commission has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New
Jersey settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the Commission takes final action on their application for a permanent exemptive order. There is no assurance that the Commission will issue a permanent order.
If a court injunction were to issue against the Investment Manager or the Affiliates with respect to any of the other matters referenced above, the Investment Manager or the affiliates would, in turn, seek similar exemptive relief under Section 9(c)
with respect to that matter, although there is no assurance that such exemptive relief would be granted.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The foregoing speaks only as of the date hereof.</FONT></P>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">35</FONT></B></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Financial Highlights</FONT></B><BR>
<FONT size=1 face="sans-serif">For a share of common stock outstanding throughout each period:</FONT><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=34% align=left>&nbsp;</TD>
  <TD width=4%>&nbsp;</TD>
  <TD width=7% align=left></TD>
  <TD width=4% align=left></TD>
  <TD width=4% align=left>&nbsp;</TD>
  <TD width=4%>&nbsp;</TD>
  <TD width=4% align=left></TD>
  <TD colspan=5 align=center>&nbsp;</TD>
  <TD width=3% align=left>&nbsp;</TD>
  <TD width=4%>&nbsp;</TD>
  <TD width=5% align=left></TD>
  <TD width=4% align=left></TD>
  <TD width=4% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="17" align=left><hr noshade size=3>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="15" align=left>
      <center>
        <B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
      </center></TD>
  </TR>
<TR>
        <TD>
        </TD>
        <TD>
        </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>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan=5>
<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>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left>       <center>
    <FONT size=1 face="sans-serif">Six Months</FONT>      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD width=4% align=left>

          <center>
    </center></TD>
        <TD width=3% align=left>

          <center>
    </center></TD>
        <TD width=4%>
          <center>
    </center></TD>
        <TD width=4% align=left>

          <center>
    </center></TD>
        <TD width=4% align=left>

          <center>
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>       <center>
    <FONT size=1 face="sans-serif">For the period</FONT>          </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left>       <center>
    <FONT size=1 face="sans-serif">ended</FONT>   </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left>
      <center>
        <FONT size=1 face="sans-serif">Year Ended</FONT>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>       <center>
    <FONT size=1 face="sans-serif">June 28, 2002*</FONT>          </center></TD>
  </TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan="3">          <center>
          <FONT size=1 face="sans-serif">November 30,
    2005</FONT>   </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD colspan=5>
<HR align="center" size=1 noshade>
        </TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD colspan="3">          <center>
    <FONT size=1 face="sans-serif">through</FONT>         </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">(unaudited)</FONT>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">May 31, 2005</FONT>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">May 31, 2004</FONT>
      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">May 31, 2003</FONT>
      </center></TD>
  </TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.81</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.01</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.66</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.33</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">**</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Investment Operations:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.54</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.11</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.17</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.93</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net realized and unrealized gain (loss) on</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">investments, futures contracts and</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">options written</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.28</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.84</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.77</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.53</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Total from investment operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.26</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.95</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.40</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.46</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Dividends and Distributions on</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Preferred Shares from:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.10</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.14</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.08</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.08</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net realized gains</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.01</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Total dividends and distributions on</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">preferred shares</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.10</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.14</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.08</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.09</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net increase in net assets applicable to</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">common shareholders resulting from</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">investment operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.16</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.81</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.32</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.37</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Dividends and Distributions to Common</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Shareholders from:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.51</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(1.01</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.97</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.84</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net realized gains</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.09</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Total dividends and distributions to common</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">shareholders</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.51</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(1.01</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.97</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.93</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Capital Share Transactions:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Common stock offering costs charged to</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">paid-in capital in excess of par</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.02</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Preferred shares offering costs/underwriting</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=1 face="sans-serif">discounts charged to paid-in capital in</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">excess of par</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.09</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Total capital share transactions</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.11</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net asset value, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.46</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.81</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.01</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.66</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">15.26</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">15.02</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">13.31</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.80</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Total Investment Return </FONT></B><FONT size=1 face="sans-serif">(1)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5.14</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">21.00</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(3.69</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5.19</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">RATIOS/SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Net assets applicable to common</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=1 face="sans-serif">shareholders, end of period (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">845,183</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">862,290</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">812,670</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">846,885</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Ratio of expenses to average</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">net assets (2)(3)(5)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.00</FONT>
        </TD>
        <TD align=left><FONT size=1 face="sans-serif">%(4)</FONT>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.02</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.03</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.95</FONT>
        </TD>
        <TD align=left><FONT size=1 face="sans-serif">%(4)</FONT>

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Ratio of net investment income to average</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">net assets (2)(5)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7.28</FONT>
        </TD>
        <TD align=left><FONT size=1 face="sans-serif">%(4)</FONT>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7.71</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8.16</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6.99</FONT>
        </TD>
        <TD align=left><FONT size=1 face="sans-serif">%(4)</FONT>

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Preferred shares asset coverage per share</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">66,829</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">67,676</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">65,224</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">66,920</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">15</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">26</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">27</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">36 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05 </FONT><B><FONT size=1
face="sans-serif">See accompanying notes to Financial Statements</FONT></B></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Financial Highlights</FONT></B><BR>
<FONT size=1 face="sans-serif">For a share of common stock outstanding throughout each period:</FONT><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD colspan="2" valign=top nowrap><hr noshade size=3>    </TD>
  </TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">*</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Commencement of operations.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">**</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Initial public offering
          price of &#36;15.00 per share less underwriting discount of &#36;0.675
    per share.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Total investment return
          is calculated assuming a purchase of a share of common stock at the
          current market price on the first day of each period and a sale of
          a share of common stock at the current market price on the last day
          of each period reported. Dividends and distributions are assumed, for
          purposes of this calculation, to be reinvested at prices obtained under
          the Fund&#146;s dividend reinvestment plan. Total investment return
          does not reflect brokerage commissions or sales charges. Total investment
    return for a period of less than one year is not annualized.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(2)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(3)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank (See note 1(i) in Notes to Financial Statements).</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(4)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Annualized.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(5)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">During the periods indicated above, the Investment Manager waived a portion of its investment management fee. If such a waiver had not been in effect, the ratio of expenses to average net assets and the ratio of net
  investment income to average net assets would have been 1.23% (annualized) and 7.05% (annualized), respectively for the six months ended November 30, 2005; 1.26% and 7.47%, respectively for the year ended May 31, 2005; 1.28% and 7.92%, respectively
  for the year ended May 31, 2004; and 1.18% (annualized) and 6.76% (annualized), respectively for the period June 28, 2002 (commencement of operations) through May 31, 2003.</FONT></div></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="justify">&nbsp;</P>
<P align="right"><FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">37</FONT></B></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<p><B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Financial Highlights</FONT></B><BR>
    <FONT size=1 face="sans-serif">For a share of common stock outstanding throughout each period:</FONT></p>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="36%" align=left>&nbsp;

        </TD>
        <TD width="4%">&nbsp;
        </TD>
        <TD colspan="15" align=left>
      <center>
        <B><FONT size=1 face="sans-serif">California Municipal II</FONT></B>
          </center></TD>
  </TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD width="6%">
<HR align="center" size=1 noshade>
        </TD>
        <TD width="4%">
<HR align="center" size=1 noshade>
        </TD>
        <TD width="5%">
<HR align="center" size=1 noshade>
        </TD>
        <TD width="4%"><HR align="center" size=1 noshade>
        </TD>
        <TD width="4%">
<HR align="center" size=1 noshade>
        </TD>
        <TD colspan=5>
<HR align="center" size=1 noshade>
        </TD>
        <TD width="3%">
<HR align="center" size=1 noshade>
        </TD>
        <TD width="4%"><HR align="center" size=1 noshade>
        </TD>
        <TD width="5%">
<HR align="center" size=1 noshade>
        </TD>
        <TD width="4%">
<HR align="center" size=1 noshade>
        </TD>
        <TD width="5%">
<HR align="center" size=1 noshade>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left>       <center>
    <FONT size=1 face="sans-serif">Six Months</FONT>      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD width="3%" align=left>

          <center>
    </center></TD>
        <TD width="3%" align=left>

          <center>
    </center></TD>
        <TD width="4%">
          <center>
    </center></TD>
        <TD width="3%" align=left>

          <center>
    </center></TD>
        <TD width="3%" align=left>

          <center>
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>       <center>
    <FONT size=1 face="sans-serif">For the period</FONT>          </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left>       <center>
    <FONT size=1 face="sans-serif">ended</FONT>   </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left>
      <center>
        <FONT size=1 face="sans-serif">Year Ended</FONT>
          </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>       <center>
    <FONT size=1 face="sans-serif">June 28, 2002*</FONT>          </center></TD>
  </TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan="3">          <center>
          <FONT size=1 face="sans-serif">November 30,
    2005</FONT>   </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD colspan=5>
<HR align="center" size=1 noshade>
        </TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3">          <center>
    <FONT size=1 face="sans-serif">through</FONT>         </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">(unaudited)</FONT>
          </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">May 31, 2005</FONT>
          </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">May 31, 2004</FONT>
          </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">May 31, 2003</FONT>
          </center></TD>
  </TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </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=left>
<FONT size=1 face="sans-serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.61</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">13.53</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.66</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.33</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">**</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Investment Operations:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.52</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.05</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.13</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.87</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net realized and unrealized gain (loss) on</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">investments, futures contracts and</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">options written</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.17</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.13</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(1.26</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.46</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Total from investment operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.35</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.18</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.13</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.33</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Dividends and Distributions on</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp;<B><FONT size=1 face="sans-serif">Preferred Shares from:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.09</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.12</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.07</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.07</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net increase (decrease) in net assets applicable</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">to common shareholders resulting from</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">investment operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.26</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.06</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.20</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.26</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Dividends and Distributions to Common</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Shareholders from:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.49</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.98</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.93</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.81</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Capital Share Transactions:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Common stock offering costs charged to</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">paid-in capital in excess of par</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.02</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Preferred shares offering costs/underwriting</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">discounts charged to paid-in capital in</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">excess of par</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.10</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Total capital share transactions</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.12</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net asset value, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.38</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.61</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">13.53</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.66</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">15.48</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.76</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">13.27</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.78</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Total Investment Return </FONT></B><FONT size=1 face="sans-serif">(1)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8.41</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">19.14</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(3.92</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4.23</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">RATIOS/SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Net assets applicable to common</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">shareholders, end of period (000)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">436,005</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">441,596</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">407,659</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">439,970</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Ratio of expenses to average</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">net assets (2)(3)(5)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.02</FONT></TD>
        <TD align=left><FONT size=1 face="sans-serif">%(4)</FONT>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.06</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.07</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.97</FONT>
        </TD>
        <TD align=left><FONT size=1 face="sans-serif">%(4)</FONT>

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Ratio of net investment income to average</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">net assets (2)(5)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6.98</FONT></TD>
        <TD align=left><FONT size=1 face="sans-serif">%(4)</FONT>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7.37</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8.08</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6.56</FONT></TD>
        <TD align=left><FONT size=1 face="sans-serif">%(4)</FONT>

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Preferred shares asset coverage per share</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">66,914</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">67,451</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">64,191</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">67,301</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">11</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">43</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">84</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">38 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05 </FONT><B><FONT size=1
face="sans-serif">See accompanying notes to Financial Statements</FONT></B></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<p><B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Financial Highlights</FONT></B><BR>
    <FONT size=1 face="sans-serif">For a share of common stock outstanding throughout each period:</FONT></p>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">*</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Commencement of operations.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">**</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Initial public offering
          price of &#36;15.00 per share less underwriting discount of &#36;0.675
    per share.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Total investment return
          is calculated assuming a purchase of a share of common stock at the
          current market price on the first day of each period and a sale of
          a share of common stock at the current market price on the last day
          of each period reported. Dividends and distributions are assumed, for
          purposes of this calculation, to be reinvested at prices obtained under
          the Fund&#146;s dividend reinvestment plan. Total investment return
          does not reflect brokerage commissions or sales charges. Total investment
    return for a period of less than one year is not annualized.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(2)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(3)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank (See note 1(i) in Notes to Financial Statements).</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(4)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Annualized.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(5)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">During the periods indicated above, the Investment Manager waived a portion of its investment management fee. If such a waiver had not been in effect, the ratio of expenses to average net assets and the ratio of net
  investment income to average net assets would have been 1.26% (annualized) and 6.74% (annualized), respectively for the six months ended November 30, 2005; 1.30% and 7.13%, respectively for the year ended May 31, 2005; 1.31% and 7.83%, respectively
  for the year ended May 31, 2004; and 1.20% (annualized) and 6.34% (annualized), respectively for the period June 28, 2002 (commencement of operations) through May 31, 2003.</FONT></div></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">39</FONT></B></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Financial Highlights<br>
</FONT></B><FONT size=1 face="sans-serif">For a share of common stock outstanding throughout each period:</FONT></P>
<hr noshade size=3>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="34%" align=left>&nbsp;

        </TD>
        <TD width="4%">&nbsp;
        </TD>
        <TD colspan="15" align=left>
      <center>
        <B><FONT size=1 face="sans-serif">New York Municipal II</FONT></B>
          </center></TD>
  </TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD width="6%">
<HR align="center" size=1 noshade>
        </TD>
        <TD width="4%">
<HR align="center" size=1 noshade>
        </TD>
        <TD width="5%">
<HR align="center" size=1 noshade>
        </TD>
        <TD width="4%"><HR align="center" size=1 noshade>
        </TD>
        <TD width="5%">
<HR align="center" size=1 noshade>
        </TD>
        <TD colspan=5>
<HR align="center" size=1 noshade>
        </TD>
        <TD width="3%">
<HR align="center" size=1 noshade>
        </TD>
        <TD width="4%"><HR align="center" size=1 noshade>
        </TD>
        <TD width="6%">
<HR align="center" size=1 noshade>
        </TD>
        <TD width="4%">
<HR align="center" size=1 noshade>
        </TD>
        <TD width="4%">
<HR align="center" size=1 noshade>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left>       <center>
    <FONT size=1 face="sans-serif">Six Months</FONT>      </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD width="3%" align=left>

          <center>
    </center></TD>
        <TD width="3%" align=left>

          <center>
    </center></TD>
        <TD width="4%">
          <center>
    </center></TD>
        <TD width="4%" align=left>

          <center>
    </center></TD>
        <TD width="3%" align=left>

          <center>
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>       <center>
    <FONT size=1 face="sans-serif">For the period</FONT>          </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left>       <center>
    <FONT size=1 face="sans-serif">ended</FONT>   </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="7" align=left>
      <center>
        <FONT size=1 face="sans-serif">Year Ended</FONT>
          </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>       <center>
    <FONT size=1 face="sans-serif">June 28, 2002*</FONT>          </center></TD>
  </TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan="3">          <center>
          <FONT size=1 face="sans-serif">November 30,
    2005</FONT>   </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD colspan=5>
<HR align="center" size=1 noshade>
        </TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD>
          <center>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
        <TD colspan="3">          <center>
    <FONT size=1 face="sans-serif">through</FONT>         </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">(unaudited)</FONT>
          </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">May 31, 2005</FONT>
          </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">May 31, 2004</FONT>
          </center></TD>
        <TD>
          <center>
    </center></TD>
        <TD colspan="3" align=left>
      <center>
        <FONT size=1 face="sans-serif">May 31, 2003</FONT>
          </center></TD>
  </TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.62</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">13.54</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.45</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.33</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">**</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Investment Operations:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.54</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.07</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.06</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.86</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net realized and unrealized gain (loss) on</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">investments, futures contracts and</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">options written</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.21</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.12</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.97</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.28</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Total from investment operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.33</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.19</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.09</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.14</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Dividends and Distributions on</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Preferred Shares from:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.10</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.13</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.07</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.08</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net increase in net assets applicable to</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">common shareholders resulting from</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">investment operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.23</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.06</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.02</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.06</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Dividends and Distributions to Common</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Shareholders from:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Net investment income</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.49</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.98</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.93</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.81</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Capital Share Transactions:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Common stock offering costs charged to</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">paid-in capital in excess of par</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.03</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Preferred shares offering costs/underwriting</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">discounts charged to paid-in capital in</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">excess of par</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.10</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Total capital share transactions</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.13</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Net asset value, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.36</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.62</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">13.54</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.45</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Market price, end of period</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">15.44</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.80</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">13.05</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14.71</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">Total Investment Return </FONT></B><FONT size=1 face="sans-serif">(1)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7.82</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">21.45</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(5.15</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3.76</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<B><FONT size=1 face="sans-serif">RATIOS/SUPPLEMENTAL DATA:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Net assets applicable to common</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">shareholders, end of period (000)</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">150,580</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">152,812</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">140,958</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">149,606</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Ratio of expenses to average</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">net assets (2)(3)(5)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.10</FONT>
        </TD>
        <TD align=left><FONT size=1 face="sans-serif">%(4)</FONT>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.14</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.15</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.02</FONT>
        </TD>
        <TD align=left><FONT size=1 face="sans-serif">%(4)</FONT>

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Ratio of net investment income to average</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">net assets (2)(5)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7.31</FONT>
        </TD>
        <TD align=left><FONT size=1 face="sans-serif">%(4)</FONT>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7.53</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7.58</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6.47</FONT>
        </TD>
        <TD align=left><FONT size=1 face="sans-serif">%(4)</FONT>

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Preferred shares asset coverage per share</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">66,814</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">67,439</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">64,148</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">66,552</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </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=left>
<FONT size=1 face="sans-serif">Portfolio turnover</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">17</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">18</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">18</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">27</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">40 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05 </FONT><B><FONT size=1
face="sans-serif">See accompanying notes to Financial Statements</FONT></B></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<p><B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Financial Highlights</FONT></B><BR>
    <FONT size=1 face="sans-serif">For a share of common stock outstanding throughout each period:</FONT></p>
<hr noshade size=3>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">*</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Commencement of operations.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">**</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Initial public offering
          price of &#36;15.00 per share less underwriting discount of &#36;0.675
    per share.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Total investment return
          is calculated assuming a purchase of a share of common stock at the
          current market price on the first day of each period and a sale of
          a share of common stock at the current market price on the last day
          of each period reported. Dividends and distributions are assumed, for
          purposes of this calculation, to be reinvested at prices obtained under
          the Fund&#146;s dividend reinvestment plan. Total investment return
          does not reflect brokerage commissions or sales charges. Total investment
    return for a period of less than one year is not annualized.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(2)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(3)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank (See note 1(i) in Notes to Financial Statements).</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(4)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">Annualized.</FONT></div></TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(5)</FONT></TD>
        <TD>
      <div align="justify"><FONT size=1 face="sans-serif">During the periods indicated above, the Investment Manager waived a portion of its investment management fee. If such a waiver had not been in effect, the ratio of expenses to average net assets and the ratio of net
  investment income to average net assets would have been 1.33% (annualized) and 7.08% (annualized), respectively for the six months ended November 30, 2005; 1.38% and 7.29%, respectively for the year ended May 31, 2005; 1.39% and 7.34%, respectively
  for the year ended May 31, 2004; and 1.25% (annualized) and 6.25% (annualized), respectively for the period June 28, 2002 (commencement of operations), through May 31, 2003.</FONT></div></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">41</FONT></B></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=21% align=right nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II</FONT></B>&nbsp;&nbsp;&nbsp;
          </div></TD>
        <TD width=79% align=left>
<B><FONT size=2 face="sans-serif">Matters Relating to the Trustees</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=2 face="sans-serif">Consideration of the Investment</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=2 face="sans-serif">Management and Portfolio Management</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=2 face="sans-serif">Agreements</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">(unaudited)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<div align="justify"><BR>
    <FONT size=1 face="sans-serif">The Investment Company Act of 1940 requires
    that both the full Board of Trustees (the &#147;Trustees&#148;) and a majority of the non-interested (&#147;independent&#148;) Trustees, voting separately, annually approve
  the continuation of the Funds&#146; Investment Management Agreement with the Investment Manager and Portfolio Management Agreement between the Investment Manager and the Sub-Adviser (together, the &#147;Agreements&#148;). The Trustees consider
  matters bearing on the Funds and its investment management arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the Trustees met on June 15 and 16, 2005 (the &#147;contract
  review meeting&#148;) for the specific purpose of considering whether to approve the continuation of the Investment Management Agreement and the Portfolio Management Agreement. The independent Trustees were assisted in their evaluation of the
  Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from the Funds&#146; management
  during the contract review meeting. </FONT>
</div>
<P align="justify">
<FONT size=1 face="sans-serif">Based on their evaluation of factors that they deemed to be material, including those factors described below, the Board of Trustees, including a majority of the independent Trustees, unanimously concluded that the
Funds&#146; Investment Management Agreement and Portfolio Management Agreement should be continued for an additional one-year period. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">In connection with their deliberations regarding the continuation of the Agreements, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal
advice furnished to them and their own business judgment, to be relevant. As described below, the Trustees considered the nature, quality, and extent of the various investment management, administrative and other services performed by the Investment
Manager and the Sub-Adviser under the Agreements.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">In connection with their contract review meeting, the Trustees received and relied upon materials provided by the Investment Manager which included, among other items: (i) information provided by Lipper Inc. on the
total return investment performance (based on net assets) of each Fund for various time periods and the investment performance of a group of funds with substantially similar investment classifications/objectives, (ii) information provided by Lipper
Inc. on the Funds&#146; management fees and other expenses and the management fees and other expenses of comparable funds identified by Lipper, Inc. (iii) information regarding the investment performance and management fees of comparable portfolios
of other clients of the Sub-Adviser, including institutional separate account and other clients, (iv) an estimate of the profitability to the Investment Manager from its relationship with the Funds for the twelve months ended March 31, 2005, (v)
descriptions of various functions performed by the Investment Manager and the Sub-Adviser for the Funds, such as compliance monitoring and portfolio trading practices, and (vi) information regarding the overall organization of the Investment Manager
and the Sub-Adviser, including information regarding senior management, portfolio managers and other personnel providing investment management, administrative and other services to the Funds. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees&#146; conclusions as to the continuation of the Agreements were based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the
factors that figured particularly in the Trustees&#146; deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various
factors.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">As part of their review, the Trustees examined the Investment Manager&#146;s and Sub-Adviser&#146;s abilities to provide high quality investment management and other services to the Funds. The Trustees considered the
investment philosophy and research and decision-making processes of the Sub-Adviser; the experience of key advisory personnel of the Sub-Adviser responsible for portfolio management of the Funds; the ability of the Investment Manager and Sub-Adviser
to attract and retain capable personnel; the capability and integrity of the senior management and staff of the Investment Manager and Sub-Adviser; and the level of skill required to manage the Funds. In addition, the Trustees reviewed the quality
of the Investment Manager&#146;s and Sub-Adviser&#146;s services with respect to regulatory compliance and compliance with the investment policies of the Funds; the nature and quality of certain administrative services the Investment Manager is
responsible for providing to the Funds; and conditions that might affect the Investment Manager&#146;s or Sub-Adviser&#146;s ability to provide high quality services to the Funds in the future under the Agreements, including each organization&#146;s
respective business reputation, financial condition and operational stability. Based on the foregoing, the Trustees concluded that the Sub-Adviser&#146;s investment process, research capabilities and philosophy were well suited to the Funds given
their investment objectives and policies, and that the Investment Manager and Sub-Adviser would be able to meet any reasonably foreseeable obligations under the Agreements.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">42 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=21% align=right nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II&nbsp;&nbsp;</FONT></B>&nbsp;
          </div></TD>
        <TD width=79% align=left>
<B><FONT size=2 face="sans-serif">Matters Relating to the Trustees</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=2 face="sans-serif">Consideration of the Investment</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=2 face="sans-serif">Management and Portfolio Management</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=2 face="sans-serif">Agreements</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">(unaudited) (continued)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<div align="justify"><BR>
    <FONT size=1 face="sans-serif">Based on information provided by Lipper Inc.,
  the Trustees also reviewed the Funds&#146; total return investment performance as well as the performance of comparable funds identified by Lipper Inc. In the course of
  their deliberations, the Trustees took into account information provided by the Investment Manager in connection with the contract review meeting, as well as during investment review meetings conducted with portfolio management personnel during the
  course of the year regarding the Funds&#146; performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreements, that they were satisfied with the Investment
  Manager&#146;s and Sub-Adviser&#146;s responses and efforts relating to investment
  performance.</FONT>
</div>
<P align="justify">
<FONT size=1 face="sans-serif">In assessing the reasonableness of the Funds&#146; fees under the Agreements, the Trustees considered, among other information, the Funds&#146; management fees and the total expense ratios as a percentage of average
net assets attributable to common shares and the management fee and total expense ratios of comparable funds identified by Lipper Inc. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees also considered the management fees charged by the Sub-Adviser to other clients, including institutional separate accounts with investment strategies similar to those of the Funds. They noted that the
management fee paid by the Funds are generally higher than the fees paid by these clients of the Sub-Adviser, but that the administrative burden for the Investment Manager and the Sub-Adviser with respect to the Funds are also relatively higher, due
in part to the more extensive regulatory regime to which the Funds are subject in comparison to institutional accounts. The Trustees noted that the management fee paid by the Funds are generally higher than the fees paid by the open-end funds but
were advised that there are additional portfolio management challenges in managing the Funds such as the use of leverage and meeting a regular dividend. The Trustees noted that Municipal II had outperformed its peer group for the one-year and
year-to-date periods ended May 31, 2005 in total return. The Trustees also noted that Municipal II&#146;s expense ratio (after taking into account waivers) was below the median and average for its peer group. The Trustees noted that California
Municipal II had significantly outperformed its peer group for the one-year and year-to-date periods ended May 31, 2005 in total return. The Trustees also noted that California Municipal II&#146;s expense ratio was below the average and at the
median for its peer group. The Trustees noted that New York Municipal II had significantly outperformed its peer group for the one-year and year-to-date periods ended May 31, 2005 in total return. The Trustees also noted that New York Municipal
II&#146;s expense ratio was just above the average and median for its peer group.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees also took into account that the Funds have preferred shares outstanding, which increases the amount of fees received by the Investment Manager and Sub-Adviser under the Agreements (because the fees are
calculated based on the Funds&#146; total managed assets, including assets attributable to preferred shares and other forms of leverage outstanding). In this regard, the Trustees took into account that the Investment Manager and Sub-Adviser have a
financial incentive for the Funds to continue to have preferred shares outstanding, which may create a conflict of interest between the Investment Manager and Sub-Adviser, on one hand, and the Funds&#146; common shareholders, on the other. In this
regard, the Trustees considered information provided by the Investment Manager and Sub-Adviser indicating that the Funds&#146; use of leverage through preferred shares continues to be appropriate and in the interests of each Fund&#146;s common
shareholders. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Based on a profitability analysis provided by the Investment Manager, the Trustees also considered the estimated profitability of the Investment Manager from its relationship with the Funds and determined that such
profitability was not excessive. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees also took into account that, as closed-end investment companies, the Funds do not currently intend to raise additional assets, so the assets of the Funds will grow (if at all) only through the investment
performance of each Funds. Therefore, the Trustees did not consider potential economies of scale as a principal factor in assessing the fee rates payable under the Agreements. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Additionally, the Trustees considered so-called &#147;fall-out benefits&#148; to the Investment Manager and Sub-Adviser, such as reputational value derived from serving as investment manager and sub-adviser to the
Funds.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the Agreements, that the fees payable under the Agreements represent
reasonable compensation in light of the nature and quality of the services being provided by the Investment Manager and Sub-Adviser to the Funds.</FONT></P>
<P align="right">
<FONT size=1 face="sans-serif">11.30.05 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">43</FONT></B></P>

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<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=21% align=right nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II</FONT></B>&nbsp;&nbsp;&nbsp;
          </div></TD>
        <TD width=79% align=left>
<B><FONT size=2 face="sans-serif">Annual Shareholder Meetings Results</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">(unaudited)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<div align="justify"><BR>
    <FONT size=1 face="sans-serif">The Funds held their annual meetings of shareholders on December 28, 2005. Common/Preferred shareholders of each fund voted to re-elect both R. Peter Sullivan III and David C. Flattum as Class III Trustees to serve
  until 2008.</FONT>
</div>
<P align="justify">
<FONT size=1 face="sans-serif">The resulting vote count is indicated below:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=60% align=left>&nbsp;

        </TD>
        <TD width=24% align=left>

          <center>
    </center></TD>
        <TD colspan="2" align=right>
      <center>
        <FONT size=1 face="sans-serif">Withheld</FONT>&nbsp;
          </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
      <center>
        <FONT size=1 face="sans-serif">Affirmative</FONT>&nbsp;
          </center></TD>
        <TD colspan="2" align=right>
      <center>
        <FONT size=1 face="sans-serif">Authority</FONT>&nbsp;
          </center></TD>
  </TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="11%">
<HR noshade size=1>
        </TD>
    <TD width="5%"><HR noshade size=1></TD>
</TR>
<TR>
        <TD colspan=4>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<U><FONT size=1 face="sans-serif">Municipal II</FONT></U>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Re-election of David C. Flattum</FONT>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <FONT size=1 face="sans-serif">52,678,780</FONT>&nbsp;
          </center></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">528,698</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Re-election of R. Peter Sullivan III</FONT>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <FONT size=1 face="sans-serif">52,614,318</FONT>&nbsp;
          </center></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">593,160</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=4>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<U><FONT size=1 face="sans-serif">California Municipal II</FONT></U>&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>
<FONT size=1 face="sans-serif">Re-election of David C. Flattum</FONT>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <FONT size=1 face="sans-serif">27,773,786</FONT>&nbsp;
          </center></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">186,405</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Re-election of R. Peter Sullivan III</FONT>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <FONT size=1 face="sans-serif">27,767,043</FONT>&nbsp;
          </center></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">193,148</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=4>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<U><FONT size=1 face="sans-serif">New York Municipal II</FONT></U>&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>
<FONT size=1 face="sans-serif">Re-election of David C. Flattum</FONT>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <FONT size=1 face="sans-serif">9,733,817</FONT>&nbsp;
          </center></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">94,619</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Re-election of R. Peter Sullivan III</FONT>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <FONT size=1 face="sans-serif">9,735,440</FONT>&nbsp;
          </center></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">92,996</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<FONT size=1 face="sans-serif">Messrs. Paul Belica, Robert E Connor, Jack J. Dalessandro* and Hans W. Kertess* continue to serve as Trustees of the Funds.</FONT>
<br>
<br>
<hr align="left" noshade width="140" size="1">
<FONT size=1 face="sans-serif">* Preferred Shares Trustee</FONT>
<p>&nbsp;</p>
<P align="justify">
<B><FONT size=1 face="sans-serif">44 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">|</FONT><FONT size=1 face="sans-serif">11.30.05</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=4 face="sans-serif">Trustees and Principal Officers</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>
      <div align="left"><FONT size=1 face="sans-serif">Robert E. Connor</FONT>&nbsp;
          </div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Brian S. Shlissel</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp; &nbsp;Trustee, Chairman
          of the Board of Trustees</FONT>&nbsp;
          </div></TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">President &amp; Chief Executive Officer</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Paul Belica</FONT>&nbsp;
          </div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Mark V. McCray</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp; &nbsp;Trustee</FONT>&nbsp;
          </div></TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Vice President</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
      <div align="left"><FONT size=1 face="sans-serif">John J. Dalessandro II</FONT>&nbsp;
          </div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Lawrence G. Altadonna</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp; &nbsp;Trustee</FONT>&nbsp;
          </div></TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Treasurer, Principal Financial &amp; Accounting</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
      <div align="left"><FONT size=1 face="sans-serif">David C. Flattum</FONT>&nbsp;
          </div></TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Officer</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp; &nbsp;Trustee</FONT>&nbsp;
          </div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Thomas J. Fuccillo</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
      <div align="left"><FONT size=1 face="sans-serif">Hans W. Kertess</FONT>&nbsp;
          </div></TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Secretary &amp; Chief Legal Officer</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp; &nbsp;Trustee</FONT>&nbsp;
          </div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Youse Guia</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
      <div align="left"><FONT size=1 face="sans-serif">R. Peter Sullivan III</FONT>&nbsp;
          </div></TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Chief Compliance Officer</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp; &nbsp;Trustee</FONT>&nbsp;
          </div></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<B><FONT size=4 face="sans-serif">Investment Manager</FONT></B><BR>
<FONT size=1 face="sans-serif">Allianz Global Investors Fund Management LLC</FONT><BR>
<FONT size=1 face="sans-serif">1345 Avenue of the Americas</FONT><BR>
<FONT size=1 face="sans-serif">New York, NY 10105</FONT><br>
<BR>
<B><FONT size=4 face="sans-serif">Sub-Adviser</FONT></B><BR>
<FONT size=1 face="sans-serif">Pacific Investment Management Company LLC</FONT><BR>
<FONT size=1 face="sans-serif">840 Newport Center Drive</FONT><BR>
<FONT size=1 face="sans-serif">Newport Beach, CA 92660</FONT><br>
<BR>
<B><FONT size=4 face="sans-serif">Custodian &amp; Accounting Agent</FONT></B><BR>
<FONT size=1 face="sans-serif">State Street Bank &amp; Trust Co.</FONT><BR>
<FONT size=1 face="sans-serif">801 Pennsylvania </FONT><BR>
<FONT size=1 face="sans-serif">Kansas City, MO 64105-1307</FONT><br>
<BR>
<B><FONT size=4 face="sans-serif">Transfer Agent, Dividend Paying Agent and Registrar</FONT></B><BR>
<FONT size=1 face="sans-serif">PFPC Inc.</FONT><BR>
<FONT size=1 face="sans-serif">P.O. Box 43027</FONT><BR>
<FONT size=1 face="sans-serif">Providence, RI 02940-3027</FONT><br>
<BR>
<B><FONT size=4 face="sans-serif">Independent Registered Public Accounting Firm</FONT></B><BR>
<FONT size=1 face="sans-serif">PricewaterhouseCoopers LLP</FONT><BR>
<FONT size=1 face="sans-serif">300 Madison Avenue</FONT><BR>
<FONT size=1 face="sans-serif">New York, NY 10017</FONT><br>
<BR>
<B><FONT size=4 face="sans-serif">Legal Counsel</FONT></B><BR>
<FONT size=1 face="sans-serif">Ropes &amp; Gray LLP</FONT><BR>
<FONT size=1 face="sans-serif">One International Place</FONT><BR>
<FONT size=1 face="sans-serif">Boston, MA 02210-2624</FONT><BR>
<P align="justify">
<FONT size=1 face="sans-serif">This report, including the financial information herein, is transmitted to the shareholders of PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II for
their information. It is not a prospectus, circular or representation intended for use in the purchase of shares of the Funds or any securities mentioned in this report. </FONT></P>
<P align="justify"><FONT size=1 face="sans-serif">The financial information included
    herein is taken from the records of the Funds without examination by an independent
    registered public accounting firm, who did not express an opinion hereon.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that from time to time each Fund may purchase shares of its common stock in the open market.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the &#147;SEC&#148;) for the first and third quarters of their fiscal year on Form N-Q. The Funds&#146; Forms
N-Q is available on the SEC&#146;s website at www.sec.gov and may be reviewed and copied at the SEC&#146;s Public Reference Room located in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800)
SEC-0330. The information on Form N-Q is also available on the Funds&#146; website at www.allianzinvestors.com.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">A description of the policies and procedures that the Funds have adopted to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to portfolio
securities held during the twelve months ended June 30, 2005 is available (i) without charge, upon request by calling the Funds&#146; transfer agent at (800) 331-1710; (ii) on the Funds&#146; website at www.allianzinvestors.com: and (iii) on the
Securities and Exchange Commission&#146;s website at www.sec.gov.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Information on the Funds is available at www.allianzinvestors.com or by calling the Funds&#146; transfer agent at (800) 331-1710.</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<p><IMG src="c40552_ncsrs3x47x1.jpg" border=0>
</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><BR>

</p>
<HR noshade  width="100%" size=4><page>
<BR><BR>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 2.</FONT></td>
    <td><p><FONT size=2 face="serif">CODE OF ETHICS</FONT></p>
      <p>
        <FONT size=2 face="serif">Not required in this filing.</FONT></p></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 3. </FONT></td>
    <td><P><FONT size=2 face="serif">AUDIT COMMITTEE FINANCIAL EXPERT</FONT></P>
    <FONT size=2 face="serif">Not required in this filing</FONT></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 4. </FONT></td>
    <td valign="top">      <P> <FONT size=2 face="serif">PRINCIPAL ACCOUNTANT FEES AND SERVICES</FONT></P>
    <FONT size=2 face="serif">Not required in this filing</FONT></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 5.</FONT></td>
    <td><P><FONT size=2 face="serif">AUDIT COMMITTEE OF LISTED REGISTRANT</FONT></P>
    <FONT size=2 face="serif">Not required in this filing</FONT></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 6.</FONT></td>
    <td><P><FONT size=2 face="serif">SCHEDULE OF INVESTMENTS </FONT></P>
      <P><FONT size=2 face="serif">Schedule of Investments is included as part
    of the report to shareholders filed under Item 1 of this form.</FONT><FONT face="serif"> </FONT></P></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 7.</FONT></td>
    <td><P><FONT size=2 face="serif">DISCLOSURE OF PROXY VOTING POLICIES AND
          PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</FONT><FONT face="serif"> </FONT></P>
    <FONT size=2 face="serif">Not required in this filing</FONT></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 8.</FONT></td>
    <td><P><FONT size=2 face="serif">PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT
          INVESTMENT COMPANIES</FONT><FONT face="serif"> </FONT></P>
    <FONT size=2 face="serif">Not effective at the time of this filing</FONT></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 9.</FONT></td>
    <td>      <P> <FONT size=2 face="serif"> PURCHASES OF EQUITY SECURITIES BY CLOSED-END
    MANAGEMENT INVESTMENT COMPANY AND AFFILIATED COMPANIES.</FONT></P></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr></table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=14% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
    <TD width=12% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
    <TD width=9% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
    <TD width=19% align=center> <font size="2" face="Times New Roman, Times, serif"><B>Total
          Number</B>&nbsp; </font></TD>
    <TD width=25% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
    <TD width=12% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
    <TD width=9% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
    <TD width=19% align=center> <font size="2" face="Times New Roman, Times, serif"><B>of
          Shares Purchased</B>&nbsp; </font></TD>
    <TD width=25% align=center> <font size="2" face="Times New Roman, Times, serif"><B>Maximum
          Number of</B>&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
    <TD width=12% align=center> <font size="2" face="Times New Roman, Times, serif"><B>Total
          Number</B>&nbsp; </font></TD>
    <TD width=9% align=center> <font size="2" face="Times New Roman, Times, serif"><B>Average</B>&nbsp; </font></TD>
    <TD width=19% align=center> <font size="2" face="Times New Roman, Times, serif"><B>as
          Part of Publicly</B>&nbsp; </font></TD>
    <TD width=25% align=center> <font size="2" face="Times New Roman, Times, serif"><B>Shares
          that May yet Be</B>&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
    <TD width=12% align=center> <font size="2" face="Times New Roman, Times, serif"><B>of
          Shares</B>&nbsp; </font></TD>
    <TD width=9% align=center> <font size="2" face="Times New Roman, Times, serif"><B>Price
          Paid</B>&nbsp; </font></TD>
    <TD width=19% align=center> <font size="2" face="Times New Roman, Times, serif"><B>Announced
          Plans or</B>&nbsp; </font></TD>
    <TD width=25% align=center> <font size="2" face="Times New Roman, Times, serif"><B>Purchased
          Under the Plans</B>&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=center> <font size="2" face="Times New Roman, Times, serif"><B><U>Period</U></B>&nbsp; </font></TD>
    <TD width=12% align=center> <font size="2" face="Times New Roman, Times, serif"><B><U>Purchased</U></B>&nbsp; </font></TD>
    <TD width=9% align=center> <font size="2" face="Times New Roman, Times, serif"><B><U>Per
            Share</U></B>&nbsp; </font></TD>
    <TD width=19% align=center> <font size="2" face="Times New Roman, Times, serif"><B><u>Programs</u></B><u>&nbsp; </u></font></TD>
    <TD width=25% align=center> <font size="2" face="Times New Roman, Times, serif"><B><U>or
            Programs</U></B>&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left> <FONT size=2 face="Times New Roman, Times, serif">June
        2005&nbsp; </FONT></TD>
    <TD width=12% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
    <TD width=9% align=center> <FONT size=2 face="Times New Roman, Times, serif">14.65&nbsp; </FONT></TD>
    <TD width=19% align=center> <FONT size=2 face="Times New Roman, Times, serif">6,671&nbsp; </FONT></TD>
    <TD width=25% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left> <FONT size=2 face="Times New Roman, Times, serif">July
        2005&nbsp; </FONT></TD>
    <TD width=12% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
    <TD width=9% align=center> <FONT size=2 face="Times New Roman, Times, serif">14.74&nbsp; </FONT></TD>
    <TD width=19% align=center> <FONT size=2 face="Times New Roman, Times, serif">6,308&nbsp; </FONT></TD>
    <TD width=25% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left> <FONT size=2 face="Times New Roman, Times, serif">August
        2005&nbsp; </FONT></TD>
    <TD width=12% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
    <TD width=9% align=center> <FONT size=2 face="Times New Roman, Times, serif">14.82&nbsp; </FONT></TD>
    <TD width=19% align=center> <FONT size=2 face="Times New Roman, Times, serif">6,261&nbsp; </FONT></TD>
    <TD width=25% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left> <FONT size=2 face="Times New Roman, Times, serif">September
        2005&nbsp; </FONT></TD>
    <TD width=12% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
    <TD width=9% align=center> <FONT size=2 face="Times New Roman, Times, serif">14.96&nbsp; </FONT></TD>
    <TD width=19% align=center> <FONT size=2 face="Times New Roman, Times, serif">6,119&nbsp; </FONT></TD>
    <TD width=25% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left> <FONT size=2 face="Times New Roman, Times, serif">October
        2005&nbsp; </FONT></TD>
    <TD width=12% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
    <TD width=9% align=center> <FONT size=2 face="Times New Roman, Times, serif">15.12&nbsp; </FONT></TD>
    <TD width=19% align=center> <FONT size=2 face="Times New Roman, Times, serif">6,171&nbsp; </FONT></TD>
    <TD width=25% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left> <FONT size=2 face="Times New Roman, Times, serif">November
        2005&nbsp; </FONT></TD>
    <TD width=12% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
    <TD width=9% align=center> <FONT size=2 face="Times New Roman, Times, serif">14.46&nbsp; </FONT></TD>
    <TD width=19% align=center> <FONT size=2 face="Times New Roman, Times, serif">6,411&nbsp; </FONT></TD>
    <TD width=25% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
  </TR>
</TABLE>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
<tr>
  <td valign="top">&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 10. </FONT></td>
    <td>      <P> <FONT size=2 face="serif">SUBMISSION OF MATTERS TO A VOTE OF SECURITY
    HOLDERS</FONT></P></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top"> <FONT size=2 face="serif">There have been no material changes to the
        procedures by which shareholders may recommend nominees to the Fund&#146;s
        Board of Trustees since the Fund last provided disclosure in response
        to this item. The Nominating Committee Charter governing the affairs
        of the Nominating Committee of the Board is posted on the Allianz Funds
    website at www.allianzinvestors.com.</FONT><FONT face="serif">&nbsp; </FONT></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 11. </FONT></td>
    <td><FONT size=2 face="serif">CONTROLS AND PROCEDURES</FONT></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><P><FONT size=2 face="serif">(a) The registrant&#146;s President and
          Chief Executive Officer and Principal Financial Officer have concluded
          that the registrant&#146;s disclosure controls and procedures (as defined
          in Rule 30a-2(c) under the 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><FONT face="serif"> </FONT></P>      <P> <FONT size=2 face="serif">(b) There were no significant changes in
          the registrant&#146;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><FONT face="serif"> </FONT></P></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 12.</FONT></td>
    <td><FONT size=2 face="serif">EXHIBITS</FONT></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">(a) (1)</FONT></td>
    <td> <FONT size=2 face="serif">Exhibit 99.302 Cert. - Certification pursuant
        to Section 302 of the Sarbanes-Oxley
    Act of 2002</FONT>&nbsp; </td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">(b)</FONT>&nbsp; </td>
    <td> <FONT size=2 face="serif">Exhibit 99.906 Cert. - Certification pursuant
    to Section 906 of the Sarbanes- Oxley Act of 2002</FONT> </td>
  </tr>
</table>
<FONT size=2 face="serif"> </FONT><BR>
<P><FONT size=2 face="serif"> </FONT><BR>
</P>
<BR>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE><BR>


<FONT size=2 face="serif">Signature</FONT><BR>
<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.</FONT><FONT face="serif"> </FONT></P>
<FONT size=2 face="serif">PIMCO New York Municipal Income Fund II</FONT><BR>
<P>
<FONT size=2 face="serif">By /s/ Brian S. </FONT><FONT size=1 face="serif"> </FONT><FONT size=2 face="serif">Shlissel</FONT><FONT face="serif"> <br>
</FONT><FONT size=2 face="serif">Brian
S. Shlissel, President &amp; Chief Executive Officer</FONT></P>
<FONT size=2 face="serif">Date: February 6, 2006</FONT><BR>
<P>
<FONT size=2 face="serif">By /s/ Lawrence G. </FONT><FONT size=1 face="serif"> </FONT><FONT size=2 face="serif">Altadonna</FONT><FONT face="serif"> <br>
</FONT><FONT size=2 face="serif">Lawrence
G. Altadonna, Treasurer, Principal Financial &amp; Accounting Officer</FONT></P>
<FONT size=2 face="serif">Date: February 6, 2006</FONT><BR>
<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 dates indicated.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">By /s/ Brian S. </FONT><FONT size=1 face="serif"> </FONT><FONT size=2 face="serif">Shlissel</FONT><FONT face="serif"> <br>
</FONT><FONT size=2 face="serif">Brian
S. Shlissel, President &amp; Chief Executive Officer</FONT><FONT face="serif"> </FONT></P>
<FONT size=2 face="serif">Date: February 6, 2006</FONT><BR>
<P>
<FONT size=2 face="serif">By /s/ Lawrence G. </FONT><FONT size=1 face="serif"> </FONT><FONT size=2 face="serif">Altadonna</FONT><FONT face="serif"> <br>
</FONT><FONT size=2 face="serif">Lawrence
G. Altadonna, Treasurer, Principal Financial &amp; Accounting Officer</FONT></P>
<FONT size=2 face="serif">Date: February 6, 2006</FONT><br>
<br>
<BR>

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>13
<FILENAME>c40807_ex99-302cert.htm
<TEXT>

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<div align="right">
  <p><B><FONT size=2 face="serif">Exhibit 99.302CERT</FONT></B></p>
  <p align="center">    <FONT size=2 face="serif">FORM N-CSR CERTIFICATION</FONT></p>
  <p align="left">    <FONT size=2 face="serif">I, Brian S. Shlissel, certify that:</FONT>      </p>
</div>
<P>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of the PIMCO New York Municipal Income Fund II; </FONT></P>
<P>
<FONT size=2 face="serif">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT size=2 face="serif">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report: </FONT></P>
<P>
<FONT size=2 face="serif">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during second fiscal quarter of the period covered by this report that
has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>
<P>
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant&#146;s other certifying officers and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize, and report financial information; and </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting. </FONT></P>
<FONT size=2 face="serif">Dated: February 6, 2006</FONT><BR>
<FONT size=2 face="serif"><br>
<u>/s/ Brian S.</u></FONT>
<u><FONT size=2 face="serif">Shlissel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></u><FONT size=2 face="serif"> </FONT><BR>
<FONT size=2 face="serif">Brian S. Shlissel </FONT><BR>
<FONT size=2 face="serif">President &amp; Chief Executive Officer</FONT><br>
<br>
<BR>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<center>
  <p><BR>


      <FONT size=2 face="serif">FORM N-CSR CERTIFICATION</FONT></p>
  <p align="left"><FONT size=2 face="serif">I, Lawrence G. Altadonna, certify that:</FONT>    </p>
</center>
<P>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on the Form N-CSR of the PIMCO New York Municipal Income Fund II; </FONT></P>
<P>
<FONT size=2 face="serif">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, the 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></P>
<P>
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods in this report: </FONT></P>
<P>
<FONT size=2 face="serif">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during second fiscal quarter of the period covered by this report that
has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>
<P>
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant&#146;s other certifying officers and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize, and report financial information; and </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting. </FONT></P>
<FONT size=2 face="serif">Dated: February 6, 2006</FONT><BR>
<FONT size=2 face="serif"><br>
<u>/s/ Lawrence G. Altadonna &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT>

<BR>
<FONT size=2 face="serif">Lawrence G. Altadonna &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer</FONT><BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>14
<FILENAME>c40807_ex99-906cert.htm
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<div align="right"><B><FONT size=2 face="serif">Exhibit 99.906CERT</FONT></B><BR>
</div>
<P>
<FONT size=2 face="serif">Pursuant to 18 U.S.C ss. 1350, the undersigned officer
of PIMCO New York Municipal Income Fund II (the &#147;Registrant&#148;), hereby
certifies, to the best of his knowledge, that</FONT><FONT face="serif"> </FONT>&nbsp;&nbsp;&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Registrant&#146;s report
          on Form N-CSR for the period ended November 30, 2005 (the &#147;Report&#148;)
          fully complies with the requirements of Section 13(a) or 15(d), as
          applicable, of the Securities Exchange Act of 1934, as amended, and
          that</FONT><FONT face="serif"> </FONT></P>
      <P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information
          contained in the Report fairly presents, in all material respects,
    the financial condition and results of operations of the Registrant.</FONT><FONT face="serif"> </FONT></P></td>
  </tr>
</table>
<FONT size=2 face="serif"><br>
Dated: February 6, 2006<br>
</FONT><FONT face="serif"> </FONT><BR>
<FONT size=2 face="serif"><u>/s/ Brian S. Shlissel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT>   <BR>
<FONT size=2 face="serif"><br>
Brian S. Shlissel</FONT><FONT face="serif"> </FONT><BR>
<FONT size=2 face="serif">President &amp; Chief Executive Officer</FONT><BR>
<P>
<FONT size=2 face="serif">A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the version of this written
statement required by Section 906, has been provided to the PIMCO New York Municipal Income Fund II, and will be retained by the PIMCO New York Municipal Income Fund II, and furnished to the Securities and Exchange Commission or its staff upon
request.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">This certification is being furnished solely pursuant to 18 U.S.C. ss 1350 and is not being filed as part of the Report or as a separate disclosure document.</FONT><FONT face="serif"> </FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE><BR>


<P>
<FONT size=2 face="serif">Pursuant to 18 U.S.C ss. 1350, the undersigned officer
of PIMCO New York Municipal Income Fund II (the &#147;Registrant&#148;), hereby
certifies, to the best of his knowledge, that</FONT><FONT face="serif"> </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Registrant&#146;s
          report on Form N-CSR for the period ended November 30, 2005 (the &#147;Report&#148;)
          fully complies with the requirements of Section 13(a) or 15(d), as
          applicable, of the Securities Exchange Act of 1934, as amended, and
          that</FONT><FONT face="serif"> </FONT></P>
      <P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information
          contained in the Report fairly presents, in all material respects,
    the financial condition and results of operations of the Registrant.</FONT><FONT face="serif"> </FONT></P></td>
  </tr>
</table>
<FONT size=2 face="serif"><br>
Dated: February 6, 2006</FONT><FONT face="serif"> </FONT><BR>
<U><FONT size=2 face="serif"><br>
/s/ Lawrence G. Altadonna</FONT></U><BR>
<FONT size=2 face="serif"><br>
Lawrence G. Altadonna</FONT><FONT face="serif"> </FONT><BR>
<FONT size=2 face="serif">Treasurer</FONT><FONT face="serif"> </FONT><BR>
<P>
<FONT size=2 face="serif">A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the version of this written
statement required by Section 906, has been provided to the PIMCO New York Municipal Income Fund II, and will be retained by the PIMCO New York Municipal Income Fund II, and furnished to the Securities and Exchange Commission or its staff upon
request.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">This certification is being furnished solely pursuant to 18 U.S.C. ss 1350 and is not being filed as part of the Report or as a separate disclosure document.</FONT><FONT face="serif"> </FONT></P>

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