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<SEC-DOCUMENT>0000930413-06-005593.txt : 20060804
<SEC-HEADER>0000930413-06-005593.hdr.sgml : 20060804
<ACCEPTANCE-DATETIME>20060804161510
ACCESSION NUMBER:		0000930413-06-005593
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20050531
FILED AS OF DATE:		20060804
DATE AS OF CHANGE:		20060804
EFFECTIVENESS DATE:		20060804

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21078
		FILM NUMBER:		061006023

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>c43574_ncsr.htm
<TEXT>

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<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>
</center>
<P align="center">
<B><FONT size=2 face="sans-serif">FORM N-CSR</FONT></B><FONT size=2 face="sans-serif"> </FONT></P>
<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><FONT size=2 face="sans-serif"> </FONT>
</center>
<P>
<FONT size=2 face="sans-serif">Investment Company Act file number </FONT><U><FONT size=2 face="sans-serif">811-21078</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<center>
  <U><FONT size=2 face="sans-serif">PIMCO New York Municipal Income Fund II</FONT></U><FONT size=2 face="sans-serif"> </FONT><BR>
  <FONT size=2 face="sans-serif">(Exact name of registrant as specified in charter) </FONT><br>
  <BR>
  <U><FONT size=2 face="sans-serif">1345 Avenue of the Americas, New York, New York 10105</FONT></U><FONT size=2 face="sans-serif"> </FONT><BR>
  <FONT size=2 face="sans-serif">(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip code) </FONT><br>
  <BR>
  <U><FONT size=2 face="sans-serif">Lawrence G. Altadonna - 1345 Avenue of the Americas, New York, New York 10105</FONT></U><FONT size=2 face="sans-serif"> </FONT><BR>
  <FONT size=2 face="sans-serif">(Name and address of agent for service) </FONT>
</center>
<P>
<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></P>
<P>
<FONT size=2 face="sans-serif">Date of fiscal year end: </FONT><U><FONT size=2 face="sans-serif">May 31, 2006</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT size=2 face="sans-serif">Date of reporting period: </FONT><U><FONT size=2 face="sans-serif">May 31, 2006</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>

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

<P align="right">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=6 face="sans-serif">PIMCO Municipal Income Fund II <br>
PIMCO California Municipal Income Fund II <br>
PIMCO New York Municipal Income Fund II</FONT></P>
<P align="right">&nbsp;</P>
<P align="right">&nbsp;</P>
<P align="right">&nbsp;</P>
<P align="right">
<FONT size=4 face="sans-serif">A n n u a l &nbsp; R e p o r t<br>
</FONT><FONT size=4 face="sans-serif">M a y &nbsp; 31, &nbsp; 2 0 0 6</FONT></P>
<BR>
<BR>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=20% rowspan="5" align=left valign="top"><img src="c43258_ncsrx1x1.jpg" border=0> </TD>
        <TD width=66% align=left>
<B><FONT size=2 face="sans-serif">Contents</FONT></B>&nbsp;
        </TD>
        <TD width=14% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&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>
</TR>
<TR valign="bottom">
  <TD align=left>&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>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="sans-serif">Schedules of Investments</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="sans-serif">5-24</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD rowspan="5" align=left valign="top"><img src="c43258_ncsrx1x2.jpg" border=0> </TD>
        <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>
</TR>
<TR valign="bottom">
  <TD align=left>&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>
</TR>
<TR valign="bottom">
  <TD align=left>&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>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
        <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">30-36</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD rowspan="5" align=left valign="top"><img src="c43258_ncsrx1x3.jpg" border=0> </TD>
        <TD align=left>
<FONT size=2 face="sans-serif">Financial Highlights</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="sans-serif">38-43</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="sans-serif">Report of Independent Registered Public<br>
Accounting Firm</FONT>&nbsp;
    </TD>
        <TD align=right>
<FONT size=2 face="sans-serif">44</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="sans-serif">Privacy Policy/Proxy Voting Policies &amp;<br>
Procedures</FONT>&nbsp;
    </TD>
        <TD align=right>
<FONT size=2 face="sans-serif">45</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="sans-serif">Tax Information</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="sans-serif">46</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="sans-serif">Dividend Reinvestment Plan</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="sans-serif">47</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="sans-serif">Board of Trustees</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="sans-serif">48</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="sans-serif">Principal Officers</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="sans-serif">49</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<br>
<div align="right"><BR>
  <IMG src="c43258_ncsrx1x4.jpg" border=0>
  <BR>

</div>
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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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Letter to Shareholders</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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        </TD>
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</TABLE><BR>
<P align="right">
<FONT size=2 face="serif">July 11, 2006</FONT></P>
<P>
<FONT size=2 face="serif">Dear Shareholder:</FONT></P>
<P>
<FONT size=2 face="serif">We are pleased to provide you with the annual report for PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II (each a &#147;Fund&#148; and collectively, the
&#147;Funds&#148;) for the fiscal year ended May 31, 2006.</FONT></P>
<P>
<FONT size=2 face="serif">During the fiscal twelve-month period, the Federal Reserve raised short-term interest rates eight times, a total increase of 2.00% . These actions, coupled with only modest increases in longer-term rates, caused the yield
curve to flatten across almost all fixed-income sectors, including national and state-specific municipal bonds.</FONT></P>
<P>
<FONT size=2 face="serif">In this environment, the Funds posted positive returns. For the fiscal year ended May 31, 2006, PIMCO Municipal Income Fund II returned 6.01% on net asset value and 2.63% on market price, compared with 3.29% and 5.99%,
respectively, for the Lipper Analytical General Municipal Debt Funds (Leveraged) average. PIMCO California Municipal Income Fund II returned 6.36% on net asset value and 5.50% on market price, compared to the Lipper Analytical California Municipal
Debt Funds average, which returned 3.38% and 7.92%, respectively. PIMCO New York Municipal Income Fund II returned 6.75% on net asset value and 1.65% on market price, compared to 3.50% and 6.18%, respectively, for the Lipper Analytical New York
Municipal Debt Funds average.</FONT></P>
<P>
<FONT size=2 face="serif">Please refer to the following pages for specific information about each of the Funds. If you have any questions regarding the information provided, we encourage you to contact your financial advisor or call the Funds&#146;
shareholder servicing agent at (800) 331-1710. In addition, a wide range of information and resources are available on our Web site at www.allianzinvestors.com/closedendfunds.</FONT></P>
<P>
<FONT size=2 face="serif">Together with Allianz Global Investors Fund Management LLC, the Funds&#146; investment manager, and Pacific Investment Management Company LLC, the Funds&#146; sub-adviser, we thank you for investing with us.</FONT></P>
<P>
<FONT size=2 face="serif">We remain dedicated to serving your investment needs.</FONT></P>
<P>
<FONT size=2 face="serif">Sincerely,</FONT>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><img src="c43258_ncsrx3x1.jpg" border=0> </TD>
  <TD align=left><img src="c43258_ncsrx3x2.jpg" border=0> </TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT size=2 face="serif">Robert E. Connor</FONT>&nbsp;
        </TD>
        <TD width=50% align=left>
<FONT size=2 face="serif">Brian S. Shlissel</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<I><FONT size=2 face="serif">Chairman</FONT></I>&nbsp;
        </TD>
        <TD align=left>
<I><FONT size=2 face="serif">President &amp; Chief Executive Officer</FONT></I>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=2 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">1</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Performance &amp; Statistics</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006 (unaudited)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="34%" align=left><B><FONT size=1 face="sans-serif">Symbol:</FONT></B></TD>
        <TD width="33%" align=left><B><FONT size=1 face="sans-serif">Primary Investments:</FONT></B></TD>
        <TD width="33%" align=left><B><FONT size=1 face="sans-serif">Inception Date:</FONT></B></TD>
</TR>
<TR valign="top">
        <TD align=left><FONT size=1 face="sans-serif">PML</FONT></TD>
        <TD rowspan="5" align=left><FONT size=1 face="sans-serif">Municipal fixed-income<br>
    securities, the interest from<br>
    which is exempt from federal<br>
    income tax.</FONT></TD>
        <TD align=left><FONT size=1 face="sans-serif">June 28, 2002</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><B><FONT size=1 face="sans-serif">Objective:</FONT></B></TD>
        <TD align=left><B><FONT size=1 face="sans-serif">Net Assets</FONT></B><B><SUP><FONT size=1 face="sans-serif">(1): </FONT></SUP></B><B><FONT size=1 face="sans-serif">:<br>
    &#36;1,367.8 million        </FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left><FONT size=1 face="sans-serif">To provide current income<br>
    exempt from federal income tax.     </FONT></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=left><B><FONT size=1 face="sans-serif">Portfolio Manager:<br>
    Mark McCray </FONT></B></TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="55%" 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="18%" align=center> <B><FONT size=1 face="sans-serif">Market Price</FONT></B> </TD>
    <TD width="25%" align=right> <B><FONT size=1 face="sans-serif">Net Asset Value (&#147;NAV&#148;)</FONT></B> </TD>
    <TD width="2%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
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    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">1 Year</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">2.63</FONT><font size=1 face="sans-serif">%</font> </TD>
    <TD align=right> <FONT size=1 face="sans-serif">6.01%</FONT> </TD>
    <TD align=left> <font size=1 face="sans-serif"></font>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">3 Years</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">6.15%</FONT><font size=1 face="sans-serif"></font> </TD>
    <TD align=right> <FONT size=1 face="sans-serif">7.11%</FONT> </TD>
    <TD align=left> <FONT size=1 face="sans-serif"></FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size=1 face="sans-serif">Commencement of Operations (6/28/02) to 5/31/06</font> </TD>
    <TD align=center> <FONT size=1 face="sans-serif">6.03%</FONT> </TD>
    <TD align=right> <FONT size=1 face="sans-serif">7.76%</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=center>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="50%" rowspan="11" align=left valign="top"><b><font size=1 face="sans-serif">Common Share Market Price/NAV Performance: <br>
    </font></b><font size=1 face="sans-serif">Commencement of Operations (6/28/02) to 5/31/06<br>
    <img src="c43258_ncsrx4x1.jpg" border=0><br>
    </font></TD>
    <TD width="36%" align=left> <B><FONT size=1 face="sans-serif">Market Price/NAV:</FONT></B>&nbsp; </TD>
    <TD width="12%" align=left> </TD>
    <TD width="2%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
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    </TD>
    <TD>
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  </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;14.45</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>
  </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;</FONT> <FONT size=1 face="sans-serif">14.71</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>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">Discount to NAV</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="sans-serif">(1.77)%</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>
  </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">5.81%</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>
  </TR>
  <TR>
    <TD colspan="3"><center>
      <b><font size=1 face="sans-serif">Moody&#146;s Ratings</font></b><br>
      <b><font size=1 face="sans-serif">(as a % of total investments)</font></b>
    </center>
      <hr align="center" size="1" noshade>
      <center>
    <img src="pg2x4x1.jpg" border=0>      </center></TD>
  </TR>
</TABLE>
<br>
<P><FONT size=1 face="sans-serif">(1) Inclusive of net assets attributable to market value of Preferred Shares outstanding of &#36;505 million.</FONT></P>
<P> <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 more than one year represents the average annual total return. </FONT></P>
<P> <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> <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 May 31, 2006.</FONT></P>

<P>
<B><FONT size=1 face="sans-serif">2 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=2 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06</FONT></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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Performance &amp; Statistics</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006 (unaudited)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=34% align=left>
<B><FONT size=1 face="sans-serif">Symbol:</FONT></B></TD>
        <TD width=33% rowspan="6" align=left valign="top">
<FONT size=1 face="sans-serif"><B>Primary Investments:</B>
<br>
Municipal fixed-income
<br>
securities, the interest from
<br>
which is exempt from federal
<br>
and California State income
<br>tax.</FONT></TD>
        <TD width=33% align=left>
<B><FONT size=1 face="sans-serif">Inception Date:</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">PCK</FONT></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">June 28, 2002</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD rowspan="4" align=left valign="top">
<FONT size=1 face="sans-serif"><B>Objective:</B>
<br>
To provide current income
<br>
exempt from federal and
<br>
California State income tax.</FONT></TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Net Assets </FONT></B><SUP><FONT size=1 face="sans-serif">(1)</FONT></SUP><B><FONT size=1 face="sans-serif">:</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;703.4 million</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left valign="top">
<B><FONT size=1 face="sans-serif">Portfolio Manager:<br>
Mark McCray</FONT></B></TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="60%" 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="15%" align=center> <B><FONT size=1 face="sans-serif">Market Price</FONT></B> </TD>
    <TD width="23%" align=right> <B><FONT size=1 face="sans-serif">Net Asset Value (&#147;NAV&#148;)</FONT></B> </TD>
    <TD width="2%" 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>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">1 Year</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">5.50%</FONT> </TD>
    <TD align=right> <FONT size=1 face="sans-serif">6.36%</FONT> </TD>
    <TD align=left> <FONT size=1 face="sans-serif"></FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">3 Years</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">6.49%</FONT> </TD>
    <TD align=right> <FONT size=1 face="sans-serif">6.68%</FONT> </TD>
    <TD align=left> <FONT size=1 face="sans-serif"></FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 5/31/06</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">6.04%</FONT> </TD>
    <TD align=right> <FONT size=1 face="sans-serif">7.22%</FONT> </TD>
    <TD align=left> <FONT size=1 face="sans-serif"></FONT>&nbsp; </TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="50%" rowspan="11" align=left valign="top"><p><b><font size=1 face="sans-serif">Common Share Market Price/NAV Performance:<br>
    </font></b><font size=1 face="sans-serif">Commencement of Operations (6/28/02) to 5/31/06<br>
    <img src="c43258_ncsrx5x1.jpg" border=0>    </font></p>    </TD>
    <TD width="41%" align=left> <B><FONT size=1 face="sans-serif">Market Price/NAV:</FONT></B>&nbsp; </TD>
    <TD width="7%" align=left> </TD>
    <TD width="2%" align=left>&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">Market Price</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="sans-serif">&#36;</FONT><FONT size=1 face="sans-serif">14.62</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>
  </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;14.58</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>
  </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">0.27%</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>
  </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">5.75%</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>
  </TR>
  <TR>
    <TD colspan="3"><center>
      <b><font size=1 face="sans-serif">Moody&#146;s Ratings</font></b><br>
      <b><font size=1 face="sans-serif">(as a % of total investments)</font></b>
    </center>
    <hr align="center" size="1" noshade>
    <center>
    <img src="c43258_ncsrx5x2.jpg" border=0>    </center></TD>
  </TR>
</TABLE>
<BR>
<P><FONT size=1 face="sans-serif">(1) Inclusive of net assets attributable to market value of Preferred Shares outstanding of &#36;260 million.</FONT></P>
<P>
<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 more than one year represents the average
annual total return.</FONT></P>
<P>
<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>
<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 May 31, 2006.</FONT></P>
<P align="right">
<FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=2 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">3</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO New York Municipal Income Fund II Performance &amp; Statistics</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006 (unaudited)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=34% align=left>
<B><FONT size=1 face="sans-serif">Symbol:</FONT></B></TD>
        <TD width=33% rowspan="7" align=left valign="top">
<FONT size=1 face="sans-serif"><B>Primary Investments:</B>&nbsp;
<br>
Municipal fixed-income&nbsp;
<br>
securities, the interest from&nbsp;
<br>
which is exempt from federal,&nbsp;
<br>
New York State and New York&nbsp;
<br>
City income tax.</FONT></TD>
        <TD width=33% align=left>
<B><FONT size=1 face="sans-serif">Inception Date:</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">PNI</FONT></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">June 28, 2002</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD rowspan="4" align=left valign="top">
<FONT size=1 face="sans-serif"><B>Objective:</B><br>
To provide current income&nbsp;
<br>
exempt from federal, New York&nbsp;
<br>
State and New York City income&nbsp;
<br>
tax.</FONT></TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Net Assets </FONT></B><SUP><FONT size=1 face="sans-serif">(1)</FONT></SUP><B><FONT size=1 face="sans-serif">:</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;244.1 million</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="sans-serif">Portfolio Manager:<br>
Mark McCray</FONT></B></TD>
</TR>
</TABLE>
<br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="61%" 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> </TD>
    <TD width="20%" align=right> <B><FONT size=1 face="sans-serif">Net Asset Value (&#147;NAV&#148;)</FONT></B> </TD>
    <TD width="2%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align="center">
      <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">1 Year</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">1.65%</FONT> </TD>
    <TD align=right> <FONT size=1 face="sans-serif">6.75%</FONT> </TD>
    <TD align=left> <FONT size=1 face="sans-serif"></FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">3 Years</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">5.40%</FONT> </TD>
    <TD align=right> <FONT size=1 face="sans-serif">7.36%</FONT> </TD>
    <TD align=left> <FONT size=1 face="sans-serif"></FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 5/31/06</FONT>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">5.09%</FONT> </TD>
    <TD align=right> <FONT size=1 face="sans-serif">7.32%</FONT> </TD>
    <TD align=left> <FONT size=1 face="sans-serif"></FONT>&nbsp; </TD>
  </TR>
</TABLE>
<br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="50%" rowspan="11" align=left valign="top"><p><b><font size=1 face="sans-serif">Common Share Market Price/NAV Performance:<br>
    </font></b><font size=1 face="sans-serif">Commencement of Operations (6/28/02) to 5/31/06<br>
    <img src="c43258_ncsrx6x1.jpg" border=0>    </font></p>    </TD>
    <TD width="40%" align=left> <B><FONT size=1 face="sans-serif">Market Price/NAV:</FONT></B>&nbsp; </TD>
    <TD width="9%" align=left> </TD>
    <TD width="1%" align=left>&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">Market Price</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="sans-serif">&#36;14.14</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>
  </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;14.66</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>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">Discount to NAV</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="sans-serif">(3.55)%</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>
  </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">5.62%</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>
  </TR>
  <TR>
    <TD colspan="3"><center>
      <b><font size=1 face="sans-serif">Moody&#146;s Ratings</font></b><br>
      <b><font size=1 face="sans-serif">(as a % of total investments)</font></b>
    </center>
      <hr align="center" size="1" noshade>
      <center>
    <img src="c43258_ncsrx6x2.jpg" border=0>      </center></TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT size=1 face="sans-serif">(1) Inclusive of net assets attributable to market value of Preferred Shares outstanding of &#36;90 million.</FONT></P>
<P>
<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 more than one year represents the average
annual total return.</FONT></P>
<P>
<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>
<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 May 31, 2006.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">4 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=2 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="8%" align=center>
<FONT size=1 face="sans-serif">Principal</FONT>
        </TD>
        <TD width="5%" align=left>&nbsp;

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

        </TD>
        <TD width="12%" align=center>

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

        </TD>
        <TD width="8%" align=right>&nbsp;

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

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

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

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

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

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
        </TD>
        <TD colspan="2" align=center>
<FONT size=1 face="sans-serif">Value</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD align="center">
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD align="center">
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD align="right">
<HR noshade size=2>
        </TD>
    <TD><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">MUNICIPAL BONDS &amp; NOTES&#151;89.9%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Alabama&#151;4.1%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

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

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

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; 10,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Birmingham Baptist Medical Centers Special Care Fac.</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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/NR</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9,847,100</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/27, Ser. B</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,173,946</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/37, Ser. B</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,167,600</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">15,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">13,798,800</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,750</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,856,242</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">16,580</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">17,399,384</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">54,243,072</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>      </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Housing Finance Corp. Rev., 5.25%, 6/1/32,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. C (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,572,081</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,352,052</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,088,992</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,591,456</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">9,000</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,059,840</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,051,890</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,973,000</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,430</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,401,427</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,900</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,866,998</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">31,033,603</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">13,788,000</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,415,800</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">26,496,500</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">18,305</FONT>
        </TD>
        <TD align=left>&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</FONT><font size=1 face="sans-serif">/A-</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">18,959,038</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">6,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Retirement Fac. Rev., Liberty Height, zero coupon, 7/15/22</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,017,560</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">67,676,898</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">17,536,925</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">5</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD colspan="2" align=center>  <FONT size=1 face="sans-serif">Value</FONT>&nbsp; </TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD width="8%" align=left>

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

        </TD>
        <TD width="65%" align=left>
<B><FONT size=1 face="sans-serif">Florida&#151;3.9%</FONT></B>&nbsp;
        </TD>
        <TD width="12%" align=center>

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

        </TD>
        <TD width="8%" align=right>&nbsp;

        </TD>
    <TD width="1%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; &nbsp; 6,520</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Brevard Cnty. Health Facs. Auth. Rev., 5.00%, 4/1/34</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A2/A</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,580,049</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,830</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,846,867</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">8,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">@ &#36;101, 11/15/11) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A2</FONT><font size=1 face="sans-serif">/A+</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,914,880</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,335</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,417,916</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">635</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">657,809</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,135</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Jacksonville Health Facs. Auth. Rev., 5.25%, 11/15/32, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa2</FONT><font size=1 face="sans-serif">/AA</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,365,318</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">11,500</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/15/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A2/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">12,049,930</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 7/1/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,069,720</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A2</FONT><font size=1 face="sans-serif">/A+</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,691,397</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,499,300</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">482,820</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">52,576,006</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Atlanta Water &amp; Wastewater Rev., 5.00%, 11/1/39,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,065,200</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,526,745</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">9,600</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,611,648</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,203,593</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">First Board Resolution,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">19,338,888</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Illinois&#151;20.2%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,742,343</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">8,150</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,412,104</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,050</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,203,318</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,387,387</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">6,700</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,185,281</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,110</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Chicago, Neighborhoods Alive 21 Project, GO, 5.00%,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,239,283</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9,582,299</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,597,000</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,500</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,216,035</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=1 face="sans-serif">6 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06</FONT></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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD colspan="2" align=left>  <center>
      <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>

<TR valign="bottom">
        <TD width="8%" align=left>

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

        </TD>
        <TD width="65%" align=left>
<B><FONT size=1 face="sans-serif">Illinois&#151;(continued)</FONT></B>
        </TD>
        <TD width="12%" align=center>

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

        </TD>
        <TD width="8%" align=right>&nbsp;

        </TD>
    <TD width="1%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; &nbsp; 32,670</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/37</FONT>
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,305,012</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">29,145</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,186,318</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">32,670</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,581,371</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,116,900</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,236,150</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,397,000</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">134,650</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">53,583,967</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Condell Medical Center Rev., 5.50%, 5/15/32</FONT>
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa2/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,101,300</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">20,100</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Elmhurst Memorial Healthcare, 5.625%, 1/1/28</FONT>
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A2</FONT><font size=1 face="sans-serif">/NR</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">20,875,257</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">18,477,600</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">50,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">13,189,500</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,460</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">512,197</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,500</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,584,105</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State, GO, 5.00%, 3/1/34, Ser. A</FONT>
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa3</FONT><font size=1 face="sans-serif">/AA</font>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,250,700</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">68,470</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">59,835,248</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

        </TD>
        <TD align=left>

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">268,797,675</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD align="left">
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A, (Pre-refunded @ &#36;100, 9/15/13) (FSA)(a),</FONT>
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,067,750</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,166,880</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,125</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Fort Wayne Pollution Control Rev., 6.20%, 10/15/25</FONT>
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">B3</FONT><font size=1 face="sans-serif">/B</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,729,082</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">500</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">518,470</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

        </TD>
        <TD align=left>

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,482,182</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD align="left">
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Iowa&#151;3.9%</FONT></B>
        </TD>
        <TD align=center>

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

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

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">46,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. of Iowa Rev., zero coupon,</FONT>
        </TD>
        <TD align=center>

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">43,003,560</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">8,850</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. Rev.,</FONT>
        </TD>
        <TD align=center>

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9,611,631</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

        </TD>
        <TD align=left>

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">52,615,191</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD align="left">
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,955,456</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD align="left">
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Healthcare Partners, 5.25%, 10/1/30</FONT>
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa3</FONT><font size=1 face="sans-serif">/AA-</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,567,400</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,855</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">St. Luke&#146;s Hospital, 6.00%, 10/1/19</FONT>
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A3/A</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,672,863</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD height="20" align=left>

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

        </TD>
        <TD align=left>

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">11,240,263</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD align="left">
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">20,621,952</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">36,395</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., 5.875%,</FONT>
        </TD>
        <TD align=center>

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">38,204,559</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

        </TD>
        <TD align=left>

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">58,826,511</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD align="left">
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">7</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD colspan="2" align=left>  <center>
      <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>

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

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

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

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

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

        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; 1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Adventist Healthcare, 5.75%, 1/1/25, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa2/NR</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,048,040</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>      </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;2.9%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,325,207</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,287,304</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,645</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,649,171</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,703,100</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,295</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,236,330</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">12,050</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">11,990,955</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>     </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">38,192,067</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>      </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9,066,270</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,750</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,866,795</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,500</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,556,050</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,145,600</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14,094,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,925</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,065,987</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>     </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">34,794,702</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>      </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,627,423</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,070,350</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>     </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,697,773</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>      </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">940</FONT>
        </TD>
        <TD align=left>&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=center>

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">920,551</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,507,695</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>     </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,428,246</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>      </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Nevada&#151;1.9%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,463,036</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 6/1/12) (AMBAC)(a),</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,232,131</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,137,440</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,500</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,740,520</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,570</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,140,400</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,290</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Truckee Meadows Water Auth. Rev., 5.125%, 7/1/30,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,394,260</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>     </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">25,107,787</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>      </TD>
  </TR>
</TABLE>
<BR>
<P>
<B><FONT size=1 face="sans-serif">8 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06</FONT></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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD colspan="2" align=left>  <center>
      <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>

<TR valign="bottom">
        <TD width="8%" align=left>

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

        </TD>
        <TD width="65%" align=left>
<B><FONT size=1 face="sans-serif">New Hampshire&#151;0.2%</FONT></B>&nbsp;
        </TD>
        <TD width="12%" align=center>

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

        </TD>
        <TD width="8%" align=right>&nbsp;

        </TD>
    <TD width="1%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; &nbsp; 3,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 7/1/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,102,990</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>      </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Cooper Health System, (Pre-refunded @ &#36;102, 2/15/07) (a),</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">20,688</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">40</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">41,411</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,350,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">11,405</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">12,106,750</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">536,666</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">225</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">242,950</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,500</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,792,845</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,347,412</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,095</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,265,101</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">6,150</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,674,165</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,500</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,786,550</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">35,164,538</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,065,450</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">New York&#151;2.9%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

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

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

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

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 11/15/36</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,241,460</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,863,516</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,489,100</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Water &amp; Sewer System Rev., 5.00%, 6/15/39, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa2</FONT><font size=1 face="sans-serif">/AA+</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,153,090</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">6,700</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Dormitory Auth. Rev., Sloan-Kettering Center Memorial,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,815,508</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,069,400</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">38,632,074</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,500</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,732,200</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,488,495</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/15</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Ba3</FONT><font size=1 face="sans-serif">/B+</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">655,165</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/22</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Ba3</FONT><font size=1 face="sans-serif">/B+</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,190,760</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,700</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/30</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Ba3</FONT><font size=1 face="sans-serif">/B+</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,787,332</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Cumberland Cnty. Auth. Retirement Community Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

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

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

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

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,255</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,341,972</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,245</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.25%, 1/1/35, (Pre-refunded @ &#36;101, 1/1/13) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,876,185</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">9</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD colspan="2" align=left>  <center>
      <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>

<TR valign="bottom">
        <TD width="8%" align=left>

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

        </TD>
        <TD width="65%" align=left>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;(continued)</FONT></B>&nbsp;
        </TD>
        <TD width="12%" align=center>

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

        </TD>
        <TD width="8%" align=right>&nbsp;

        </TD>
    <TD width="1%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

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

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

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; &nbsp; 5,000</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,098,450</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,750</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,808,275</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Philadelphia, GO, 5.25%, 9/15/25 (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,119,070</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Philadelphia Auth. Industrial Dev. Lease Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 10/1/30, Ser. B (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,173,450</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Pittsburgh &amp; Allegheny Cnty. Public Auditorium Auth. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/1/29 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">507,270</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Radnor Township School Dist., GO, 5.00%, 2/15/35,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,581,700</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">34,139,629</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A3/BBB+</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,268,292</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Rhode Island&#151;4.9%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

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

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

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">62,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., 6.25%,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">64,956,160</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">South Carolina&#151;5.9%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

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

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

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">27,745</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Greenville Cnty. School Dist. Rev., Building Equity</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 12/1/28, (Pre-refunded @ &#36;101, 12/1/12) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa3</FONT><font size=1 face="sans-serif">/AA-</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">30,500,911</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">18,120</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Jobs Economic Dev. Auth. Rev., Bon Secours Health System,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">18,858,209</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">15,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">15,704,250</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,500</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,661,770</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,331,350</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,250</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.375%, 5/15/28, Ser. B</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,471,910</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,180</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Transportation Infrastructure Rev., 5.00%, 10/1/29, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,249,336</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">78,777,736</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

        </TD>
        <TD colspan=2 align=left>
<FONT size=1 face="sans-serif">Knox Cnty. Health Educational &amp; Housing Facs. Board Hospital Facs., Rev.,</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,859,350</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Texas&#151;9.6%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Arlington Independent School Dist. GO (PSF-GTD),</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/15/24</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,229</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">990</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/15/24, (Pre-refunded @ &#36;100, 2/15/09) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,023,690</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,480</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Aubrey Independent School Dist., GO, 5.50%,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">2/15/33 (PSF-GTD)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,854,125</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">6,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Brazos Cnty. Health Facs. Dev. Corp., Franciscan</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

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

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,693,115</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,700</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD colspan=2 align=left>
<FONT size=1 face="sans-serif">Comal Cnty. Health Facs., McKenna Memorial Hospital Project Rev.,</FONT>
        </TD>
        <TD align=left>&nbsp;

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,897,073</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Dallas Area Rapid Transit Rev., 5.00%, 12/1/31 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,093,600</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=1 face="sans-serif">10 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06</FONT></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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD colspan="2" align=left>  <center>
      <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>

<TR valign="bottom">
        <TD width="8%" align=left>

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

        </TD>
        <TD width="65%" align=left> <B><FONT size=1 face="sans-serif">Texas&#151;(continued)</FONT></B>&nbsp;
        </TD>
        <TD width="12%" align=center>

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

        </TD>
        <TD width="8%" align=left>&nbsp;

        </TD>
    <TD width="1%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; &nbsp; 20,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> <FONT size=1 face="sans-serif">Frisco Independent School Dist., GO, zero coupon,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/15/34 (PSF-GTD)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
        </TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,834,800</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=left>&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">19,750</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">21,024,072</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,250</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Health Facs. Dev. Corp. Rev., St. Luke&#146;s Episcopal Hospital,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,631,045</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">25,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">25,572,500</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Keller Independent School Dist., GO, 4.875%, 8/15/31 (PSF-GTD)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,557,900</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,170</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Little Elm Independent School Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.30%, 8/15/29, Ser. A (PSF-GTD)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,350,119</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">6,250</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">North Dallas Thruway Auth. Rev., 4.75%, 1/1/29 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,264,750</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Quinlan Independent School Dist., GO, 5.10%, 2/15/32 (PSF-GTD)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,151,450</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">State Turnpike Auth. Central Turnpike System Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (AMBAC),</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&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">10,000</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,417,400</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">8,880</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/15/42</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,997,305</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=left>&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">3,250</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,322,312</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,650</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,720,142</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">8,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,178,080</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">127,593,707</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD colspan=2 align=left>
<FONT size=1 face="sans-serif">Fredericksburg Industrial Dev. Medicorp Health System Rev., Ser. B,</FONT>
        </TD>
        <TD align=left>&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">2,500</FONT>
        </TD>
        <TD align=left>&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</FONT><font size=1 face="sans-serif">/NR</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,525,125</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,070,160</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,595,285</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Tacoma Sewer Rev., 5.00%, 12/1/31, Ser. A (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,096,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

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

        </TD>
        <TD align=left>&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">1,125</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,184,378</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">8,240</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,718,991</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

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

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

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

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

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

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

        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Froedert &amp; Community Health Oblig.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&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">90</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AA-</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">93,084</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">910</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30, (Pre-refunded @ &#36;101, 10/1/11) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AA-</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">987,250</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,983,703</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

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

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

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Total Municipal Bonds &amp; Notes (cost-&#36;1,110,676,405)</FONT>&nbsp;
        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,198,174,620</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;

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

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

        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD colspan="2">
<HR noshade size=2>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

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

        </TD>
        <TD colspan="2" align=left>
<B><FONT size=1 face="sans-serif">VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(e)</FONT><B><FONT size=1 face="sans-serif">&#151;7.5%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

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

        </TD>
        <TD align=left>&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">3,600</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Birmingham Waterworks &amp; Sewer Board Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.38%, 1/1/33, Ser. 947 (MBIA) (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,422,600</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,450</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD colspan=2 align=left><FONT size=1 face="sans-serif">Jefferson Cnty. Sewer Rev., 11.31%, 2/1/36, Ser. 352 (FGIC) (b)(d) Aaa/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,519,291</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,400</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Montgomery Special Care Fac., Financing Auth. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

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

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

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

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

        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.12%, 11/15/29, Ser. 435 (MBIA) (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,542,240</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=center>

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

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">11,484,131</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">11</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD colspan="2" align=left>  <center>
      <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>

<TR valign="bottom">
        <TD width="8%" align=left>

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

        </TD>
        <TD width="65%" align=left>
<B><FONT size=1 face="sans-serif">Colorado&#151;0.2%</FONT></B>&nbsp;
        </TD>
        <TD width="12%" align=center>&nbsp;

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

        </TD>
        <TD width="8%" align=right>&nbsp;

        </TD>
    <TD width="1%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; &nbsp; 2,250</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Denver City &amp; Cnty. Airport Rev., 10.12%, 11/15/25,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

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

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

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

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

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 425 (FSA) (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,553,075</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

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

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,782</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Orange Cnty. School Board, CP, 10.12%, 8/1/24,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 328 (MBIA) (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,213,779</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,241</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Governmental Utilities Auth. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.12%, 10/1/29, Ser. 327 (AMBAC) (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,697,981</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Sumter Landing Community Dev. Dist. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.90%, 10/1/35, Ser. 1208 (MBIA) (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">937,300</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD align="right">
<HR noshade size=1>
        </TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,849,060</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD align="right">
      <hr noshade>
        </TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Illinois&#151;0.7%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Chicago, GO (b)(d),</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,780</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.75%, 1/1/28, Ser. 332 (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,018,342</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,200</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">12.62%, 1/1/40, Ser. 426 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,772,000</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,288</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Cook Cnty., GO, 10.12%, 11/15/28, Ser. 403 (FGIC) (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,486,867</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State, GO, 11.38%, 4/1/27, Ser. 783 (FSA) (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,494,600</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD align="right">
<HR noshade size=1>
        </TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,771,809</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD align="right">
      <hr noshade>
        </TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Louisiana&#151;0.3%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., 7.090%, 5/15/39 (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,397,760</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD align="right">
      <hr noshade>
        </TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;1.8%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,400</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Boston Water &amp; Sewer Community Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.17%, 11/1/28, Ser. 434 (FGIC) (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,537,830</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,900</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Massachusetts Bay Transportation Auth., Special Assessment,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.19%, 7/1/34 (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa1/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,810,535</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,200</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State, GO, 11.42%, 11/1/30, Ser. 785 (FGIC-TCRS) (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,040,620</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Turnpike Auth. Rev. (b)(d),</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,366</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.16%, 1/1/37, Ser. 334 (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,744,981</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,668</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.16%, 1/1/39, Ser. 335 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,099,760</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.17%, 1/1/37, Ser. 489 (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,154,350</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD align="right">
<HR noshade size=1>
        </TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">24,388,076</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD align="right">
      <hr noshade>        </TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Nevada&#151;0.2%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,200</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State, GO, 10.12%, 5/15/28, Ser. 344 (FGIC) (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,338,358</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD align="right">
      <hr noshade>
        </TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">New York&#151;0.3%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Liberty Dev. Corp. Rev., 11.48%, 10/1/35, Ser. 1207 (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,836,300</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">950</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth.,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Water &amp; Sewer System Rev., 10.23%, 6/15/37, Ser. 1226 (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa2/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,071,362</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD align="right">
<HR noshade size=1>
        </TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,907,662</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD align="right">
      <hr noshade>
        </TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Ohio&#151;0.1%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,580</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Hamilton Cnty. Sales Tax Rev., 10.12%, 12/1/27,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 356 (MBIA) (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,775,841</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD align="right">
      <hr noshade>
        </TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;0.6%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,050</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD colspan=2 align=left>
<FONT size=1 face="sans-serif">Philadelphia Auth. Industrial Dev. Rev., Doubletree, 6.50%, 10/1/27,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;102, 2/1/07) (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=right>
<FONT size=1 face="sans-serif">3,164,772</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Philadelphia School Dist., GO (MBIA) (b)(d),</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,670</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.88%, 4/1/27, Ser. 345</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,713,253</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,677</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.88%, 4/1/27, Ser. 496</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,746,334</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD align="right">
<HR noshade size=1>
        </TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,624,359</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD align="right">
      <hr noshade>
        </TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=1 face="sans-serif">12 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06</FONT></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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD colspan="2" align=left>  <center>
      <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><B><FONT size=1 face="sans-serif">Texas&#151;1.1%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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; &nbsp; 2,460</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Denton Utility System Rev., 10.75%, 12/1/29,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 428 (MBIA) (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,734,905</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,100</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Houston Airport System Rev., 10.12%, 7/1/25,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 404 (FGIC) (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,175,350</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Houston Water &amp; Sewer System Rev. (b)(d),</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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">2,200</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.12%, 12/1/28, Ser. 427 (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,678,610</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,070</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.38%, 12/1/30, Ser. 495 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,026,152</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,041,660</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,005</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">State, GO, 8.88%, 4/1/35, Ser. 1147 (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,004,398</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14,661,075</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><B><FONT size=1 face="sans-serif">Utah&#151;0.7%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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">8,830</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Utah Transit Auth. Rev., 8.90%, 6/15/35, Ser. 1197 (FSA) (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,691,369</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><B><FONT size=1 face="sans-serif">Washington&#151;0.1%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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">1,820</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.88%, 2/1/28, Ser. 360 (FGIC) (b)(d)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,864,772</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Total Variable Rate Notes (cost-&#36;87,503,264)</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">99,307,347</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;

        </TD>
        <TD align="center">&nbsp;

        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD colspan="2">
<HR noshade size=2>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD colspan="2" align=left>
<B><FONT size=1 face="sans-serif">VARIABLE RATE DEMAND NOTES </FONT></B><FONT size=1 face="sans-serif">(e)(f)</FONT><B><FONT size=1 face="sans-serif">&#151;2.1%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><B><FONT size=1 face="sans-serif">California&#151;0.7%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Oxnard Financing Auth. Rev., 3.46%, 6/1/06 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/A-1+</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,900,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">6,700</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">State Department of Water Res. Rev., 3.62%, 6/1/06</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,700,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Turlock Irrigation Dist., CP, 3.50%, 6/1/06</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/A-1+</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">500,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9,100,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><B><FONT size=1 face="sans-serif">Kentucky&#151;0.0%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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">690</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Shelby Cnty. Lease Rev., 3.57%, 6/1/06, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">VMIG1/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">690,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><B><FONT size=1 face="sans-serif">Massachusetts&#151;0.1%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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">1,200</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Commonwealth of Massachusetts Rev., GO, 3.52%, 6/1/06, Ser. B</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,200,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><B><FONT size=1 face="sans-serif">Missouri&#151;0.5%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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">4,800</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">State Dev. Finance Board, Nelson Gallery Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">3.56%, 6/1/06, Ser. B (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,800,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,100</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD colspan=2 align=left><FONT size=1 face="sans-serif">State Health &amp; Educational Facs. Auth., Washington Univ. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">3.57%, 6/1/06, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,100,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,900,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><B><FONT size=1 face="sans-serif">New York&#151;0.6%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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">7,400</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">New York City, GO, 3.56%, 6/1/06</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,400,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><B><FONT size=1 face="sans-serif">Texas&#151;0.1%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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">1,800</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">State Water Dev. Board Rev., 3.50%, 6/1/06</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,800,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><B><FONT size=1 face="sans-serif">Utah&#151;0.1%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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">1,400</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Cnty. of Weber, 3.57%, 6/1/06, Ser. C</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,400,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Total Variable Rate Demand Notes (cost-&#36;28,489,941)</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">28,490,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center">&nbsp;</TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD colspan="2">
<HR noshade size=2>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD colspan="2" align=left>
<B><FONT size=1 face="sans-serif">U.S. TREASURY BILLS </FONT></B><FONT size=1 face="sans-serif">(g)</FONT><B><FONT size=1 face="sans-serif">&#151;0.5%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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">6,585</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">4.49%-4.65%,6/1/06-6/15/06 (cost-&#36;6,574,548)</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,574,548</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><B><FONT size=1 face="sans-serif">Total Investments </FONT></B><FONT size=1 face="sans-serif">(cost-&#36;1,233,244,158)&#151;</FONT><B><FONT size=1 face="sans-serif">100.0%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left><b><font size=1 face="sans-serif">&#36;</font></b>

        </TD>
        <TD align=right>
<B><FONT size=1 face="sans-serif">1,332,546,515</FONT></B>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </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">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1
face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">13</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD colspan="2" align=left>  <center>
      <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">CALIFORNIA MUNICIPAL BONDS &amp; NOTES&#151;84.2%</FONT></B>&nbsp;
        </TD>
        <TD width="12%" align=center>&nbsp;

        </TD>
        <TD width="1%" align=right>&nbsp;</TD>
        <TD width="8%" align=right>&nbsp;

        </TD>
    <TD width="1%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="8%" align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; &nbsp; 2,000</FONT>
        </TD>
        <TD width="5%" align=left>&nbsp;

        </TD>
        <TD width="65%" align=left>
<FONT size=1 face="sans-serif">ABC Unified School Dist., GO, zero coupon, 8/1/23, Ser. B (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=left><font size=1 face="sans-serif">&#36;</font></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">880,480</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Alpine Union School Dist., GO, zero coupon, 8/1/24, Ser. B (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">436,380</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">8,115</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Anaheim City School Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/26, (Pre-refunded @ &#36;101, 8/1/11) (FGIC)(a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,684,673</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Assoc. of Bay Area Gov&#146;ts Finance Auth. Rev., Odd Fellows Home,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,300</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.20%, 11/15/22</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">NR/A+</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,478,451</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">26,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.35%, 11/15/32</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">NR/A+</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">26,841,880</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">23,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Bakersfield, CP, zero coupon, 4/15/21</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">NR/AAA</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">11,332,560</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Bay Area Gov&#146;t Assoc. Lease Rev., 5.00%, 7/1/32,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 2002-1 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,045,240</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,945</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Bay Area Gov&#146;t Assoc., Windmere Ranch Dist. 99-1,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Assessment,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.30%, 9/2/25</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,066,524</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,085</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Capistrano Unified School Dist., Community Fac. Dist., Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.70%, 9/1/20, (Pre-refunded @ &#36;102, 9/1/09) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,171,258</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,090</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Cathedral City Cove Improvements Dist. 04-02,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Assessment, 5.00%, 9/2/30</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,074,849</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,300</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Ceres Unified School Dist., GO, zero coupon, 8/1/27 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">706,284</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Chula Vista, Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,160</FONT>
        </TD>
        <TD align=left>&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) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,286,788</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.10%, 9/1/32, (Pre-refunded @ &#36;102, 9/1/10) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,778,125</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,825</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.15%, 9/1/26</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,924,937</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,380</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.20%, 9/1/33</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,619,411</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Clovis Unified School Dist., GO, Ser. B (FGIC),</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &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 align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">880,480</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,535</FONT>
        </TD>
        <TD align=left>&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 align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,401,133</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">890,400</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,410</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Community College Financing Auth. Lease Rev., 5.00%, 8/1/27,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,450,904</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Corona-Norco Unified School Dist., Public Financing Auth.,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, Ser. A,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,110</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.10%, 9/1/25 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,139,115</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">210</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.55%, 9/1/15</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">210,968</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">305</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.65%, 9/1/16</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">306,400</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">160</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 9/1/17</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">161,234</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">530</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 9/1/20</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">536,254</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 9/1/25</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,011,280</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,150</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.10%, 9/1/32 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,213,952</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,800</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Cotati Redev. Agcy., Tax Allocation, 5.00%, 9/1/31, Ser. A (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,831,920</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">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 align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,068,100</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Educational Facs. Auth. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,475</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Loyola Marymount Univ., zero coupon,10/1/34 (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">843,938</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Woodbury Univ., 5.00%, 1/1/36</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB-</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,942,800</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,520</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Elk Grove Unified School Dist., Community Facs. Dist. No. 1,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 12/1/33 (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">AAA/AAA</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,506,214</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Empire Union School Dist., Special Tax (AMBAC),</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,560</FONT>
        </TD>
        <TD align=left>&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 align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">462,680</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,265</FONT>
        </TD>
        <TD align=left>&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 align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">336,907</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</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 Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06</FONT></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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Value</FONT>&nbsp; </TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD width="8%" align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; &nbsp; 1,000</FONT>
        </TD>
        <TD width="5%" align=left>&nbsp;

        </TD>
        <TD width="65%" align=left>
<FONT size=1 face="sans-serif">Escondido Union School Dist., GO, zero coupon, 8/1/27 (FSA)</FONT>&nbsp;
        </TD>
        <TD width="12%" align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD width="1%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
        <TD width="8%" align=right>
<FONT size=1 face="sans-serif">356,160</FONT>&nbsp;
        </TD>
    <TD width="1%" align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,440</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Eureka Union School Dist., GO, zero coupon, 8/1/27 (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">869,030</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Foothill Eastern Corridor Agcy. Toll Road Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,100</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,979,799</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,270</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,292,304</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,370,850</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,780</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,338,763</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">17,860</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,679,480</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">400</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Franklin-McKinley School Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/27, Ser. B (Pre-refunded @ &#36;100, 8/1/13) (FSA)(a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">429,288</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,440</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Fremont Community Facs. Dist. No. 1, Special Tax, 5.30%, 9/1/30</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,439,870</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Golden State Tobacco Securitization Corp., Ser. 2003-A-1,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">11,700</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">12,733,344</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">36,200</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">40,462,912</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Health Facs. Finance Auth. Rev. (CA Mtg. Ins.),</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,500</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,665,110</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,875</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,998,574</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,115</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,220,412</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,008,760</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">565</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Healthcare West, 5.00%, 7/1/28,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;101, 7/1/08) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A3</FONT><font size=1 face="sans-serif">/A-</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">547,154</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,750</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Huntington Beach Community Facs. Dist., Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,791,388</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Industry Urban Dev. Agcy., Tax Allocation (MBIA),</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,045</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,065,660</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,035</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,055,462</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">200</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Infrastructure &amp; Economic Dev. Bank Rev., Bay Area Toll Bridges,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/36, (Pre-refunded @ &#36;100, 1/1/28) (AMBAC)(a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">214,570</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Irvine Improvement Board Act 1915, Special Assessment,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,206,430</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Irvine Unified School Dist., Special Tax, 5.125%, 9/1/36, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,003,480</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,900</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Jurupa Unified School Dist., GO, zero coupon, 5/1/27 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">676,704</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,450</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Kings Canyon JT Unified School Dist., GO, zero coupon,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/27 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">872,592</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,300</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Livermore-Amador Valley Water Management Agcy. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,395,983</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,935</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD colspan=2 align=left>
<FONT size=1 face="sans-serif">Long Beach Unified School Dist., GO, 5.00%, 8/1/27, Ser. C (MBIA)Aaa/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,086,699</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Los Angeles, CP (MBIA),</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">9,895</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,129,116</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,685</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,755,025</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,200</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Los Angeles, Wastewater System Rev., 5.00%, 6/1/30,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,375,752</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Manhattan Beach Unified School Dist., GO, zero coupon,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">394,760</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,295</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Manteca Redev. Agcy., Tax Allocation, 5.00%, 10/1/32 (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,464,025</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Manteca Unified School Dist., Special Tax (MBIA),</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,365</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">924,904</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,330</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,426,740</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Merced Cnty., CP, Juvenile Justice Correctional Fac.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,070,320</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">15</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD colspan="2" align=left>  <center>
      <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD width=8% align=left>

        </TD>
        <TD width=5% align=left>&nbsp;

        </TD>
        <TD width=65% align=left>
<FONT size=1 face="sans-serif">Modesto Elementary School Dist. Stanislaus Cnty., GO,</FONT>&nbsp;
        </TD>
        <TD width=12% align=center>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>&nbsp;

        </TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (FGIC),</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,615</FONT>
        </TD>
        <TD align=left>&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 align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,141,631</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,705</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,119,248</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">713,740</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,150</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Modesto High School Dist. Stanislaus Cnty., GO, zero coupon,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/26, Ser. A (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">808,787</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Modesto Public Financing Auth. Lease Rev., 5.00%,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9/1/29 (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=right>
<FONT size=1 face="sans-serif">1,026,370</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,385</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Monrovia Financing Auth. Lease Rev., Hillside</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Wilderness Preserve,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,472,172</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Montebello Unified School Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">626,175</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,485</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">619,913</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,830</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,121,699</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,775</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">988,344</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,700</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Moreno Valley Unified School Dist. Community Facs. Dist.,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, 5.20%, 9/1/36</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,629,171</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,400</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Morgan Hill Unified School Dist., GO, zero coupon, 8/1/23 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,056,576</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Mountain View-Whisman School Dist., GO, 5.00%, 6/1/27,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. D (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=right>
<FONT size=1 face="sans-serif">1,547,265</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,800</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Murrieta Redev. Agcy., Tax Allocation, 5.00%, 8/1/32 (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=right>
<FONT size=1 face="sans-serif">1,841,022</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,245</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Newark Unified School Dist., GO, zero coupon, 8/1/26,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. D (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,220,704</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Oakland Redev. Agcy., Tax Allocation,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,395</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,421,017</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,185</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,219,501</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Orange Cnty. Community Facs. Dist., Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">No. 01-1-Ladera Ranch,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 8/15/25, Ser. A (Pre-refunded @ &#36;101, 8/15/10) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,102,030</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">12,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Orange Cnty. Sanitation Dist., CP, 5.25%, 2/1/30 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">12,597,120</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Palmdale Community Redev. Agcy., Tax Allocation (AMBAC),</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,230</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">366,134</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,230</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">346,725</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,225</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">327,736</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,750</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Paramount Unified School Dist., GO, zero coupon,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">760,918</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Perris Public Financing Auth. Rev., Tax Allocation,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,190</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,210,385</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">780</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">799,656</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,800</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,869,480</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,150</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Placer Union High School Dist., GO, zero coupon, 8/1/33 (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,619,918</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Poway Unified School Dist., Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community Facs. Dist. No. 6,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,700</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,655,801</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,522,335</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,045,900</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</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 Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06</FONT></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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD colspan="2" align=left>  <center>
      <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD width=8% align=left>

        </TD>
        <TD width=5% align=left>&nbsp;

        </TD>
        <TD width=65% align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community Facs. Dist. No. 6 Area A,</FONT>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>&nbsp;

        </TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; &nbsp; 1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &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 align=left>
<FONT size=1 face="sans-serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,054,840</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,792,710</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,300</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,300,644</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community Facs. Dist. No. 10,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,014,060</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,200</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,228,292</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Rancho Cucamonga Community Facs. Dist., Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,105,160</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">453,930</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,510</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,580,200</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Riverside Unified School Dist., Community Facs., Dist. No. 15,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, Ser. A,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,005,760</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,007,200</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,005,300</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,087,250</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,585,440</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,504,720</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,602,720</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,730</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,838,841</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,365</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,442,294</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,155</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,203,013</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Sacramento City Financing Auth. Rev., Ser. A,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 12/1/32, (Pre-refunded @ &#36;100, 12/1/12) (FSA)(a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,824,000</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,730</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">North Natomas CFD No. 2, 6.25%, 9/1/23</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,848,014</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">12,490</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Sacramento Cnty. Airport System Rev., 5.00%, 7/1/32, Ser. A (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">12,711,947</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Diego Cnty. Water Auth. Water Rev., CP, Ser. A (MBIA),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">8,285</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,508,446</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">8,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,206,160</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,026,290</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,525,650</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">14,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Diego Public Facs. Financing Auth. Water Rev.,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14,282,800</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Francisco City &amp; Cnty. Airport Community,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Int&#146;l Airport Rev. (MBIA),</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,585</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,403,320</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">20,300</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">20,862,716</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,405</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Joaquin Hills Transportation Corridor Agcy.</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Toll Road Rev., zero coupon, 1/1/25</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,327,440</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,190</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,483,574</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,770</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">779,225</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">6,105</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,296,579</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,835</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.10%, 8/1/31, (Pre-refunded @ &#36;101, 8/1/11) (FGIC)(a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,196,948</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">17</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD colspan="2" align=left>  <center>
      <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD width="8%" align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; &nbsp; 2,300</FONT>
        </TD>
        <TD width="5%" align=left>&nbsp;

        </TD>
        <TD width="65%" align=left>
<FONT size=1 face="sans-serif">San Mateo Union High School Dist., GO, zero coupon,</FONT>&nbsp;
        </TD>
        <TD width="12%" align=center>

        </TD>
        <TD width="1%" align=left>&nbsp;

        </TD>
        <TD width="8%" align=right>&nbsp;

        </TD>
    <TD width="1%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9/1/20 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,178,773</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,730</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Rafael City High School Dist., GO, 5.00%, 8/1/27,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,774,080</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,280</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Rafael Elementary School Dist., GO, 5.00%, 8/1/27,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,363,574</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Santa Clara Unified School Dist., GO (MBIA),</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,755</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,840,680</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,895</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,981,908</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,040</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,116,638</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,260</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,301,240</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Santa Margarita Water Dist., Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,089,180</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,227,820</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Santa Monica Community College Dist., GO, zero coupon,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/26, Ser. C (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">AAA/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">730,500</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Saugus Hart School Facs. Financing Auth., Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community Facs. Dist. 00-1,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,140</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,161,318</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,260</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,302,217</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Shasta Union High School Dist., GO, zero coupon, 8/1/24 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">417,450</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,745</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">South Tahoe JT Powers Parking Financing Auth. Rev., 7.00%,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">12/1/27, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,676,622</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,800</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Southern Mono Health Care Dist., GO, zero coupon, 8/1/26 (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">663,930</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">900</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Department of Water Res. Rev., Central VY Project,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">937,260</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Public Works Board Lease Rev., UCLA Replacement Hospital,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">9,605</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9,924,846</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,095</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 4/1/26</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa2</FONT><font size=1 face="sans-serif">/AA-</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,308,843</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,710</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,745,602</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Statewide Community Dev. Auth. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,555</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Bentley School, 6.75%, 7/1/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,846,865</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">9,700</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,201,102</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,770</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,881,908</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,123,000</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,170</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Wildwood Elementary School, CP, 6.10%, 11/1/15</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,171,088</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,775</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Statewide Financing Auth. Tobacco Settlement Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,833,788</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,750</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Tamalpais Union High School Dist., GO, 5.00%, 8/1/27 (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,968,472</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Tobacco Securitization Agcy. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,694,940</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Gold Country, zero coupon, 6/1/33 (c)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/BBB</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,484,280</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Fresno Cnty.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,045</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,077,926</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,501,400</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,800</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,866,510</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">995</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Tracy Community Facs. Dist., Special Tax,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">No. 99-2 South Macarthur Area, 6.00%, 9/1/27</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,018,293</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Ventura Cnty. Community College Dist., GO, 5.00%,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/27, Ser. A (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,320,900</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</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 Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06</FONT></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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD colspan="2" align=left>  <center>
      <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD width="8%" align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; &nbsp; 1,555</FONT>
        </TD>
        <TD width="5%" align=left>&nbsp;

        </TD>
        <TD width="65%" align=left><FONT size=1 face="sans-serif">Ventura Unified School Dist., GO, 5.00%, 8/1/32, Ser. F (FSA)</FONT>&nbsp;
        </TD>
        <TD width="12%" align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD width="1%" align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD width="8%" align=right>
<FONT size=1 face="sans-serif">1,595,461</FONT>&nbsp;
        </TD>
    <TD width="1%" align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Vernon Electric System Rev., Malburg Generating Station,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 4/1/33, (Pre-refunded @ &#36;100, 4/1/08) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,068,480</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Victor Elementary School Dist., GO, Ser. A (FGIC),</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,125</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">469,631</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,410</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">906,594</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Vista Unified School Dist., GO, zero coupon, 8/1/26, Ser. A (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">376,180</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">West Contra Costa Univ. School Dist., GO, Ser. A (MBIA),</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,740</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,814,227</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,690</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,756,685</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,890</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,928,934</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,375</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,440,441</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">William S. Hart JT School Financing Auth. Rev., 5.625%, 9/1/34</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/BBB+</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,084,600</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,110</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Yuba City Unified School Dist., GO, zero coupon, 9/1/25 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">825,179</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Total California Municipal Bonds &amp; Notes</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">(cost-&#36;548,116,075)</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">577,716,260</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="left">&nbsp;</TD>
        <TD align="center">&nbsp;</TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=2>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">OTHER MUNICIPAL BONDS &amp; NOTES&#151;3.4%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><B><FONT size=1 face="sans-serif">Iowa&#151;2.2%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">16,100</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Tobacco Settlement Auth. of Iowa Rev., zero coupon,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">6/1/34, Ser. B</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">15,051,246</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><B><FONT size=1 face="sans-serif">New York&#151;0.5%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,250</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">State Dormitory Auth. Rev., Hospital, 6.25%, 8/15/15 (FHA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa2/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,670,290</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><B><FONT size=1 face="sans-serif">Puerto Rico&#151;0.7%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">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/BBB+</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,032,520</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,505</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Public Building Auth. Rev., Gov&#146;t Facs., 5.00%, 7/1/36, Ser. I (GTD)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,508,207</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,540,727</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2" align="right">
      <hr noshade>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Total Other Municipal Bonds &amp; Notes (cost-&#36;22,724,997)</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">23,262,263</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="left">&nbsp;</TD>
        <TD align="center">&nbsp;</TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=2>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD colspan="2" align=left>
<B><FONT size=1 face="sans-serif">CALIFORNIA VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(b) (d) (e)</FONT><B><FONT size=1 face="sans-serif">&#151;8.6%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Coronado Community Dev. Agcy., Tax Allocation, 8.631%,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">9/1/35 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,476,100</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Golden State Tobacco Securitization Corp.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Tobacco Settlement Rev. (FGIC),</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.31%, 6/1/35, Ser. 1220</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,227,400</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">9,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.31%, 6/1/38, Ser. 1218</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9,947,250</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Los Angeles Dept. of Water &amp; Power Rev. ,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.06%, 7/1/30, Ser. 1243 (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,032,400</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">17.294%, 7/1/35, Ser. 500 (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,903,300</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,390</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Waterworks Rev., 10.91%, 7/1/41, Ser. 754 (FGIC-TCRS)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,757,137</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Manteca Redev. Agcy., Tax Allocation, 10.497%, 10/1/36 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,231,300</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Modesto Public Financing Auth. Lease Rev., 10.28%, 9/1/29,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 354 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,697,775</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,961</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Oakland, GO, 10.28%, 1/15/32, Ser. 756 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,426,061</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><FONT size=1 face="sans-serif">Placentia-Yorba Linda Unified School Dist., CP, 10.31%,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">10/1/32 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,292,200</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">19</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD colspan="2" align=left>  <center>
      <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>

<TR valign="bottom">
        <TD width="8%" align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; &nbsp; 1,435</FONT>
        </TD>
        <TD width="5%" align=left>&nbsp;

        </TD>
        <TD width="65%" align=left>
<FONT size=1 face="sans-serif">Sacramento Cnty. Sanitation Dist. Rev., 22.064%,</FONT>&nbsp;
        </TD>
        <TD width="12%" align=center>&nbsp;

        </TD>
        <TD width="1%" align=left>&nbsp;

        </TD>
        <TD width="8%" align=left>&nbsp;

        </TD>
    <TD width="1%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">12/1/35 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,845,697</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,555</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Diego Unified School Dist., GO, 10.28%, 7/1/27,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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 align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,013,258</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,994</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">San Jose, GO, 10.28%, 9/1/32, Ser. 760 (MBIA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,388,010</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,830</FONT>
        </TD>
        <TD align=left>&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=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.28%, 8/1/27, Ser. 761 (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,063,142</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,400</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Statewide Financing Auth. Rev., 8.313%, 5/1/37</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,389,972</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Univ. Rev. ,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.124%, 5/15/35 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,218,700</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">425</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.035%, 5/15/35, Ser. 1119 (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">411,698</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,130</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.06%, 5/15/38, Ser. 1198</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AA-</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,065,703</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.28%, 9/1/28, Ser. 762 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,339,480</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total California Variable Rate Notes (cost-&#36;56,215,868)</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">58,726,583</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center">&nbsp;</TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD colspan="2">
<HR noshade size=2>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </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">(e)</FONT><B><FONT size=1 face="sans-serif">&#151;2.5%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;2.5%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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">11,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Public Building Auth. Rev., Gov&#146;t Facs., 5.00%, 7/1/36,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. J (AMBAC-GTD)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">11,636,130</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,300</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Public Finance Corp. Rev., Gov&#146;t Facs., 5.75%, 8/1/27, Ser. A</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Ba1/BBB-</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,654,464</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total Other Variable Rate Notes (cost-&#36;17,393,107)</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">17,290,594</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center">&nbsp;</TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD colspan="2">
<HR noshade size=2>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">CALIFORNIA VARIABLE RATE DEMAND NOTES </FONT></B><FONT size=1 face="sans-serif">(e) (f)</FONT><B><FONT size=1 face="sans-serif">&#151;0.9%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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">800</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Health Facs. Financing Auth. Rev., 3.50%, 6/1/06,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="sans-serif">800,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,200</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Department of Water Res. Rev., 3.51%, 6/1/06</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,200,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State of California, Daily Kindergarten Univ., GO,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">3.50%, 6/1/06</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,000,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,100</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Statewide Communities Dev. Auth. Rev., Chevron USA, Inc.</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Proj., 3.52%, 6/1/06</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,100,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total California Variable Rate Demand Notes (cost-&#36;6,100,000)</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,100,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center">&nbsp;</TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD colspan="2">
<HR noshade size=2>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </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">(g)</FONT><B><FONT size=1 face="sans-serif">&#151;0.4%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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">3,115</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">4.49%-4.649%, 6/15/06 (cost-&#36;3,109,522)</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,109,522</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center">&nbsp;</TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD colspan="2">
<HR noshade size=2>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </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">(h)</FONT><B><FONT size=1 face="sans-serif">&#151;0.0%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=1 face="sans-serif">Contracts</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Put Options&#151;0.0%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Eurodollar Futures, Chicago Mercantile Exchange,</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&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">204</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;92, expires 3/19/07</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,275</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">245</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;92.25, expires 3/19/07</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,531</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Total Options Purchased (cost-&#36;4,266)</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,806</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="left">
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Total Investments </FONT></B><FONT size=1 face="sans-serif">(cost-&#36;653,663,835)-&#151;</FONT><B><FONT size=1 face="sans-serif">100.0%</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>
        </TD>
        <TD align=right>
<B><FONT size=1 face="sans-serif">686,208,028</FONT></B>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr 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 Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06 </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="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="sans-serif">PIMCO New York Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD colspan="2" align=left>  <center>
      <FONT size=1 face="sans-serif">Value</FONT>&nbsp;
    </center></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">NEW YORK MUNICIPAL BONDS &amp; NOTES-81.0%</FONT></B>&nbsp;
        </TD>
        <TD width="12%" align=center>

        </TD>
        <TD width="1%" align=left>&nbsp;

        </TD>
        <TD width="8%" align=right>&nbsp;

        </TD>
    <TD width="1%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="8%" align=left>

        </TD>
        <TD width="5%" align=left>&nbsp;

        </TD>
        <TD width="65%" align=left>
<FONT size=1 face="sans-serif">Buffalo Municipal Water Finance Auth., Water System Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B (Pre-refunded @ &#36;100, 7/1/12) (FSA)(a),</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; &nbsp; &nbsp; 250</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">266,822</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,074,020</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,400</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 11/15/36</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,482,920</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Erie Cnty. Tobacco Asset Securitization Corp. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.50%, 7/15/32, (Pre-refunded @ &#36;101, 7/15/10) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Ba1</FONT><font size=1 face="sans-serif">/AAA</font>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">11,140,200</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Metropolitan Transportation Auth. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,850</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,895,991</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,438,000</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Metropolitan Transportation Auth. Service Contract Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,365,960</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York City, GO, 5.00%, 3/1/33, Ser. I</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A1/AA-</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,061,400</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York City Health &amp; Hospital Corp. Rev., Ser. A,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,100</FONT>
        </TD>
        <TD align=left>&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/A-</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,129,458</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.45%, 2/15/26</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A2</FONT><font size=1 face="sans-serif">/A-</font>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,070,000</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York City Industrial Dev. Agcy. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,004,090</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &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</FONT><font size=1 face="sans-serif">/NR</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,553,325</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,235</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,256,415</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,055</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Water &amp; Sewer System Rev., 4.75%, 6/15/25,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. D (MBIA-IBC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,078,065</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York City Transitional Finance Auth. Rev., 5.00%,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">11/1/27, Ser. B</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa1</FONT><font size=1 face="sans-serif">/AAA</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,320,100</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,600</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Port Auth. New York &amp; New Jersey Rev., 5.00%, 4/15/32,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 125 (FSA)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,726,900</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">7,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Dormitory Auth. Lease Rev., State Univ. Dormitory Facs.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/32, (Pre-refunded @ &#36;100, 7/1/12) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa3</FONT><font size=1 face="sans-serif">/AA</font><font size=1 face="sans-serif">-</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,983,750</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Dormitory Auth. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,600</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,611,856</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,061,560</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,300</FONT>
        </TD>
        <TD align=left>&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</FONT><font size=1 face="sans-serif">/NR</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,237,036</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,400</FONT>
        </TD>
        <TD align=left>&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">Aa3</FONT><font size=1 face="sans-serif">/AA</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,451,058</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,525,860</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">8,850</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9,030,983</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,119,300</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">8,600</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">State Personal Income Tax,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 3/15/32, (Pre-refunded @ &#36;100, 3/15/13) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa3</FONT><font size=1 face="sans-serif">/AAA</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9,189,874</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,250</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,307,513</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">4,270</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,395,922</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,092,020</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD colspan=2 align=left>
<FONT size=1 face="sans-serif">State Environmental Facs. Corp., State Clean Water &amp; Drinking Rev.,</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/15/31</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,085,700</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">6,100</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Urban Dev. Corp., Personal Income Tax Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 3/15/33, Ser. C-1, (Pre-refunded @ &#36;100, 3/15/13) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa3/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,518,399</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">21</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO New York Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Value</FONT>&nbsp; </TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD width="8%" align=left>

        </TD>
        <TD width="5%" align=left>&nbsp;

        </TD>
        <TD width="65%" align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Asset Backed, Inc. Rev., Ser. 1,</FONT>&nbsp;
        </TD>
        <TD width="12%" align=center>

        </TD>
        <TD width="1%" align=left>&nbsp;

        </TD>
        <TD width="8%" align=left>&nbsp;

        </TD>
    <TD width="1%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; &nbsp; 25,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/34</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/BBB</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">24,374,750</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">25,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 7/15/32, (Pre-refunded @ &#36;100, 7/15/12) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">27,635,250</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">10,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.375%, 7/15/39, (Pre-refunded @ &#36;101, 7/15/09) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,871,100</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Triborough Bridge &amp; Tunnel Auth. Rev. (FGIC-TCRS),</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&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">710</FONT>
        </TD>
        <TD align=left>&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">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">729,411</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,990</FONT>
        </TD>
        <TD align=left>&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) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,238,577</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Warren &amp; Washington Cntys. Industrial Dev. Agcy. Fac. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,052,740</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">750</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Westchester Cnty. Industrial Dev. Agcy. Continuing</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">788,288</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total New York Municipal Bonds &amp; Notes (cost-&#36;183,160,916)</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">194,164,613</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center">&nbsp;</TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD colspan="2">
<HR noshade size=2>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">OTHER MUNICIPAL BONDS &amp; NOTES&#151;6.8%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">California&#151;3.3%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Alameda Unified School Dist., Alameda Cnty., GO, Ser. A (FSA),</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&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">3,500</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,474,095</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,200,240</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">California Cnty., Tobacco Securitization Agcy. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/1/28</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,983,250</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,130</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Covina Valley Unified School Dist., GO,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,250,623</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7,908,208</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Colorado&#151;0.1%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&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">210</FONT>
        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">96,516</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;3.4%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&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">5,675</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Children&#146;s Trust Fund, Tobacco Settlement Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 5/15/43</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,831,800</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Commonwealth Highway &amp; Transportation Auth. Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 7/1/38, Ser. D, (Pre-refunded @ &#36;100, 7/1/12) (a)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Baa3/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,621,125</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">750</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">A3/BBB+</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">762,195</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,215,120</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="center">
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total Other Municipal Bonds &amp; Notes (cost-&#36;15,384,725)</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">16,219,844</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center">&nbsp;</TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD colspan="2">
<HR noshade size=2>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </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">(b) (d) (e)</FONT><B><FONT size=1 face="sans-serif">&#151;10.0%</FONT></B>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&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">561</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Liberty Dev. Corp. Rev., 14.08%, 10/1/35, Ser. 1251</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa3</FONT><font size=1 face="sans-serif">/NR</font>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">873,780</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">5,595</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Long Island Power Auth. Electric System Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.46%, 12/1/26, Ser. 339 (MBIA-IBC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,739,177</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">715</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Mortgage Agcy. Rev., 8.98%, 10/1/27, Ser. 1199</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa1/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">733,719</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Water &amp; Sewer System Rev.,</FONT>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.216%, 6/15/32</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,359,050</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">3,750</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.716%, 6/15/34</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,255,950</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,500</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.73%, 6/15/33, Ser. 1249</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa2/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,249,425</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,950</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">New York City Trust for Cultural Res. Rev., 7.210%, 2/1/34 (FGIC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,173,899</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">2,475</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Dormitory Auth. Rev., 8.006%, 5/15/31 (AMBAC)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,615,356</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</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 Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06</FONT></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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO New York Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=center> <FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="65%" align=left>&nbsp; </TD>
    <TD width="12%" align=center> </TD>
    <TD width="1%" align=left>&nbsp; </TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">Amount</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Credit Rating</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=1 face="sans-serif">Value</FONT>&nbsp; </TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>

<TR valign="bottom">
        <TD width="8%" align=right>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; &nbsp; 1,250</FONT>
        </TD>
        <TD width="5%" align=left>&nbsp;

        </TD>
        <TD width="65%" align=left>
<FONT size=1 face="sans-serif">State Dormitory Auth. Rev., Drivers,</FONT>&nbsp;
        </TD>
        <TD width="12%" align=left>&nbsp;

        </TD>
        <TD width="1%" align=left>&nbsp;

        </TD>
        <TD width="8%" align=left>&nbsp;

        </TD>
    <TD width="1%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.704%, 6/1/13, Ser. 931 (Radian)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">1,363,750</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,300</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">State Urban Dev. Corp. Rev., 10.497%, 3/15/35</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">1,485,575</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total New York Variable Rate Notes (cost-&#36;23,923,968)</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">23,849,681</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD colspan="2">
<HR noshade size=2>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </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">(e)</FONT><B><FONT size=1 face="sans-serif">&#151;0.8%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Puerto Rico-0.8%</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&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>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Public Finance Corp. Rev., 5.75%, 8/1/27,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<font size=1 face="sans-serif">Ser. A (cost-&#36;2,019,491)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Ba1/BBB-</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">2,027,072</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD colspan="2">
<HR noshade size=2>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">NEW YORK VARIABLE RATE DEMAND NOTES </FONT></B><FONT size=1 face="sans-serif">(e)(f)</FONT><B><FONT size=1 face="sans-serif">&#151;0.8%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&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">1,800</FONT>
        </TD>
        <TD align=left>&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 align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">3.50%, 6/1/06, Ser. C (cost-&#36;1,800,000)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">1,800,000</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD colspan="2">
<HR noshade size=2>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </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">(g)</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>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=1 face="sans-serif">1,530</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">4.49%-4.65%,6/15/06 (cost-&#36;1,527,310)</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">1,527,310</FONT>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">Total Investments </FONT></B><FONT size=1 face="sans-serif">(cost-&#36;227,816,410)&#151;</FONT><B><FONT size=1 face="sans-serif">100.0%</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>
        </TD>
        <TD align=center>
<B><FONT size=1 face="sans-serif">239,588,520</FONT></B>&nbsp;
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD></TD>
        <TD>&nbsp;</TD>
        <TD>
      <hr noshade>
        </TD>
        <TD colspan="2">
      <hr noshade>
        </TD>
  </TR>
</TABLE>
<HR noshade size=1>


<B><FONT size=1 face="sans-serif">Notes to Schedules of Investments:</FONT></B>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=3% align=left>
<FONT size=1 face="sans-serif">*</FONT>&nbsp;
        </TD>
        <TD width=97% align=left>
<FONT size=1 face="sans-serif">Unaudited</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">(a)</FONT>&nbsp;
        </TD>
        <TD align=left>
<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</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">used to pay principal and interest and retire the bonds at the earliest refunding date (payment date) and/or whose</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">interest rates vary with changes in a designated base rate (such as the prime interest rate).</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">(b)</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">144A Security &#151; Security exempt from registration, under Rule 144A of the Securities Act of 1933. These securities</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">indicated, these securities are not considered to be illiquid.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">(c)</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">When-issued or delayed-delivery security. To be settled/delivered after May 31, 2006.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">(d)</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Residual Interest Municipal Bonds (&#147;RIBS&#148;)/Residual Interest Tax Exempt Bonds (&#147;RITES&#148;) &#151; The interest rate shown</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">bears an inverse relationship to the interest rate on another security or the value of an index.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">(e)</FONT>&nbsp;
        </TD>
        <TD align=left>
<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</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">rate). The interest rate disclosed reflects the rate in effect on May 31, 2006.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">(f)</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Maturity date shown is date of next put.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">(g)</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">All or partial amount segregated as collateral for futures contracts.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">(h)</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Non-income producing.</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD align="left">
<HR noshade size=1>     </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">23</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO New York Municipal Income Fund II Schedule of Investments</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<br>
<HR noshade size=2>


<B><U><FONT size=1 face="sans-serif">Glossary:</FONT></U></B>
<P>
<FONT size=1 face="sans-serif">AMBAC &#151; insured by American Municipal Bond Assurance Corp. <br>
CA Mtg. Ins. &#151; insured by California Mortgage Insurance <br>
CA ST Mtg. &#151; insured by California State Mortgage <br>
CP &#151; Certificates of
Participation <br>
FGIC &#151; insured by Financial Guaranty Insurance Co.<br>
</FONT><FONT size=1 face="sans-serif">FHA &#151; insured by Federal Housing Administration <br>
FSA &#151; insured by Financial Security Assurance, Inc.<br>
</FONT><FONT size=1 face="sans-serif">GNMA &#151; insured by Government National Mortgage Association <br>
GO &#151; General Obligation Bond <br>
GTD &#151; Guaranteed <br>
IBC &#151; Insurance Bond Certificate <br>
MBIA &#151; insured by Municipal Bond Investors Assurance <br>
NR
&#151; Not Rated <br>
PSF&#151;GTD &#151; Permanent School Fund Guaranteed <br>
Radian &#151; insured by Radian Guaranty, Inc.<br>
</FONT><FONT size=1 face="sans-serif">TCRS &#151; Temporary Custodian Receipts <br>
XLCA &#151; insured by XL Capital Assurance</FONT></P>
<P>&nbsp;</P>
<P>
<B><FONT size=1 face="sans-serif">24 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1
face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements</FONT></B></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center"><FONT size=2 face="sans-serif">[This page intentionally left blank.]</FONT></P>
<P align="center">&nbsp;</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Statements of Assets and Liabilities</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=58% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=1% align=center>&nbsp;

        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=1% align=center>&nbsp;

        </TD>
        <TD width=4% align="center">&nbsp;
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=8% align=right>
<B><FONT size=1 face="sans-serif">California &nbsp;&nbsp;</FONT></B></TD>
        <TD width=1% align=right>&nbsp;

        </TD>
        <TD width=4% align="right">&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=8% align=right>
<B><FONT size=1 face="sans-serif">New York&nbsp; &nbsp;&nbsp;</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align="right">&nbsp;
        </TD>
        <TD align=right>

        </TD>
        <TD align=right>
<B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align="right">&nbsp;
        </TD>
        <TD align=right>

        </TD>
        <TD align=right>
<B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </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>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR 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">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>

        </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">Investments, at value (cost-&#36;1,233,244,158, &#36;653,663,835</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>

        </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">and &#36;227,816,410, respectively)</FONT>&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">1,332,546,515</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">686,208,028</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">239,588,520</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">Cash</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">22,043,171</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,456,173</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,335,562</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">17,105,989</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,383,883</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,998,750</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">1,220,424</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">378,062</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">120,502</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">310,000</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">130,000</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>
</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">42,509</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">25,585</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">18,371</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">1,373,268,608</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">707,581,731</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">245,061,705</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>

        </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">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">4,268,764</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,207,760</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">733,605</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">579,720</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">298,159</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">103,365</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">Payable 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">328,989</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">57,185</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">43,922</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">259,353</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">156,459</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">92,603</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">Payable for investments purchased</FONT>&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>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,483,300</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>
</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">5,436,826</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,202,863</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">973,495</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;0.00001 par value and &#36;25,000 net</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>

        </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">asset and liquidation value per share 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>

        </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">an aggregate of 20,200, 10,400 and 3,600 shares</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>

        </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">issued and 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>

        </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>

        </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>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">862,831,782</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">443,378,868</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">154,088,210</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>

        </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">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>

        </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:</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>

        </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">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;587</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;304</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;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">834,036,614</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">432,113,919</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">149,184,079</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 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">(1,251,379</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">(1,032,143</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">(733,605</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</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(87,628,060</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">(28,393,131</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">(7,517,120</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 and 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>

        </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</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">117,674,020</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">40,689,919</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">13,154,751</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>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">862,831,782</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">443,378,868</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">154,088,210</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">58,658,072</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">30,411,879</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,513,038</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; 14.71</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; 14.58</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; 14.66</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>
<B><FONT size=1 face="sans-serif">26 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06 </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="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Statements of Operations</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">For the year ended May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="58%" align=left>&nbsp;

        </TD>
        <TD width="4%">&nbsp;
        </TD>
        <TD width="1%" align=left>

        </TD>
        <TD width="8%" align=left>

        </TD>
        <TD width="1%" align=left>&nbsp;

        </TD>
        <TD width="4%">&nbsp;
        </TD>
        <TD width="1%" align=left>

        </TD>
        <TD width="8%" align=right>
<B><FONT size=1 face="sans-serif">California &nbsp;&nbsp;</FONT></B>
        </TD>
        <TD width="1%" align=left>&nbsp;

        </TD>
        <TD width="4%">&nbsp;
        </TD>
        <TD width="1%" align=left>

        </TD>
        <TD width="8%" align=right>
<B><FONT size=1 face="sans-serif">New York &nbsp;&nbsp;&nbsp;</FONT></B>
        </TD>
        <TD width="1%" align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </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>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR 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 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>

        </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=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">71,476,628</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">36,400,264</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">12,924,863</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">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>

        </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">8,864,364</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,571,104</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,582,429</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">1,289,966</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">676,766</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">236,010</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">432,314</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">229,437</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">97,062</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">145,916</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">67,377</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">38,576</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">100,306</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">66,698</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">52,154</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">Trustees&#146; fees and expenses</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">70,495</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">39,487</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">15,852</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">50,261</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">40,605</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">39,017</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">45,607</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">23,608</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">20,817</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">32,258</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14,406</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,940</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">32,216</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">17,828</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,314</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">11,261</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,570</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,130</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">13,430</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">10,015</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,316</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">11,088,394</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,763,901</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2,105,617</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">(2,045,623</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">(1,054,870</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">(365,176</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; &nbsp; &nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">custody
 credits earned on cash balances</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(363,799</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">(134,765</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">(12,573</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">8,678,972</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4,574,266</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,727,868</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">62,797,656</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">31,825,998</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">11,196,995</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>

        </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>

        </TD>
        <TD align=left>

        </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">Investments</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(788,345</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">(264,825</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">92,383</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">Futures contracts</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(19,803,276</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">(5,211,400</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">(1,263,924</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">5,198,205</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,512,109</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,133,736</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 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>
</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">(20,130,613</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">(11,666,264</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">(2,104,303</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">35,710,163</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14,830,914</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,076,828</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">927,139</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">567,380</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">199,189</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>
<FONT size=1 face="sans-serif">Net realized and change in unrealized gain 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>

        </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">1,113,273</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,767,914</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,133,909</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 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>

        </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">63,910,929</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">33,593,912</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">12,330,904</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>

        </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">(13,697,379</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">(6,356,144</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">(2,367,860</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>

        </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 Resulting from Investment Operations</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">50,213,550</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">27,237,768</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9,963,044</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">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1
face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">27</FONT></B></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P align="right">&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="20%" nowrap><b><font size=2 face="sans-serif">PIMCO Municipal Income Funds II&nbsp;&nbsp;</font></b></td>
    <td width="80%" nowrap><b><font size=2 face="sans-serif">Statements of Changes in Net Assets</font></b></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font size=2 face="sans-serif">Applicable to Common Shareholders</font></b></td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
</table>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="72%" align=left>&nbsp;

        </TD>
        <TD width="4%">&nbsp;
        </TD>
        <TD width="1%" align=left>

        </TD>
        <TD colspan=5 align=center>
<B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
        </TD>
        <TD width="1%" align=left>&nbsp;

        </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 align=left>

        </TD>
        <TD colspan=5 align=center>
<FONT size=1 face="sans-serif">Year ended</FONT>
        </TD>
        <TD align=left>&nbsp;

        </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="2" align=center>
      <FONT size=1 face="sans-serif">May 31, 2006</FONT>
        </TD>
        <TD width="1%" align=center>&nbsp;

        </TD>
        <TD width="4%" align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
      <FONT size=1 face="sans-serif">May 31, 2005</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<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=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">62,797,656</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">64,807,639</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 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">(15,393,416</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">16,506,689</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">63,910,929</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 to 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">(13,697,379</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">50,213,550</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 to 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">(55,835,634</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</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">6,163,881</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 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">541,797</FONT>
        </TD>
        <TD align=left>&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 year</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 year (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=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">income of &#36;(1,251,379) and &#36;5,483,978; &#36;(1,032,143) and &#36;1,703,352;</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">&#36;(733,605) and &#36;(41,926); respectively)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">862,831,782</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">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">417,928</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>
<B><FONT size=1 face="sans-serif">28 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06 </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 width=2% align=left>

        </TD>
        <TD colspan=5 align=center>
<B><FONT size=1 face="sans-serif">California Municipal II</FONT></B>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD colspan=5 align=center>
<B><FONT size=1 face="sans-serif">New York Municipal II</FONT></B>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD align="left">
<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 align=left>

        </TD>
        <TD colspan=5 align=center>
<FONT size=1 face="sans-serif">Year ended</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD colspan=5 align=center>
<FONT size=1 face="sans-serif">Year ended</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD align="left">
<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 align=left>

        </TD>
        <TD width=16% align=right>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=15% align=right>
<FONT size=1 face="sans-serif">May 31, 2005</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD width=15% align=right>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=15% align=right>
<FONT size=1 face="sans-serif">May 31, 2005</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD align="left">
<HR noshade size=1>     </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR 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">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">31,825,998</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">31,511,574</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">11,196,995</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">11,114,342</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD align="left">
<HR noshade size=1>     </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=1>     </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<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">(1,964,116</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">(37,805</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 align="left">
<HR noshade size=1>     </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=1>     </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<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">3,732,030</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">1,171,714</FONT>
        </TD>
        <TD align=left>&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 align="left">
<HR noshade size=1>     </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=1>     </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<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">33,593,912</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">12,330,904</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 align="left">
<HR noshade size=1>     </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=1>     </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<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">(6,356,144</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">(3,645,115</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">(2,367,860</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">(1,342,842</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD align="left">
<HR noshade size=1>     </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=1>     </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<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">27,237,768</FONT>
        </TD>
        <TD align=left>&nbsp;

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<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">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1
face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">29</FONT></B></P>

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    <td colspan="2"><b><font size=2 face="sans-serif">PIMCO Municipal Income Funds II</font></b><b><font size=2 face="sans-serif"> Notes to Financial Statements</font></b></td>
  </tr>
  <tr>
    <td width="25%"><font size=1 face="sans-serif">May 31, 2006</font></td>
    <td width="75%"><b></b></td>
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<P>
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies<br>
</FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Fund II (&#145;&#146;Municipal II&#146;&#146;), PIMCO California Municipal Income Fund II (&#145;&#146;California Municipal II&#146;&#146;) and PIMCO New York Municipal Income Fund II
(&#145;&#146;New York Municipal II&#146;&#146;), collectively referred to as the &#145;&#146;Funds&#146;&#146;, were organized as Massachusetts business trusts on March 29, 2002. Prior to commencing operations on June 28, 2002, the Funds had no
operations other than matters relating to their organization and registration as non-diversified, closed-end management investment companies registered under the Investment Company Act of 1940 and the rules and regulations thereunder, as amended.
Allianz Global Investors Fund Management LLC (the &#145;&#146;Investment Manager&#146;&#146;), serves as the investment manager and is an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P. (&#145;&#146;Allianz
Global&#146;&#146;). Allianz Global is an indirect majority-owned subsidiary of Allianz AG. The Funds have an unlimited amount of &#36;0.00001 par value common stock authorized.</FONT></P>
<P>
<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>
<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>
<FONT size=1 face="sans-serif">In the normal course of business the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds&#146; maximum exposure under these arrangements is unknown as
this would involve future claims that may be made against the Funds based upon events that have not been asserted. However, the Funds expect the risk of any loss to be remote.</FONT></P>
<P>
<FONT size=1 face="sans-serif">The following is a summary of significant accounting policies consistently followed by the Funds:</FONT></P>
<P>
<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, using the last sale price on the exchange that is the primary market for such securities, or the quoted mean price for those securities for which the over-the-counter
market is the primary market or for listed securities in which there were no sales. 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 securities maturing in 60 days or less are valued at amortized cost, if their original
term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. 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 (&#147;NYSE&#148;) on each day the NYSE is open for business.</FONT></P>
<P>
<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>
<B><FONT size=1 face="sans-serif"><br>
30 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06</FONT></P>

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    <td colspan="2"><b><font size=2 face="sans-serif">PIMCO Municipal Income Funds II</font></b><b><font size=2 face="sans-serif"> Notes to Financial Statements</font></b></td>
  </tr>
  <tr>
    <td width="25%"><font size=1 face="sans-serif">May 31, 2006</font></td>
    <td width="75%"><b></b></td>
  </tr>
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<P>
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies (continued)</FONT></B></P>
<P>
<B><FONT size=1 face="sans-serif">(c) Federal Income Taxes<br>
</FONT></B><FONT size=1 face="sans-serif">The Funds intend to distribute all of their taxable income and to comply with the other requirements of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no
provision for U.S. federal income taxes is required.</FONT></P>
<P>
<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. For the year ended May 31, 2006, New York Municipal II had a permanent difference attributable to non-deductible excise taxes and an over distribution of taxable
income. The adjustment was to decrease distributions in excess of net investment income and decrease paid-in capital in excess of par by &#36;76,876. To the extent dividends and/or distributions exceed current and accumulated earnings and profits
for federal income tax purposes; they are reported as dividends and/or distributions of paid-in capital.</FONT></P>
<P>
<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>
<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>
<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 Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on
effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a call option written by the
Funds is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written by the Funds is exercised, the premium reduces the cost basis of
the security. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Funds purchasing a security at a price different
from the current market value.</FONT></P>
<P>
<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</FONT></P>
<P align="right">
<FONT size=1 face="sans-serif"><br>
5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">31</FONT></B></P>

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<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><b><font size=2 face="sans-serif">PIMCO Municipal Income Funds II</font></b><b><font size=2 face="sans-serif"> Notes to Financial Statements</font></b></td>
  </tr>
  <tr>
    <td width="25%"><font size=1 face="sans-serif">May 31, 2006</font></td>
    <td width="75%"><b></b></td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
</table>

<P>
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies (continued)</FONT></B></P>
<P>
<FONT size=1 face="sans-serif">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>
<B><FONT size=1 face="sans-serif">(h) When-Issued/Delayed-Delivery Transactions<br>
</FONT></B><FONT size=1 face="sans-serif">When-issued or delayed-delivery basis transactions involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period.
When delayed-delivery purchases are outstanding, the Funds will set aside and maintain until the settlement date in a designated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a
delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations, consequently, such fluctuations are taken into account when determining its net asset value. The Funds
may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a realized gain or loss. When a security on a delayed-delivery basis is sold,
the Funds do not participate in future gains and losses with respect to the security.</FONT></P>
<P>
<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>
<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>
<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&#146;
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>
<B><FONT size=2 face="sans-serif">3. Investments in Securities<br>
</FONT></B><FONT size=1 face="sans-serif">For the year ended May 31, 2006, 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=25% align=left>&nbsp;

        </TD>
        <TD width=24% align=center>&nbsp;

        </TD>
        <TD width=24% align=center>
<FONT size=1 face="sans-serif">California</FONT>&nbsp;
        </TD>
        <TD width=24% align=center>
<FONT size=1 face="sans-serif">New York</FONT>&nbsp;
        </TD>
    <TD width=3% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Municipal II</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Municipal II</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Municipal II</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD align="center">
<HR noshade size=1>     </TD>
        <TD align="center">
<HR noshade size=1>
        </TD>
        <TD align="center">
<HR noshade size=1>
        </TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Purchases</FONT>&nbsp;
        </TD>
        <TD align=center>
 &nbsp;<FONT size=1 face="sans-serif">&#36;268,304,639</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36;241,737,580</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36;103,271,237</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=center>
 &nbsp;&nbsp; <FONT size=1 face="sans-serif">302,224,292</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&nbsp; 241,973,639</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&nbsp; &nbsp; 91,721,709</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=1 face="sans-serif">32 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><b><font size=2 face="sans-serif">PIMCO Municipal Income Funds II</font></b><b><font size=2 face="sans-serif"> Notes to Financial Statements</font></b></td>
  </tr>
  <tr>
    <td width="25%"><font size=1 face="sans-serif">May 31, 2006</font></td>
    <td width="75%"><b></b></td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
</table>

<P>
<B><FONT size=2 face="sans-serif">3. Investments in Securities (continued)</FONT></B></P>
<P>
<B><FONT size=1 face="sans-serif">(a) Futures contracts outstanding at May 31, 2006:</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=21% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=33% align=left>&nbsp;

        </TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=7% align=center>
<FONT size=1 face="sans-serif">Notional</FONT>
        </TD>
        <TD width=5% align=center>&nbsp;

        </TD>
        <TD width=13% align=center>&nbsp;

        </TD>
        <TD width=1% align=center>&nbsp;

        </TD>
        <TD width=10% align=center>
<FONT size=1 face="sans-serif">Unrealized</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Amount</FONT>
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Expiration</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Appreciation</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Fund</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Type</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">(000</FONT><font size=1 face="sans-serif">)</font>
        </TD>
        <TD align=center>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Date</FONT>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">(Depreciation)</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan="2">
      <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>
        <TD colspan=10>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Municipal II</FONT>&nbsp;
        </TD>
        <TD><font size=1 face="sans-serif">Long:</font>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif"> Euro 90 day Futures</FONT>&nbsp;
        </TD>
        <TD align=right> <FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">58</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">6/18/07</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">(27,600</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=1 face="sans-serif">Euro 90 day Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">58</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">9/17/07</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(27,888</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=1 face="sans-serif">Euro 90 day Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">58</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">12/17/07</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(28,462</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=1 face="sans-serif">Euro 90 day Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">58</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">3/17/08</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(28,175</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=1 face="sans-serif">U.S. Treasury Notes 5 yr. Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5,189</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">9/29/06</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(2,113,896</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD><font size=1 face="sans-serif">Short:</font>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif"> U.S. Treasury Bond Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(3,634</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">6/21/06</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">19,950,272</FONT>
        </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">U.S. Treasury Bond Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(1,425</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">9/20/06</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">531,640</FONT>
        </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">U.S. Treasury Notes 10 yr. Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(251</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">9/20/06</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">115,772</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <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>
<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 align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">18,371,663</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <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>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=10>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">California Municipal II</FONT>&nbsp;
        </TD>
        <TD><font size=1 face="sans-serif">Long:</font>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif"> Euro 90 day Futures</FONT>&nbsp;
        </TD>
        <TD align=right> <FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">653</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">6/18/07</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">(253,975</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=1 face="sans-serif">Euro 90 day Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">653</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">9/17/07</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(254,663</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=1 face="sans-serif">Euro 90 day Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">653</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">12/17/07</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(261,188</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=1 face="sans-serif">Euro 90 day Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">653</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">3/17/08</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(257,925</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=1 face="sans-serif">U.S. Treasury Notes 5 yr. Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,533</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">9/29/06</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(607,109</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD><font size=1 face="sans-serif">Short:</font>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif"> U.S. Treasury Bond Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(2,009</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">6/21/06</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">9,519,992</FONT>
        </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">U.S. Treasury Bond Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(630</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">9/20/06</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">234,922</FONT>
        </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">U.S. Treasury Notes 10 yr. Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(62</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">9/20/06</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">25,672</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <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>
<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 align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">8,145,726</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <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>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=10>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">New York Municipal II</FONT>&nbsp;
        </TD>
        <TD><font size=1 face="sans-serif">Long:</font>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif"> U.S. Treasury Notes 5 yr. Futures</FONT>&nbsp;
        </TD>
        <TD align=right>
 <FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">233</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">9/29/06</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">(112,234</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD><font size=1 face="sans-serif">Short:</font>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif"> U.S. Treasury Bond Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(289</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">6/21/06</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,424,266</FONT>
        </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">U.S. Treasury Bond Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(95</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">9/20/06</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">55,703</FONT>
        </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">U.S. Treasury Notes 10 yr. Futures</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(36</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">9/20/06</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">14,906</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <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>
<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 align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,382,641</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <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>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=1 face="sans-serif">(b) Transactions in options written for the year ended May 31, 2006:</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=76% align=left>&nbsp;

        </TD>
        <TD width=8% align=center>
<FONT size=1 face="sans-serif">Contracts</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=8% align=center>
<FONT size=1 face="sans-serif">Premiums</FONT>
        </TD>
        <TD width=1% 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><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>

        </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">Options outstanding, May 31, 2005</FONT>&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=right>
<FONT size=1 face="sans-serif">11,277</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">3,308,134</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=right>
<FONT size=1 face="sans-serif">(11,102</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">(4,824,118</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Options terminated in closing purchase transactions</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(2,540</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">(732,111</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR 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 outstanding, May 31, 2006</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</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">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </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>

        </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">Options outstanding, May 31, 2005</FONT>&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=right>
<FONT size=1 face="sans-serif">6,074</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1,781,431</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=right>
<FONT size=1 face="sans-serif">(7,109</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">(3,303,382</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Options terminated in closing purchase transactions</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(1,356</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">(391,622</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR 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 outstanding, May 31, 2006</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</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">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </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>

        </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">Options outstanding, May 31, 2005</FONT>&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=right>
<FONT size=1 face="sans-serif">1,757</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">508,413</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=right>
<FONT size=1 face="sans-serif">(2,180</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">(1,073,216</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Options terminated in closing purchase transactions</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(390</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">(112,367</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR 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 outstanding May 31, 2006</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">&#151;</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">&#151;</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD>
<HR noshade size=2>
        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">33</FONT></B></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><b><font size=2 face="sans-serif">PIMCO Municipal Income Funds II</font></b><b><font size=2 face="sans-serif"> Notes to Financial Statements</font></b></td>
  </tr>
  <tr>
    <td width="25%"><font size=1 face="sans-serif">May 31, 2006</font></td>
    <td width="75%"><b></b></td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
</table>

<P>
<B><FONT size=2 face="sans-serif">4. Income Tax Information</FONT></B></P>
<P>
<U><FONT size=1 face="sans-serif">Municipal II:</FONT></U></P>
<P>
<FONT size=1 face="sans-serif">The tax character of dividends paid were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=72% align=left>&nbsp;

        </TD>
        <TD width=14% align=center>
<FONT size=1 face="sans-serif">Year ended</FONT>&nbsp;
        </TD>
        <TD width=14% align=center>
<FONT size=1 face="sans-serif">Year ended</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">May 31, 2005</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD align="center">
<HR noshade size=1>     </TD>
        <TD align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Ordinary Income</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36; &nbsp;4,296,868</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36; &nbsp;3,247,605</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Tax Exempt Income</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36;65,236,145</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36;63,841,557</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">At May 31, 2006, there were no distributable earnings.</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>

<P>
<FONT size=1 face="sans-serif">At May 31, 2006, Municipal II had a capital loss carryforward of &#36;69,239,566 (&#36;10,260,913 of which will expire in 2012, &#36;54,505,416 of which will expire in 2013 and &#36;4,473,237 of which will expire in
2014), available as a reduction, to the extent provided in the regulations, of any future net realized capital gains. To the extent that these losses are used to offset future realized capital gains, such gains will not be distributed.</FONT></P>
<P>
<U><FONT size=1 face="sans-serif">California Municipal II:</FONT></U></P>
<P>
<FONT size=1 face="sans-serif">The tax character of dividends paid were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=72% align=left>&nbsp;

        </TD>
        <TD width=15% align=center>
<FONT size=1 face="sans-serif">Year ended</FONT>&nbsp;
        </TD>
        <TD width=13% align=center>
<FONT size=1 face="sans-serif">Year ended</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">May 31, 2005</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD align="center">
<HR noshade size=1>
        </TD>
        <TD align="center">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Ordinary Income</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36; &nbsp;1,211,673</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; 766,357</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Tax Exempt Income</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36;33,349,820</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36;32,313,005</FONT>&nbsp;
        </TD>
</TR>
</TABLE>

<P>
<FONT size=1 face="sans-serif">At May 31, 2006, there were no distributable earnings.</FONT></P>
<P>
<FONT size=1 face="sans-serif">At May 31, 2006, California Municipal II had a capital loss carryforward of &#36;20,248,865 (&#36;3,919,943 of which will expire in 2012 and &#36;16,328,922 of which will expire in 2013), available as a reduction, to
the extent provided in the regulations, of any future net realized capital gains. To the extent that these losses are used to offset future realized capital gains, such gains will not be distributed. During the year ended May 31, 2006, California
Municipal II utilized &#36;3,417,098 of capital loss carryforwards.</FONT></P>
<P>
<U><FONT size=1 face="sans-serif">New York Municipal II:</FONT></U></P>
<P>
<FONT size=1 face="sans-serif">The tax character of dividends paid were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=72% align=left>&nbsp;

        </TD>
        <TD width=15% align=center>
<FONT size=1 face="sans-serif">Year ended</FONT>&nbsp;
        </TD>
        <TD width=13% align=center>
<FONT size=1 face="sans-serif">Year ended</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">May 31, 2005</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD align="center">
<HR noshade size=1>
        </TD>
        <TD align="center">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Ordinary Income</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; 358,930</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36; &nbsp; &nbsp; 146,663</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Tax Exempt Income</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36;11,606,620</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36;11,365,678</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left>
<FONT size=1 face="sans-serif">At May 31, 2006, there were no distributable earnings.</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<P>
<FONT size=1 face="sans-serif">At May 31, 2006, New York Municipal II had a capital loss carryforward of &#36;6,134,479 (&#36;378,802 of which will expire in 2012 and &#36;5,755,677 of which will expire in 2013), available as a reduction, to the
extent provided in the regulations, of any future net realized capital gains. To the extent that these losses are used to offset future realized capital gains, such gains will not be distributed. During the year ended May 31, 2006, New York
Municipal II utilized &#36;2,619,113 of capital loss carryforwards.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif"><br>
34 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><b><font size=2 face="sans-serif">PIMCO Municipal Income Funds II</font></b><b><font size=2 face="sans-serif"> Notes to Financial Statements</font></b></td>
  </tr>
  <tr>
    <td width="25%"><font size=1 face="sans-serif">May 31, 2006</font></td>
    <td width="75%"><b></b></td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
</table>

<P>
<B><FONT size=2 face="sans-serif">4. Income Tax Information (continued)</FONT></B></P>
<P>
<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 May 31, 2006 were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=31% align=left>&nbsp;

        </TD>
        <TD width=18% align=left>&nbsp;

        </TD>
        <TD width=17% align=center>
<FONT size=1 face="sans-serif">Gross</FONT>&nbsp;
        </TD>
        <TD width=17% align=center>
<FONT size=1 face="sans-serif">Gross</FONT>&nbsp;
        </TD>
        <TD width=17% align=center>
<FONT size=1 face="sans-serif">Net</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Cost of</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Unrealized</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Unrealized</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Unrealized</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Investments</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Appreciation</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Depreciation</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">Appreciation</FONT>&nbsp;
        </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>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">Municipal II</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36;1,233,260,989</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36;100,424,168</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36;1,138,642</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&#36;99,285,526</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">California Municipal II</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&nbsp; &nbsp; &nbsp;653,663,835</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&nbsp; &nbsp; 33,828,966</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&nbsp; 1,284,773</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&nbsp; 32,544,193</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">New York Municipal II</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&nbsp; &nbsp; &nbsp;227,816,410</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&nbsp; &nbsp; 13,131,799</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&nbsp; 1,359,689</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="sans-serif">&nbsp; 11,772,110</FONT>&nbsp;
        </TD>
</TR>
</TABLE>

<P>
<FONT size=1 face="sans-serif">The difference between book and tax basis unrealized appreciation/depreciation, if any, is attributable to wash sales.</FONT></P>
<P>
<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>
<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>
<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>
<FONT size=1 face="sans-serif">Dividends and distributions of net realized long-term capital gains, if any, are accumulated daily at an annual rate (typically re-set every seven days) through auction procedures.</FONT></P>
<P>
<FONT size=1 face="sans-serif">For the year ended May 31, 2006, the annualized dividend rates ranged from:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=49% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=1 face="sans-serif">High</FONT>
        </TD>
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="sans-serif">Low</FONT>
        </TD>
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD colspan="2" align=center>
<FONT size=1 face="sans-serif">At May 31, 2006</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 width="11%">
<HR noshade size=1>
        </TD>
        <TD width="10%">
<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>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </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">Series A</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4.35</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&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 align=right>
<FONT size=1 face="sans-serif">3.29</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; <FONT size=1 face="sans-serif">Series B</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4.40</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&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 align=right>
<FONT size=1 face="sans-serif">3.30</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; <FONT size=1 face="sans-serif">Series C</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4.45</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&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 align=right>
<FONT size=1 face="sans-serif">3.15</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; <FONT size=1 face="sans-serif">Series D</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4.45</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&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 align=right>
<FONT size=1 face="sans-serif">3.35</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; <FONT size=1 face="sans-serif">Series E</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4.35</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&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 align=right>
<FONT size=1 face="sans-serif">3.35</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&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>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </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">Series A</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4.35</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&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 align=right>
<FONT size=1 face="sans-serif">2.98</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; <FONT size=1 face="sans-serif">Series B</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4.40</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&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 align=right>
<FONT size=1 face="sans-serif">3.10</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; <FONT size=1 face="sans-serif">Series C</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4.45</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&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 align=right>
<FONT size=1 face="sans-serif">3.09</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; <FONT size=1 face="sans-serif">Series D</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4.45</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&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 align=right>
<FONT size=1 face="sans-serif">3.01</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; <FONT size=1 face="sans-serif">Series E</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4.35</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&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 align=right>
<FONT size=1 face="sans-serif">3.25</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&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>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </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">Series A</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4.45</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&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 align=right>
<FONT size=1 face="sans-serif">3.35</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; <FONT size=1 face="sans-serif">Series B</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">4.35</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&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 align=right>
<FONT size=1 face="sans-serif">3.30</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
</TABLE>

<P>
<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>
<FONT size=1 face="sans-serif">Preferred Shares, which are entitled to one vote per share, generally vote separately as a class to elect two Trustees and on any matters affecting the rights of the Preferred Shares.</FONT></P>
<P align="right">
<FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">35</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Notes to Financial Statements</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="sans-serif">6. Subsequent Common Dividend Declarations</FONT></B></P>
<P>
<FONT size=1 face="sans-serif">On June 1, 2006, the following dividends were declared to common shareholders payable July 3, 2006 to shareholders of record on June 12, 2006:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=21% align=left>&nbsp;</TD>
        <TD width=34% 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;0.07 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;0.07 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;0.06625 per common share</FONT>&nbsp;
        </TD>
</TR>
</TABLE>

<P>
<FONT size=1 face="sans-serif">On July 3, 2006 the following dividends were declared to common shareholders payable August 1, 2006 to shareholders of record on July 13, 2006:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=21% align=left>&nbsp;</TD>
        <TD width=34% 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;0.07 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;0.07 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;0.06625 per common share</FONT>&nbsp;
        </TD>
</TR>
</TABLE>

<P>
<B><FONT size=2 face="sans-serif">7. Legal Proceedings</FONT></B></P>
<P>
<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>
<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. 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.</FONT></P>
<P>
<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 Funds. 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 Sub-Adviser, (together, the
&#145;&#146;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 be issued 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>
<FONT size=1 face="sans-serif">The Investment Manager and the Sub-Adviser believe that these matters are not likely to have a material adverse effect on the Funds or on their ability to perform their respective investment advisory activities
relating to the Funds.</FONT></P>
<P>
<FONT size=1 face="sans-serif">The foregoing speaks only as of the date hereof.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif"><br>
36 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center"><FONT size=2 face="sans-serif">[This page intentionally left blank.]</FONT></P>
<P align="center">&nbsp;</P>
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<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="right">
<FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">37</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Financial Highlights</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">For a share of common stock outstanding throughout each period:</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD align=center>

          <center>
    </center></TD>
        <TD align=center>

          <center>
    </center></TD>
        <TD align="center">
          <center>
    </center></TD>
        <TD align=center>

          <center>
    </center></TD>
        <TD align=center>

          <center>
    </center></TD>
        <TD align=center>

          <center>
    </center></TD>
        <TD align="center">
          <center>
    </center></TD>
        <TD align=center>

          <center>
    </center></TD>
        <TD align=center>

          <center>
    </center></TD>
        <TD align=center>

          <center>
    </center></TD>
        <TD align="center">
          <center>
    </center></TD>
        <TD colspan="3" align=center>     <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="11" align=left>
      <center>
        <FONT size=1 face="sans-serif">Year Ended</FONT>
      </center></TD>
        <TD align="center">
          <center>
    </center></TD>
        <TD colspan="3" align=center>     <center>
          <font size=1 face="sans-serif">June 28, 2002*</font>
    </center></TD>
  </TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD align="center">
<HR align="center" size=1 noshade>
        </TD>
        <TD align="center">
<HR align="center" size=1 noshade>
        </TD>
        <TD align="center"><HR align="center" size=1 noshade>
        </TD>
        <TD align="center">
<HR align="center" size=1 noshade>
        </TD>
        <TD align="center">
<HR align="center" size=1 noshade>
        </TD>
        <TD align="center">
<HR align="center" size=1 noshade>
        </TD>
        <TD align="center"><HR align="center" size=1 noshade>
        </TD>
        <TD align="center">
<HR align="center" size=1 noshade>
        </TD>
        <TD align="center">
<HR align="center" size=1 noshade>
        </TD>
        <TD align="center">
<HR align="center" size=1 noshade>
        </TD>
        <TD align="center">
          <center>
    </center></TD>
        <TD colspan="3" align="center">   <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">May 31, 2006</FONT>
      </center></TD>
        <TD align="center">
          <center>
    </center></TD>
        <TD colspan="3" align=center>
      <center>
        <FONT size=1 face="sans-serif">May 31, 2005</FONT>
      </center></TD>
        <TD align="center">
          <center>
    </center></TD>
        <TD colspan="3" align=center>
      <center>
        <FONT size=1 face="sans-serif">May 31, 2004</FONT>
      </center></TD>
        <TD align="center">
          <center>
    </center></TD>
        <TD colspan="3" align=center>
      <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">14.81</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">1.08</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 change in unrealized gain (loss)</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">on investments, futures contracts and options</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">written</FONT>&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>&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">1.09</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.95</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 Preferred</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">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">(0.23</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 preferred</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">shares</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>
<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 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>
<FONT size=1 face="sans-serif">shareholders resulting from 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>
        <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">operations</FONT>&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>
        <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">(0.96</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">(0.96</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 paid-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">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=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">discounts charged to paid-in capital in excess</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">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">14.71</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">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">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>
<FONT size=1 face="sans-serif">Total Investment Return (1)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">2.63</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 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>
        <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">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">862,832</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 net assets (2)(3)(5)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.05</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">%</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 net</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">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">%</FONT>&nbsp;
        </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">67,701</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">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">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>
<B><FONT size=1 face="sans-serif">38 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06 </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="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Financial Highlights</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">For a share of common stock outstanding throughout each period:</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="2%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">*</FONT>
      </div></TD>
        <TD width="98%" align=left>
<FONT size=1 face="sans-serif">Commencement of operations.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;     </FONT></div></TD>
        <TD align=left>
<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>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">(1)</FONT></div></TD>
        <TD align=left>
<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</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">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</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">prices obtained under the Fund&#146;s dividend reinvestment plan. Total investment return does not reflect brokerage</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">commissions or sales charges. Total investment return for a period of less than one year is not annualized.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">(2)</FONT></div></TD>
        <TD align=left>
<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</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">net assets of common shareholders.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">(3)</FONT></div></TD>
        <TD align=left>
<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</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">to Financial Statements).</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">(4)</FONT></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Annualized.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">(5)</FONT>
      </div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">During the periods indicated above, the Investment Manager waived a portion of its investment management fee. If</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">such a waiver had not been in effect, the ratio of expenses to average net assets and the ratio of net investment income</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">to average net assets would have been 1.29% and 7.07%, respectively for the year ended May 31, 2006; 1.26% and</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">7.47%, respectively for the year ended May 31, 2005; 1.28% and 7.92%, respectively for the year ended May 31, 2004;</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">and 1.18% (annualized) and 6.76% (annualized), respectively for the period June 28, 2002 (commencement of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">operations) through May 31, 2003.</FONT>&nbsp;
        </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">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1
face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">39</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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Financial Highlights</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">For a share of common stock outstanding throughout each period:</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><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 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=center>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD align=left>

          <center>
    </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 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">For the period</FONT>          </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="11" 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>
<HR align="center" size=1 noshade>
        </TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD><HR align="center" size=1 noshade>
        </TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD><HR align="center" size=1 noshade>
        </TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD>
<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">May 31, 2006</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">14.61</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">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">1.05</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 change in unrealized gain (loss)</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">on investments, futures contracts and options</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">written</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.06</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">(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">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">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 on Preferred Shares from Net</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">Investment Income:</FONT></B>&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">(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 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 investment</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">operations</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">0.90</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 to Common Shareholders from Net</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">Investment Income:</FONT></B>&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">(0.98</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 paid-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">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 excess</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">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">14.58</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">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">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>
<FONT size=1 face="sans-serif">Total Investment Return (1)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">5.50</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 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>
        <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">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">443,379</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 net assets (2)(3)(5)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.06</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">1.06</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 net</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">assets (2)(5)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7.18</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">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">67,620</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">35</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>
<B><FONT size=1 face="sans-serif">40 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06 </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="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="sans-serif">PIMCO California Municipal Income Fund II Financial Highlights</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">For a share of common stock outstanding throughout each period:</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=1% align=right>
      <div align="left"><FONT size=1 face="sans-serif">*</FONT>
      </div></TD>
        <TD width=99% align=left>
<FONT size=1 face="sans-serif">Commencement of operations.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">**</FONT>
      </div></TD>
        <TD align=left>
<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>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">(1)</FONT></div></TD>
        <TD align=left>
<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</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">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</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">each period reported. Dividends are assumed, for purposes of this calculation, to be reinvested at prices obtained</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">under the Fund&#146;s dividend reinvestment plan. Total investment return does not reflect brokerage commissions or sales</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">charges. Total investment return for a period of less than one year is not annualized.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">(2)</FONT>
      </div></TD>
        <TD align=left>
<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</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">net assets of common shareholders.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">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</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">reported.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">the Fund&#146;s dividend reinvestment plan. Total investment return does not reflect brokerage commissions or sales charges.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total investment</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">(3)</FONT>
      </div></TD>
        <TD align=left>
<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</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">to Financial Statements).</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">(4)</FONT>
      </div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Annualized.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
      </div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">During the periods indicated above, the Investment Manager waived a portion of its investment management fee. If</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">such a waiver had not been in effect, the ratio of expenses to average net assets and the ratio of net investment income</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">to average net assets would have been 1.30% and 6.94%, respectively for the year ended May 31, 2006; 1.30% and</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">7.13%, respectively for the year ended May 31, 2005; 1.31% and 7.83%, respectively for the year ended May 31, 2004;</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">and 1.20% (annualized) and 6.34% (annualized), respectively for the period June 28, 2002 (commencement of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">operations) through May 31, 2003.</FONT>&nbsp;
        </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">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1
face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">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 align=left>
<B><FONT size=2 face="sans-serif">PIMCO New York Municipal Income Fund II Financial Highlights</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">For a share of common stock outstanding throughout each period:</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><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 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=center>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD align=left>

          <center>
    </center></TD>
        <TD align=left>

          <center>
    </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 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">For the period</FONT>          </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="11" 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>
<HR align="center" size=1 noshade>
        </TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD><HR align="center" size=1 noshade>
        </TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD><HR align="center" size=1 noshade>
        </TD>
        <TD>
<HR align="center" size=1 noshade>
        </TD>
        <TD>
<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">May 31, 2006</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">14.62</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">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">1.07</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 change in unrealized gain (loss)</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">on investments, futures contracts and options</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">written</FONT>&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>&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">1.18</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 on Preferred Shares from Net</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">Investment Income:</FONT></B>&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>
<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 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 resulting from investment</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">operations</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>&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 to Common Shareholders from Net</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">Investment Income:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(0.91</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 paid-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">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 excess</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">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">14.66</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">14.62</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">14.14</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>
<FONT size=1 face="sans-serif">Total Investment Return (1)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.65</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 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>
        <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">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">154,088</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 net assets (2)(3)(5)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">1.13</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">1.14</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 net</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">assets (2)(5)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">7.30</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">7.53</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">67,785</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">39</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>
<B><FONT size=1 face="sans-serif">42 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1
face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements</FONT></B></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="sans-serif">PIMCO New York Municipal Income Fund II Financial Highlights</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="sans-serif">For a share of common stock outstanding throughout each period:</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=1% align=right>
      <div align="left"><FONT size=1 face="sans-serif">*</FONT>
      </div></TD>
        <TD width=99% align=left>
<FONT size=1 face="sans-serif">Commencement of operations.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">**</FONT>
      </div></TD>
        <TD align=left>
<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>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">(1)</FONT></div></TD>
        <TD align=left>
<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</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">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</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">each period reported. Dividends are assumed, for purposes of this calculation, to be reinvested at prices obtained</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">under the Fund&#146;s dividend reinvestment plan. Total investment return does not reflect brokerage commissions or sales</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">charges. Total investment return for a period of less than one year is not annualized.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">(2)</FONT></div></TD>
        <TD align=left>
<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</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">net assets of common shareholders.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">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</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">reported.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">the Fund&#146;s dividend reinvestment plan. Total investment return does not reflect brokerage commissions or sales charges.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Total investment</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">(3)</FONT></div></TD>
        <TD align=left>
<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</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">to Financial Statements).</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">(4)</FONT>
      </div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">Annualized.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
      </div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">During the periods indicated above, the Investment Manager waived a portion of its investment management fee. If</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">such a waiver had not been in effect, the ratio of expenses to average net assets and the ratio of net investment income</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">to average net assets would have been 1.37% and 7.06%, respectively for the year ended May 31, 2006; 1.38% and</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">7.29%, respectively for the year ended May 31, 2005; 1.39% and 7.34%, respectively for the year ended May 31, 2004;</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">and 1.25% (annualized) and 6.25% (annualized), respectively for the period June 28, 2002 (commencement of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=1 face="sans-serif">operations) through May 31, 2003.</FONT>&nbsp;
        </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">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1
face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">43</FONT></B></P>

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<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=6% align=center nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II&nbsp; </FONT></B>
      </div></TD>
    <TD width=94% align=center nowrap><div align="left"><B><FONT size=2 face="sans-serif">Report of Independent
    Registered</FONT></B>&nbsp;</div></TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<B></B>&nbsp;
        </TD>
    <TD align=right nowrap><div align="left"><B><FONT size=2 face="sans-serif">Public Accounting Firm</FONT></B></div></TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
    <TD><HR noshade size=1></TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=1 face="sans-serif">To the Shareholders and the Board of Trustees of:</FONT></B></P>
<P>
<B><FONT size=1 face="sans-serif">PIMCO Municipal Income Fund II,<br>
</FONT></B><B><FONT size=1 face="sans-serif">PIMCO California Municipal Income Fund II and <br>
PIMCO New York Municipal income Fund II</FONT></B></P>
<P>
<FONT size=1 face="sans-serif">In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets applicable to common shareholders and
the financial highlights present fairly, in all material respects, the financial position of PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II (collectively hereafter referred to as
the &#147;Funds&#148;) at May 31, 2006, the results of each of their operations for the year ended, the changes in each of their net assets applicable to common shareholders for each of the two years in the period then ended and the financial
highlights for each of the three years in the period then ended and for the period June 28, 2002 (commencement of operations) through May 31, 2003, in conformity with accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as &#147;financial statements&#148;) are the responsibility of the Funds&#146; management; our responsibility is to express an opinion on these financial statements based on our
audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2006 by correspondence with the custodian and brokers,
provide a reasonable basis for our opinion. </FONT></P>
<P>
<FONT size=1 face="sans-serif">PricewaterhouseCoopers LLP <br>
New York, New York <br>
July 18, 2006</FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">44 </FONT></B><FONT size=1 face="sans-serif">PIMCO
    Municipal Income Funds II Annual Report | 5.31.06</FONT></P>
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<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=20% align=center nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">PIMCO Municipal Income
            Funds II&nbsp; </FONT></B>
    </div></TD>
    <TD width=80% align=center nowrap><div align="left"><B><FONT size=2 face="sans-serif">Privacy
    Policy, Proxy Voting Policies &amp;</FONT></B></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
      <div align="left"></div></TD>
    <TD align=right nowrap><div align="left"><B><FONT size=2 face="sans-serif">Procedures </FONT></B><FONT size=2 face="sans-serif">(unaudited)</FONT>&nbsp; </div></TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
    <TD><HR noshade size=1></TD>
</TR>
</TABLE>
<BR>
<P>
<B><U><FONT size=2 face="sans-serif">Privacy Policy:</FONT></U></B></P>
<P>
<B><FONT size=1 face="sans-serif">Our Commitment to You</FONT></B><BR>
<FONT size=1 face="sans-serif">We consider customer privacy to be a fundamental aspect of our relationship with clients. We are committed to maintaining the confidentiality, integrity, and security of our current, prospective and former
clients&#146; personal information. We have developed policies designed to protect this confidentiality, while allowing client needs to be served.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">Obtaining Personal Information</FONT></B><BR>
<FONT size=1 face="sans-serif">In the course of providing you with products and services, we may obtain non-public personal information about you. This information may come from sources such as account applications and other forms, from other
written, electronic or verbal correspondence, from your transactions, from your brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on our internet web sites.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">Respecting Your Privacy</FONT></B><BR>
<FONT size=1 face="sans-serif">We do not disclose any personal or account information provided by you or gathered by us to non-affiliated third parties, except as required or permitted by law. As is common in the industry, non-affiliated companies
may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on client satisfaction, and gathering shareholder proxies. We may also
retain non-affiliated companies to market our products and enter in joint marketing agreements with other companies. These companies may have access to your personal and account information, but are permitted to use the information solely to provide
the specific service or as otherwise permitted by law. We may also provide your personal and account information to your brokerage or financial advisory firm and/or to your financial adviser or consultant.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">Sharing Information with Third Parties</FONT></B><BR>
<FONT size=1 face="sans-serif">We do reserve the right to disclose or report personal information to non-affiliated third parties in limited circumstances where we believe in good faith that disclosure is required under law, to cooperate with
regulators or law enforcement authorities, to protect our rights or property, or upon reasonable request by any mutual fund in which you have chosen to invest. In addition, the fund may disclose information about a shareholder&#146;s accounts to a
non-affiliated third party with the consent or upon the request of the shareholder.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">Sharing Information with Affiliates</FONT></B><BR>
<FONT size=1 face="sans-serif">We may share client information with our affiliates in connection with servicing your account or to provide you with information about products and services that we believe may be of interest to you. The information we
share may include, for example, your participation in our mutual funds or other investment programs, your ownership of certain types of accounts (such as IRAs), or other data about your accounts. Our affiliates, in turn, are not permitted to share
your information with non-affiliated entities, except as required or permitted by law.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">Procedures to Safeguard Private Information</FONT></B><BR>
<FONT size=1 face="sans-serif">The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a
shareholder&#146;s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder&#146;s non-public personal information,
physical, electronic and procedural safeguards are in place.</FONT></P>
<P>&nbsp;</P>
<hr size="1" noshade>

<P><B><U><FONT size=1 face="sans-serif">Proxy Voting Policies &amp; Procedures:</FONT></U></B><BR>
<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; shareholder servicing agent at (800) 331-1710; (ii) on the Funds&#146; website at
www.allianzinvestors.com/closedendfunds; and (iii) on the Securities and Exchange Commission&#146;s website at www. sec.gov.</FONT></P>
<P align="right">
<FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">45</FONT></B></P>

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<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Tax Information </FONT></B><FONT size=2 face="sans-serif">(unaudited)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
</TABLE>
<hr size="1" noshade>
<P>
<B><U><FONT size=2 face="sans-serif">Tax Information:</FONT></U></B></P>
<P>
<FONT size=1 face="sans-serif">Subchapter M of the Internal Revenue Code of 1986, as amended, requires the Funds to advise shareholders within 60 days of the Funds&#146; tax year-end (May 31, 2006) as to the federal tax status of dividends and
distributions received by shareholders during such tax period. Accordingly, please note that substantially all dividends paid from net investment income from the Funds during the tax period ended May 31, 2006 were federally exempt interest
dividends. However, the Funds invested in municipal bonds containing market discount, whose accretion is taxable. Accordingly, the percentage of dividends paid from net investment income during the tax period which are taxable were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=67% align=left>
<FONT size=1 face="sans-serif">Municipal II</FONT>&nbsp;
        </TD>
        <TD width=7%>&nbsp;
        </TD>
        <TD width=2% align=right>
<FONT size=1 face="sans-serif">6.18</FONT>
        </TD>
        <TD width=24% align=left>
<FONT size=1 face="sans-serif">%</FONT>&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=right>
<FONT size=1 face="sans-serif">3.51</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&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=right>
<FONT size=1 face="sans-serif">3.00</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">%</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P>
<FONT size=1 face="sans-serif">Since the Funds&#146; tax year is not the calendar year, another notification will be sent with respect to calendar year 2006. In January 2007, shareholders will be advised on IRS Form 1099 DIV as to the federal tax
status of the dividends and distributions received during calendar 2006. The amount that will be reported will be the amount to use on your 2006 federal income tax return and may differ from the amount which must be reported in connection with each
Fund&#146;s tax year ended May 31, 2006. Shareholders are advised to consult their tax advisers as to the federal, state and local tax status of the dividend income received from the Funds. In January 2007, an allocation of interest income by state
will be provided which may be of value in reducing a shareholder&#146;s state and local tax liability, if any.</FONT></P>
<P>&nbsp;</P>
<P>
<B><FONT size=1 face="sans-serif">46 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06</FONT></P>

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<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=2 face="sans-serif">PIMCO Municipal Income Funds II Dividend Reinvestment Plan </FONT></B><FONT size=2 face="sans-serif">(unaudited)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
</TABLE>
<hr size="1" noshade>
<BR>
<P>
<FONT size=1 face="sans-serif">Pursuant to the Funds&#146; Dividend Reinvestment Plan (the &#147;Plan&#148;), all Common Shareholders whose shares are registered in their own names will have all dividends, including any capital gain dividends,
reinvested automatically in additional Common Shares by PFPC Inc., as agent for the Common Shareholders (the &#147;Plan Agent&#148;), unless the shareholder elects to receive cash. An election to receive cash may be revoked or reinstated at the
option of the shareholder. In the case of record shareholders such as banks, brokers or other nominees that hold Common Shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of Common
Shares certified from time to time by the record shareholder as representing the total amount registered in such shareholder&#146;s name and held for the account of beneficial owners who are to participate in the Plan. Shareholders whose shares are
held in the name of a bank, broker or nominee should contact the bank, broker or nominee for details. All distributions to investors who elect not to participate in the Plan (or whose broker or nominee elects not to participate on the
investor&#146;s behalf), will be paid cash by check mailed, in the case of direct shareholder, to the record holder by PFPC Inc., as the Funds&#146; dividend disbursement agent.</FONT></P>
<P>
<FONT size=1 face="sans-serif">Unless you (or your broker or nominee) elects not to participate in the Plan, the number of Common Shares you will receive will be determined as follows:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD>
<FONT size=1 face="sans-serif">If on the payment date the net asset value of
the Common Shares is equal to or less than the market price per Common Share
plus estimated brokerage commissions that would be incurred upon the purchase
of Common Shares  on the open market, the Fund will issue new shares at the greater
of (i) the net asset value per Common Share on the payment date or (ii) 95% of
the market price per Common Share on the payment date; or</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(2)</FONT></TD>
        <TD>
<FONT size=1 face="sans-serif">If on the payment date the net asset value of
the Common Shares is greater than the market price per Common Share plus estimated
brokerage commissions that would be incurred upon the purchase of Common Shares
on the  open market, the Plan Agent will receive the dividend or distribution
in cash and will purchase Common Shares in the open market, on the New York Stock
Exchange or elsewhere, for the participants&#146; accounts. It is possible that
the market price  for the Common Shares may increase before the Plan Agent has
completed its purchases. Therefore, the average purchase price per share paid
by the Plan Agent may exceed the market price on the payment date, resulting
in the purchase of fewer shares  than if the dividend or distribution had been
paid in Common Shares issued by the Fund. The Plan Agent will use all dividends
and distributions received in cash to purchase Common Shares in the open market
on or shortly after the payment date, but  in no event later than the ex-dividend
date for the next distribution. Interest will not be paid on any uninvested cash
payments.</FONT></TD>
</TR>
</TABLE>
<P>
<FONT size=1 face="sans-serif">You may withdraw from the Plan at any time by giving notice to the Plan Agent. If you withdraw or the Plan is terminated, you will receive a certificate for each whole share in your account under the Plan and you will
receive a cash payment for any fraction of a share in your account. If you wish, the Plan Agent will sell your shares and send you the proceeds, minus brokerage commissions.</FONT></P>
<P>
<FONT size=1 face="sans-serif">The Plan Agent maintains all shareholders&#146; accounts in the Plan and gives written confirmation of all transactions in the accounts, including information you may need for tax records. The Plan Agent will also
furnish each person who buys Common Shares with written instructions detailing the procedures for electing not to participate in the Plan and to instead receive distributions in cash. Common Shares in your account will be held by the Plan Agent in
non-certificated form. Any proxy you receive will include all Common Shares you have received under the Plan.</FONT></P>
<P>
<FONT size=1 face="sans-serif">There is no brokerage charge for reinvestment of your dividends or distributions in Common Shares. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes
open market purchases.</FONT></P>
<P>
<FONT size=1 face="sans-serif">Automatically reinvested dividends and distributions are taxed in the same manner as cash dividends and distributions.</FONT></P>
<P>
<FONT size=1 face="sans-serif">The Fund and the Plan Agent reserve the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service
charge payable by the participants. Additional information about the Plan may be obtained from the Funds&#146; shareholder servicing agent, PFPC Inc., P.O. Box 43027, Providence, RI 02940-3027, telephone number (800) 331-1710.</FONT></P>
<P>&nbsp;</P>
<P align="right"><FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">47</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 Board of
Trustees </FONT></B><FONT size=2 face="sans-serif">(unaudited)</FONT></P>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="42%" align=left> <B><FONT size=1 face="sans-serif">Name, Date of
          Birth, Position(s) Held with</FONT></B>&nbsp; </TD>
    <TD width="58%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left> <B><FONT size=1 face="sans-serif">Funds,
          Length of Service, Other Trusteeships/</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="sans-serif">Directorships
          Held by Trustee; Number of</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="sans-serif">Portfolios in
          Fund Complex/Outside Fund</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="sans-serif">Complexes Currently
          Overseen by Trustee</FONT></B>&nbsp; </TD>
    <TD align=left> <B><FONT size=1 face="sans-serif">Principal Occupation(s)
          During Past 5 years:</FONT></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">The address of
          each trustee is 1345 Avenue of</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">the Americas,
          New York, NY 10105</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="sans-serif">Robert E. Connor</FONT></B>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Corporate Affairs
        Consultant. Formerly, Senior Vice President, Corporate</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">Date of Birth: 9/17/34</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Office, Smith Barney
        Inc.</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Chairman of the
          Board of Trustees since: 2004</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee since:
          2002</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Term of office:
          Expected to stand for re-election</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <div align="left">&nbsp; &nbsp;<I><FONT size=1 face="sans-serif">at 2006 annual
          meeting of shareholders.</FONT></I>&nbsp; </div></TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee/Director
          of 24 funds in Fund Complex</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee/Director
          of no funds outside of Fund</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">Complex</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="sans-serif">Paul Belica</FONT></B>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Retired. Formerly
        Director, Student Loan Finance Corp., Education</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">Date of Birth: 9/27/21</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Loans, Inc., Goal
        Funding, Inc., Goal Funding II, Inc. and Surety Loan Fund,</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee since:
          2002</FONT></I>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Inc.; Formerly,
        Manager of Stratigos Fund LLC, Whistler Fund LLC,</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Term of office:
          Expected to stand for re-election</FONT></I>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Xanthus Fund LLC &amp; Wynstone
        Fund LLC; and Formerly, senior executive</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <div align="left">&nbsp; &nbsp;<I><FONT size=1 face="sans-serif">at 2007 annual
          meeting of shareholders.</FONT></I>&nbsp; </div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">and member of the
        Board of Smith Barney, Harris Upham &amp; Co.</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee/Director
          of 24 funds in Fund Complex</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee/Director
          of no funds outside of Fund</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">Complex</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="sans-serif">John J. Dalessandro
          II</FONT></B>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Retired. Formerly,
        President and Director, J.J. Dalessandro II Ltd.,</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">Date of Birth: 7/26/37</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">registered broker-dealer
        and member of the New York Stock Exchange.</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee since:
          2002</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Term of office:
          Expected to stand for re-election</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <div align="left">&nbsp; &nbsp;<I><FONT size=1 face="sans-serif">at 2007 annual
          meeting of shareholders.</FONT></I>&nbsp; </div></TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee/Director
          of 24 funds in Fund Complex</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee/Director
          of no funds outside of Fund</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">complex</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="sans-serif">David C. Flattum &#134;</FONT></B>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Managing Director,
        Chief Operating Officer, General Counsel and</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">Date of Birth: 8/27/64</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">member of Management
        Board, Allianz Global Investors of America L.P.;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee since:
          2004</FONT></I>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Member of Management
        board, Allianz Global Investors Fund</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Term of office:
          Expected to stand for election at</FONT></I>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Management LLC;
        Formerly, Head of Corporate Functions of Allianz</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <div align="left">&nbsp; &nbsp;<I><FONT size=1 face="sans-serif">2008 annual
          meeting of shareholders.</FONT></I>&nbsp; </div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Global Investors
        of America L.P.; Formerly, Partner, Latham &amp; Watkins</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee/Director
          of 57 funds in Fund Complex</FONT></I>&nbsp; </TD>
    <TD align=left><FONT size=1 face="sans-serif">LLP</FONT> <FONT size=1 face="sans-serif">(1998-2001).</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee/Director
          of no funds outside of Fund</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">Complex</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="sans-serif">Hans W. Kertess</FONT></B>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">President, H. Kertess &amp; Co.
        L.P.; Formerly, Managing Director, Royal Bank</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">Date of Birth: 7/12/39</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">of Canada Capital
        Markets.</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee since:
          2002</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Term of office:
          Expected to stand for re-election</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <div align="left">&nbsp; &nbsp;<I><FONT size=1 face="sans-serif">at 2006 annual
          meeting of shareholders.</FONT></I>&nbsp; </div></TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee/Director
          of 24 Funds in Fund Complex;</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee/Director
          of no funds outside of Fund</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">Complex</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="sans-serif">R. Peter Sullivan
          III</FONT></B>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Retired. Formerly,
        Managing Partner, Bear Wagner Specialists LLC,</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">Date of Birth: 9/4/41</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">specialist firm
        on the New York Stock Exchange.</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee since:
          2002</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Term of office:
          Expected to stand for re-election</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">at 2008 annual
          meeting of shareholders.</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee/Director
          of 24 funds in Fund Complex</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Trustee/Director
          of no funds outside of Fund</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">Complex</FONT></I>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td><font size="1">&#134;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><FONT size=1 face="sans-serif">Mr. Flattum is an &#147;interested person&#148; of
        the Fund due to his affiliation with Allianz Global Investors of America
        L.P. (&#147;AGI&#148;) and the
        Investment Manager. In addition to Mr. Flattum&#146;s positions with
        affiliated persons of the Funds set forth in the table above,
        he holds the following positions with affiliated person: Managing Director,
        Chief Operating Officer, General Counsel &amp; member
        of Management Board, AGI; Member of Management Board AGIFM; Director,
        PIMCO Global Advisors (Resources) Limited;
        Managing Director, Allianz Dresdner Asset Management U.S. Equities LLC,
        Allianz Hedge Fund Partners Holdings L.P.,
        Allianz PacLife Partners LLC, PA Holdings LLC; Director and Chief Executive
    Officer, Oppenheimer Group, Inc.</FONT></td>
  </tr>
</table>
<P> <I><FONT size=1 face="sans-serif">Further information about Funds&#146; Trustees
      is available in the Funds&#146; Statement of Additional Information, dated
      June 25, 2002, which can be obtained upon request, without charge, by calling
      the Funds&#146; shareholder servicing agent at (800) 331-1710.</FONT></I></P>
<P> <B><FONT size=1 face="sans-serif">48 </FONT></B><FONT size=1 face="sans-serif">PIMCO
    Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.06</FONT></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 Principal
      Officers </FONT></B><FONT size=2 face="sans-serif">(unaudited)</FONT></P>
<hr size="1" noshade>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="sans-serif">Name, Date of
          Birth, Position(s) Held with</FONT></B>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="sans-serif">Funds, Length
          of Service</FONT></B>&nbsp; </TD>
    <TD align=left> <B><FONT size=1 face="sans-serif">Principal Occupation(s)
          During Past 5 years:</FONT></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="sans-serif">Brian S. Shlissel</FONT></B>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Executive Vice President,
        Allianz Global Investors Fund Management</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">Date of Birth: 11/14/64</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">LLC; President and
        Chief Executive Officer of 32 funds in the Fund</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">President &amp; Chief
          Executive Officer since: 2002</FONT></I>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Complex; Treasurer,
        Principal Financial and Accounting Officer of 33 funds</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">in the Fund Complex;
        Trustee of 8 funds in the Fund Complex.</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="sans-serif">Lawrence G. Altadonna</FONT></B>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Senior Vice President,
        Allianz Global Investors Fund Management LLC;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">Date of Birth: 3/10/66</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Treasurer, Principal
        Financial and Accounting officer of 24 funds in the</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Treasurer, Principal
          Financial and Accounting</FONT></I>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Fund Complex; Assistant
        Treasurer of 33 funds in the Fund Complex;</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">Officer
          since: 2002</FONT></I>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Treasurer of 8 funds
        in the Fund Complex.</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="sans-serif">Thomas J. Fuccillo</FONT></B>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Senior Vice President,
        Senior Counsel, Allianz Global Investors of</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">Date of Birth: 3/22/68</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">America L.P., Vice
        President, Secretary and Chief Legal Officer of 32 funds</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Vice President,
          Secretary &amp; Chief Legal Officer</FONT></I>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">in the Fund Complex.
        Formerly, Vice President and Associate General</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">since:
          2004</FONT></I>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Counsel, Neuberger
        Berman LLC (1991-2004).</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="sans-serif">Youse Guia</FONT></B>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Senior Vice President,
        Group Compliance Manager, Allianz Global</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="sans-serif">Date of Birth: 9/3/72</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Investors of America
        L.P., Chief Compliance Officer of 65 funds in the</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <I><FONT size=1 face="sans-serif">Chief Compliance
          Officer since: 2004</FONT></I>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Fund Complex. Formerly,
        Vice President, Group Compliance Manager,</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Allianz Global Investors
        of America L.P. (2002-2004), Audit Manager,</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">Pricewaterhouse
        Coopers LLP (1996-2002).</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<P> <I><FONT size=1 face="sans-serif">Officers hold office at the pleasure of
      the Board and until their successors are appointed and qualified or until
      their earlier resignation or removal.</FONT></I></P>
<P align="right"> <FONT size=1 face="sans-serif">5.31.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO
    Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">49</FONT></B></P>
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<div>
<B><FONT size=4 face="sans-serif">Trustees and Principal Officers</FONT></B></div>
<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>
      <div align="left"><FONT size=1 face="sans-serif">Brian S. Shlissel</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee, Chairman of the Board of Trustees</FONT>&nbsp;
      </div></TD>
        <TD align=left>
 <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President &amp; Chief Executive
     Officer</FONT>&nbsp;
    </div></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>
      <div align="left"><FONT size=1 face="sans-serif">Lawrence G. Altadonna</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee</FONT>&nbsp;
      </div></TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer, Principal Financial &amp; Accounting
          Officer</FONT>&nbsp;
      </div></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>
      <div align="left"><FONT size=1 face="sans-serif">Thomas J. Fuccillo</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee</FONT>&nbsp;
      </div></TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President, Secretary &amp; Chief
          Legal Officer</FONT>&nbsp;
      </div></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>
      <div align="left"><FONT size=1 face="sans-serif">Youse Guia</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee</FONT>&nbsp;
      </div></TD>
        <TD align=left>
 <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer</FONT>&nbsp;
    </div></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>

          <div align="left"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee</FONT>&nbsp;
      </div></TD>
        <TD align=left>

          <div align="left"></div></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>

          <div align="left"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee</FONT>&nbsp;
      </div></TD>
        <TD align=left>

          <div align="left"></div></TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=4 face="sans-serif">Investment Manager</FONT></B><BR>
<FONT size=1 face="sans-serif">Allianz Global Investors Fund Management LLC <br>
1345 Avenue of the Americas <br>
New York, NY 10105</FONT></P>
<P>
<B><FONT size=4 face="sans-serif">Sub-Adviser</FONT></B><BR>
<FONT size=1 face="sans-serif">Pacific Investment Management Company LLC <br>
840 Newport Center Drive<br>
Newport Beach, CA 92660</FONT></P>
<P>
<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. <br>
225 Franklin Street <br>
Boston, MA 02110</FONT></P>
<P>
<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. <br>
P.O. Box 43027<br>
</FONT><FONT size=1 face="sans-serif">Providence, RI 02940-3027</FONT></P>
<P>
<B><FONT size=4 face="sans-serif">Independent Registered Public Accounting Firm</FONT></B><BR>
<FONT size=1 face="sans-serif">PricewaterhouseCoopers LLP <br>
300 Madison Avenue <br>
New York, NY 10017</FONT></P>
<P>
<B><FONT size=4 face="sans-serif">Legal Counsel</FONT></B><BR>
<FONT size=1 face="sans-serif">Ropes &amp; Gray LLP <br>
One International Place <br>
Boston, MA 02210-2624</FONT></P>
<P>
<I><FONT size=1 face="sans-serif">This report, including the financial information
herein, is transmitted to the shareholders of PIMCO Municipal Income Fund II,
PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income
Fund II  for their information. It is not a prospectus, circular or representation
intended for use in the purchase of shares of the Funds or any securities mentioned
in this report.</FONT></I></P>
<P><I><FONT size=1 face="sans-serif">Notice is hereby given in accordance with
      Section 23(c) of the Investment Company Act of 1940, as amended, that from
      time to time the Fund may purchase shares of its common stock in the open
      market.</FONT></I></P>
<P>
<I><FONT size=1 face="sans-serif">The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the &#145;&#146;Commission&#146;&#146;) for the first and third quarters of its fiscal year on Form N-Q. The
Funds&#146; Form N-Q is available (i) on the Funds&#146; website at www.allianzinvestors.com\closedendfunds (ii) on the Commission&#146;s website at www.sec.gov, and (iii) at the Commission&#146;s Public Reference Room located at the
Commission&#146;s headquarters&#146; office, 450 5th Street N.W. Room 1200, Washington, D.C. 20459, (202) 942-8090.</FONT></I></P>
<P>
<I><FONT size=1 face="sans-serif">On December 30, 2005, the Funds submitted a CEO annual certification to the New York Stock Exchange (&#145;&#146;NYSE&#146;&#146;) on which the each Fund&#146;s principal executive officer certified that he was not
aware, as of that date, of any violation by the Fund of the NYSE&#146;s Corporate Governance listing standards. In addition, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and related SEC rules each Fund&#146;s principal executive and
principal financial officer made quarterly certifications, included in filings with the SEC on Forms N-CSR and N-Q, relating to, among other things, the Funds&#146; disclosure controls and procedures and internal control over financial reporting, as
applicable.</FONT></I></P>
<P>
<I><FONT size=1 face="sans-serif">Information on the Funds is available at www.allianzinvestors.com/closedendfunds or by calling the Funds&#146; shareholder servicing agent at (800) 331-1710.</FONT></I></P>

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<p><img src="c43258_ncsrx56x1.jpg" width="146" height="65"></p>
<p><BR>

</p>
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<P>
<FONT size=2 face="serif">ITEM 2. CODE OF ETHICS </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD>
<FONT size=2 face="serif">As of the end of the period covered by this report, the registrant has adopted a code of ethics (the &#147;Section 406 Standards for Investment Companies &#151; Ethical Standards for Principal Executive and Financial
Officers&#148;) that applies to the registrant&#146;s Principal Executive Officer and Principal Financial Officer; the registrant&#146;s Principal Financial Officer also serves as the Principal Accounting Officer. The registrant undertakes to
provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-331-1710. The Investment Managers code of ethics are included as an Exhibit 99.CODE ETH hereto.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT></TD>
	<TD>
<FONT size=2 face="serif">During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in 2(a) above.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(c)</FONT></TD>
	<TD>
<FONT size=2 face="serif">During the period covered by this report, there were not any waivers or implicit waivers to a provision of the code of ethics adopted in 2(a) above.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P>
<FONT size=2 face="serif">ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT </FONT></P>
<P>
<FONT size=2 face="serif">The registrant&#146;s Board has determined that Mr. Paul Belica, a member of the Board&#146;s Audit Oversight Committee is an &#147;audit committee financial expert,&#148; and that he is &#147;independent,&#148; for
purposes of this Item.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT size=2 face="serif">Audit fees. The aggregate fees billed for the
last fiscal year (the &#147;Reporting Period&#148;) for professional services
rendered by the Registrant&#146;s principal accountant (the &#147;Auditor&#148;)
for the audit of the Registrant&#146;s annual financial statements, or services
that are normally provided by the Auditor in connection with the statutory and
regulatory filings or engagements for the Reporting Periods, were &#36;19,727 in
2005 and &#36;22,706 in 2006.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">b)</FONT></TD>
<TD> <FONT size=2 face="serif">Audit-Related Fees. The aggregate fees billed in
the Reporting Period for assurance and related services by the principal
accountant that are reasonably related to the performance of the audit
registrant&#146;s financial statements and are not reported under paragraph (e)
of this Item were &#36;4,822 in 2005 and &#36;5,046 in 2006. These services
consist of accounting consultations, and agreed upon procedure reports (inclusive of
annual review of basic maintenance testing associated with the Preferred
Shares).</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">c)</FONT></TD>
<TD> <FONT size=2 face="serif">Tax Fees. The aggregate fees billed in the
Reporting Period for professional services rendered by the Auditor for tax
compliance, tax service and tax planning (&#147;Tax Services&#148;) were
&#36;8,000 in 2005 and &#36;9,000 in 2006. These services consisted of review
or preparation of U.S. federal, state, local and excise tax returns.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">d)</FONT></TD>
	<TD>
<FONT size=2 face="serif">All Other Fees. There were no other fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">e)</FONT></TD>
	<TD>
<FONT size=2 face="serif">1. Audit Committee Pre-Approval Policies and Procedures. The Registrant&#146;s Audit Committee has established policies and procedures for pre-approval of all audit and permissible non-audit services by the Auditor for the
Registrant, as well as the Auditor&#146;s engagements related directly to the operations and financial reporting of the Registrant. The Registrant&#146;s policy is stated below.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>	<TD>
<FONT size=2 face="serif">PIMCO New York Municipal Income Fund II (The &#147;Fund&#148;)</FONT></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">AUDIT OVERSIGHT COMMITTEE POLICY FOR PRE-APPROVAL OF SERVICES PROVIDED BY THE INDEPENDENT ACCOUNTANTS</FONT><FONT face="serif"> </FONT></P>

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<P>
<FONT size=2 face="serif">The Funds&#146; Audit Oversight Committee (&#147;Committee&#148;) is charged with the oversight of the Funds&#146; financial reporting policies and practices and their internal controls. As part of this responsibility, the
Committee must pre-approve any independent accounting firm&#146;s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement by the independent accountants, the Committee will assess the
effect that the engagement might reasonably be expected to have on the accountant&#146;s independence. The Committee&#146;s evaluation will be based on:</FONT><FONT face="serif"> </FONT></P>
<blockquote>
  <p align="left">
    <FONT size=2 face="serif">a review of the nature of the professional services expected to provided, </FONT><br>
    <BR>
    <FONT size=2 face="serif">the fees to be charged in connection with the services expected to be provided, </FONT><br>
    <BR>
    <FONT size=2 face="serif">a review of the safeguards put into place by the accounting firm to safeguard independence, and </FONT><br>
    <BR>
  <FONT size=2 face="serif">periodic meetings with the accounting firm. </FONT></p>
</blockquote>
<P>
<FONT size=2 face="serif">POLICY FOR AUDIT AND NON-AUDIT SERVICES TO BE PROVIDED TO THE FUNDS</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">On an annual basis, the Funds&#146; Committee will review and pre-approve the scope of the audits of the Funds and proposed audit fees and permitted non-audit (including audit-related) services that may be performed by the
Funds&#146; independent accountants. At least annually, the Committee will receive a report of all audit and non-audit services that were rendered in the previous calendar year pursuant to this Policy. In addition to the Committee&#146;s</FONT><FONT
face="serif"> </FONT><FONT size=2 face="serif">pre-approval of services pursuant to this Policy, the engagement of the independent accounting firm for any permitted non-audit service provided to the Funds will also require the separate written
pre-approval of the President of the Funds, who will confirm, independently, that the accounting firm&#146;s engagement will not adversely affect the firm&#146;s independence. All non-audit services performed by the independent accounting firm will
be disclosed, as required, in filings with the Securities and Exchange Commission.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">AUDIT SERVICES</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">The categories of audit services and related fees to be reviewed and pre-approved annually by the Committee are:</FONT><FONT face="serif"> </FONT></P>
<blockquote>
  <p><FONT size=2 face="serif">Annual Fund financial statement audits</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">Seed audits (related to new product filings, as required)</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">SEC and regulatory filings and consents</FONT><FONT face="serif"> </FONT><BR>
  <FONT size=2 face="serif">Semiannual financial statement reviews</FONT><FONT face="serif"> </FONT></p>
</blockquote>
<P>
<FONT size=2 face="serif">AUDIT-RELATED SERVICES</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">The following categories of audit-related services are considered to be consistent with the role of the Fund&#146;s independent accountants and services falling under one of these categories will be pre-approved by the
Committee on an annual basis if the Committee deems those services to be consistent with the accounting firm&#146;s independence:</FONT><FONT face="serif"> </FONT></P>
<blockquote>
  <p><FONT size=2 face="serif">Accounting consultations</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">Fund merger support services</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">Agreed upon procedure reports (inclusive of quarterly review of Basic Maintenance testing associated </FONT><BR>
    <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with issuance of Preferred Shares and semiannual report review)</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">Other attestation reports</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">Comfort letters</FONT><FONT face="serif"> </FONT><BR>
  <FONT size=2 face="serif">Other internal control reports</FONT><FONT face="serif"> </FONT></p>
</blockquote>
<P>
<FONT size=2 face="serif">Individual audit-related services that fall within one of these categories and are not presented to the Committee as part of the annual pre-approval process described above, may be pre-approved, if deemed consistent with
the accounting firm&#146;s independence, by the Committee Chair (or any other Committee </FONT></P>

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<P>
<FONT size=2 face="serif">member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed &#36;100,000. Any such pre-approval
shall be reported to the full Committee at its next regularly scheduled meeting.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">TAX SERVICES</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">The following categories of tax services are considered to be consistent with the role of the Funds&#146; independent accountants and services falling under one of these categories will be pre-approved by the Committee on
an annual basis if the Committee deems those services to be consistent with the accounting firm&#146;s independence:</FONT><FONT face="serif"> </FONT></P>
<blockquote>
  <p><FONT size=2 face="serif">Tax compliance services related to the filing or amendment of the following:</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal, state and local income tax compliance; and, sales and use tax compliance</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timely RIC qualification reviews</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax distribution analysis and planning</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax authority examination services</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax appeals support services</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting methods studies</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund merger support service</FONT><FONT face="serif"> </FONT><BR>
  <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other tax consulting services and related projects</FONT><FONT face="serif"> </FONT></p>
</blockquote>
<P>
<FONT size=2 face="serif">Individual tax services that fall within one of these categories and are not presented to the Committee as part of the annual pre-approval process described above, may be pre-approved, if deemed consistent with the
accounting firm&#146;s independence, by the Committee Chairman (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for those
services does not exceed &#36;100,000. Any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">PROSCRIBED SERVICES</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">The Funds&#146; independent accountants will not render services in the following categories of non-audit services:</FONT><FONT face="serif"> </FONT></P>
<blockquote>
  <p align="left">
    <FONT size=2 face="serif">Bookkeeping or other services related to the accounting records or financial statements of the Funds</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">Financial information systems design and implementation</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">Appraisal or valuation services, fairness opinions, or contribution-in-kind reports</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">Actuarial services</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">Internal audit outsourcing services</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">Management functions or human resources</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">Broker or dealer, investment adviser or investment banking services</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">Legal services and expert services unrelated to the audit</FONT><FONT face="serif"> </FONT><BR>
    <FONT size=2 face="serif">Any other service that the Public Company Accounting Oversight Board determines, by regulation, is </FONT><BR>
    <FONT size=2 face="serif">impermissible</FONT><FONT face="serif"> </FONT><BR>
  </p>
</blockquote>
<P>
<FONT size=2 face="serif">PRE-APPROVAL OF NON-AUDIT SERVICES PROVIDED TO OTHER ENTITIES WITHIN THE FUND COMPLEX</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">The Committee will pre-approve annually any permitted non-audit services to be provided to Allianz Global Investors Fund Management LLC (Formerly, PA Fund Management LLC) or any other investment manager to the Funds (but
not including any sub-adviser whose role is primarily portfolio management and is sub-contracted by the investment manager) (the &#147;Investment Manager&#148;) and any entity</FONT><FONT face="serif"> </FONT><FONT size=2 face="serif">controlling,
controlled by, or under common control with the Investment Manager that provides ongoing services to the Funds (including affiliated sub-advisers to the Funds), provided, in each case, that the engagement relates directly to the operations and
financial reporting of the Funds (such entities, including the Investment Manager, shall be referred to herein as the &#147;Accounting Affiliates&#148;). Individual projects that are not presented to the Committee as part of the annual pre-approval
process, may be pre-approved, if deemed </FONT></P>

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<P>
<FONT size=2 face="serif">consistent with the accounting firm&#146;s independence, by the Committee Chairman (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been
delegated) so long as the estimated fee for those services does not exceed &#36;100,000. Any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">Although the Committee will not pre-approve all services provided to the Investment Manager and its affiliates, the Committee will receive an annual report from the Funds&#146; independent accounting firm showing the
aggregate fees for all services provided to the Investment Manager and its affiliates.</FONT><FONT face="serif"> </FONT></P>
<P><FONT size=2 face="serif">DE MINIMUS EXCEPTION TO REQUIREMENT OF PRE-APPROVAL OF NON-AUDIT SERVICES</FONT><FONT face="serif">
</FONT></P>
<P>
<FONT size=2 face="serif">With respect to the provision of permitted non-audit services to a Fund or Accounting Affiliates, the pre-approval requirement is waived if:</FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="40" valign=top nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
	<TD width="29" valign=top nowrap>
<FONT size=2 face="serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD colspan="2">
<FONT size=2 face="serif">The aggregate amount of all such permitted non-audit services provided constitutes no more than (i) with respect to such services provided to the Fund, five percent (5%) of the total amount of revenues paid by the Fund to
its independent accountant during the fiscal year in which the services are provided, and (ii) with respect to such services provided to Accounting Affiliates, five percent (5%) of the total amount of revenues paid to the Fund&#146;s independent
accountant by the Fund and the Accounting Affiliates during the fiscal year in which the services are provided;</FONT></TD>
  </TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(2)</FONT></TD>
	<TD colspan="2">
<FONT size=2 face="serif">Such services were not recognized by the Fund at the time of the engagement for such services to be non-audit services; and</FONT></TD>
    </TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(3)</FONT></TD>
	<TD colspan="2">
<FONT size=2 face="serif">Such services are promptly brought to the attention of the Committee and approved prior to the completion of the audit by the Committee or by the Committee Chairman (or any other Committee member who is a disinterested
trustee under the Investment Company Act to whom this Committee Chairman or other delegate shall be reported to the full Committee at its next regularly scheduled meeting.</FONT></TD>
    </TR>
<TR><TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="10">&nbsp;</TD>
  <TD width="1022">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top"><FONT size=2 face="serif">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD valign="top"> <FONT size=2 face="serif"> 2. No services were approved pursuant to the
      procedures contained in paragraph (C) (7) (i) (C) of Rule 2-01 of Registration
    S-X.</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top"><FONT size=2 face="serif">f)</FONT></TD>
  <TD valign="top"><FONT size=2 face="serif"> Not applicable</FONT><FONT
face="serif">&nbsp; </FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top"><FONT size=2 face="serif">g) </FONT></TD>
  <TD valign="top"> <FONT size=2 face="serif">Non-audit fees. The aggregate non-audit
      fees billed by the Auditor for services rendered to the Registrant, and
      rendered to the Adviser, for the 2005 Reporting Period was &#36;2,548,181
      and the 2006 Reporting Period was &#36;2,205,889.</FONT><FONT face="serif">&nbsp; </FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top"><FONT size=2 face="serif">h) </FONT></TD>
  <TD valign="top"> <FONT size=2 face="serif">Auditor Independence. The Registrant&#146;s
      Audit Oversight Committee has considered whether the provision of non-audit
      services that were rendered to the Adviser which were not pre-approved
    is compatible with maintaining the Auditor&#146;s independence.</FONT><FONT face="serif">&nbsp; </FONT></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANT </FONT></P>
<P>
<FONT size=2 face="serif">The Fund has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee of the Fund is comprised of Robert E. Connor, Paul Belica, John J. Dalessandro II, Hans W. Kertess and R. Peter Sullivan III.</FONT><FONT
face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">ITEM 6. SCHEDULE OF INVESTMENTS Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form. </FONT></P>
<P>
<FONT size=2 face="serif">ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES </FONT></P>
<P><B><U><FONT size=2 face="serif">PACIFIC INVESTMENT MANAGEMENT COMPANY LLC</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Investment
    Management Company LLC (&#147;PIMCO&#148;) has adopted written proxy voting
    policies and procedures (&#147;Proxy Policy&#148;) as required by Rule 206(4)-6
    under the Investment Advisers Act of 1940, as amended. PIMCO has implemented
    the Proxy Policy for each of its clients as required under applicable law,
    unless expressly directed by a client in writing to refrain from voting that
    client&#146;s proxies. Recognizing that proxy voting is a rare event in the
    realm of fixed income investing and is typically limited to solicitation
    of consent to changes in features of debt securities, the Proxy Policy also
    applies to any voting rights and/or consent rights of PIMCO, on behalf of
    its clients, with respect to debt securities, including but not limited to,
    plans of reorganization, and waivers and consents under applicable indentures. </FONT></P>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Proxy Policy
    is designed and implemented in a manner reasonably expected to ensure that
    voting and consent rights are exercised in the best interests of PIMCO&#146;s
    clients. Each proxy is voted on a case-bycase basis taking into consideration
    any relevant contractual obligations as well as other relevant facts and
    circumstances at the time of the vote. In general, PIMCO reviews and considers
    corporate governance issues related to proxy matters and generally supports
    proposals that foster good corporate governance practices. PIMCO may vote
    proxies as recommended by management on routine matters related to the operation
    of the issuer and on matters not expected to have a significant economic
    impact on the issuer and/or its shareholders. </FONT></P>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO will supervise
    and periodically review its proxy voting activities and implementation of
    the Proxy Policy. PIMCO will review each proxy to determine whether there
    may be a material conflict between PIMCO and its client. If no conflict exists,
    the proxy will be forwarded to the appropriate portfolio manager for consideration.
    If a conflict does exist, PIMCO will seek to resolve any such conflict in
    accordance with the Proxy Policy. PIMCO seeks to resolve any material conflicts
    of interest by voting in good faith in the best interest of its clients.
    If a material conflict of interest should arise, PIMCO will seek to resolve
    such conflict in the client&#146;s best interest by pursuing any one of the
    following courses of action: (i) convening a committee to assess and resolve
    the conflict; (ii) voting in accordance with the instructions of the client;
    (iii) voting in accordance with the recommendation of an independent third-party
    service provider; (iv) suggesting that the client engage another party to
    determine how the proxy should be voted; (v) delegating the vote to a third-party
    service provider; or (vi) voting in accordance with the factors discussed
    in the Proxy Policy. </FONT></P>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clients may obtain
    a copy of PIMCO&#146;s written Proxy Policy and the factors that PIMCO may
    consider in determining how to vote a client&#146;s proxy. Except as required
    by law, PIMCO will not disclose to third parties how it voted on behalf of
    a client. However, upon request from an appropriately authorized individual,
    PIMCO will disclose to its clients or the entity delegating the voting authority
    to PIMCO for such clients, how PIMCO voted such client&#146;s proxy. In addition,
    a client may obtain copies of PIMCO&#146;s Proxy Policy and information as
    to how its proxies have been voted by contacting PIMCO.</FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
  <B><U><FONT size=2 face="serif">Allianz Global Investors Fund Management</FONT></U></B> </P>
<P> <B><FONT size=2 face="serif">Description of Proxy Voting Policy and Procedures </FONT></B></P>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant and
    its Board of Trustees have delegated to Allianz Global Investors Fund Management
    LLC (&#147;Allianz Global Investors&#148;), and Allianz Global Investors
    has in turn delegated to the sub-adviser, responsibility for voting any proxies
    relating to portfolio securities held by the Registrant in accordance with
    the sub-advisers&#146; proxy voting policies and procedures.</FONT></P>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz Global Investors
    (for purposes of this description, a &#147;Company&#148;) typically votes
    proxies as part of its discretionary authority to manage accounts (except
    as provided below, Allianz Global Investors&#146; registered investment company
    clients), unless the client has explicitly reserved the authority for itself.
    When voting proxies, the Company&#146;s primary objective is to make voting
    decisions solely in the best economic interests of its clients. The Company
    will act in a manner that it deems prudent and diligent and which is intended
    to enhance the economic value of the underlying portfolio securities held
    in its clients&#146; accounts. </FONT></P>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has
    adopted written Proxy Voting Policies and Procedures (the &#147;Proxy Guidelines&#148;)
    that are reasonably designed to ensure that the Company is voting in the
    best interest of its clients. The Proxy Guidelines reflect the Company&#146;s
    general voting positions on specific corporate governance issues and corporate
    actions. Some issues may require a case by case analysis prior to voting
    and may result in a vote being cast that will deviate from the Proxy Guidelines.
    Upon receipt of a client&#146;s written request, the Company may also vote
    proxies for that client&#146;s account in a particular manner that may differ
    from the Proxy Guidelines. Deviation from a Company&#146;s Proxy Guidelines
    will be documented and maintained in accordance with Rule 204-2 under the
    Investment Advisers Act of 1940.</FONT></P>
<P><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with
    the Proxy Guidelines, the Company may review additional criteria associated
    with voting proxies and evaluate the expected benefit to its clients when
    making an overall determination on how or whether to vote the proxy. The
    Company may vote proxies individually for an account or aggregate and record
    votes across a group of accounts, strategy or product. In addition, the Company
    may refrain from voting a proxy on behalf of its clients&#146; accounts due
    to de-minimis holdings, impact on the portfolio, items relating to foreign
    issuers, timing issues related to the opening/closing of accounts and contractual
    arrangements with clients and/or their authorized delegate. For example,
    the Company may refrain from voting a proxy of a foreign issuer due to logistical
    considerations that may have a detrimental effect on the Company&#146;s ability
    to vote the proxy. These issues may include, but are not limited to: (i)
    proxy statements and ballots being written in a foreign language, (ii) untimely
    notice of a shareholder meeting, (iii) requirements to vote proxies in person,
    (iv) restrictions on a foreigner&#146;s ability to exercise votes, (v) restrictions
    on the sale of securities for a period of time in proximity to the shareholder
    meeting, or (vi) requirements to provide local agents with power of attorney
    to facilitate the voting instructions. Such proxies are voted on a best-efforts
    basis.</FONT></P>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To assist in the
    proxy voting process, the Company may retain an independent third party service
    provider to assist in providing research, analysis and voting recommendations
    on corporate governance issues and corporate actions as well as assist in
    the administrative process. The services provided offer a variety of proxy-related
    services to assist in the Company&#146;s handling of proxy voting responsibilities.</FONT></P>
<P> <I><FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts of
      Interest. </FONT></I><FONT size=2 face="serif">The Company may have conflicts
      of interest that can affect how it votes its clients&#146; proxies. For
      example, the Company or an affiliate may manage a pension plan whose management
      is sponsoring a proxy proposal. The Proxy Guidelines are designed to prevent
      material conflicts of interest from affecting the manner in which the Company
      votes its clients&#146; proxies. In order to ensure that all material conflicts
      of interest are addressed appropriately while carrying out its obligation
      to vote proxies, the Chief Investment Officer of the Company may designate
      an employee or a proxy committee to be responsible for addressing how the
      Company resolves such material conflicts of interest with its clients. </FONT></P>
<P> <I><FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registered Investment
      Companies for which Allianz Global Investors Serves as Adviser.</FONT></I><FONT size=2 face="serif"> With
      respect to registered investment companies (&#147;funds&#148;) for which
      Allianz Global Investors serves as investment adviser, it is the policy
      of Allianz Global Investors that proxies should be voted in the interest
      of the shareholders of the applicable fund, as determined by those who
      are in the best position to make this determination. Allianz Global Investors
      believes that the firms and/or persons purchasing and selling securities
      for the funds and analyzing the performance of the funds&#146; securities
      are in the best position and have the information necessary to vote proxies
      in the best interests of the funds and their shareholders, including in
      situations where conflicts of interest may arise between the interests
      of shareholders, on one hand, and the interests of the investment adviser,
      a sub-adviser and/or any other affiliated person of the fund, on the other.
      Accordingly, Allianz Global Investor&#146;s policy is to delegate proxy
      voting responsibility to those entities with portfolio management responsibility
      for the funds. </FONT></P>
<P>&nbsp;</P>

  <HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>

<P>
<FONT size=2 face="serif">ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT
INVESTMENT COMPANIES </FONT></P>
<P><FONT size=2 face="serif">(a)(1) </FONT></P>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of August 4,
    2006, the following individual has primary responsibility for the day-today
    implementation of the PIMCO municipal Income Fund II (&#147;PML&#148;), PIMCO
    California Municipal Income Fund II (&#147;PCK&#148;) and PIMCO NY Municipal
    Income Fund II (&#147;PNI&#148;) (each a &#147;Fund&#148; and collectively,
    the &#147;Funds&#148;): </FONT></P>
<p><B><FONT size=2 face="serif">Mark V. McCray</FONT></B> </p>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr. McCray is an
    Executive Vice President and portfolio manager responsible for PIMCO's municipal
    bond funds and tax-sensitive portfolios. He currently serves as Chairman
    of PIMCO's Shadow Investment Committee. He joined PIMCO in 2000 from Goldman,
    Sachs &amp; Co. in New York, where he was Vice President and co-head of municipal
    bond trading, with primary responsibility for the firm's proprietary municipal
    trading. Mr. McCray has seventeen years of investment experience and holds
    bachelor's degrees in finance and real estate from Temple University and
    an MBA from The Wharton School of the University of Pennsylvania, with concentrations
    in finance, accounting, and strategic management. </FONT></P>
<FONT size=2 face="serif">(a)(2)</FONT><BR>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summarizes
    information regarding each of the accounts, excluding the Funds that were
    managed by the Portfolio Manager as of May 31, 2006, including accounts managed
    by a team, committee, or other group that includes the Portfolio Manager.
    Unless mentioned otherwise, the advisory fee charged for managing each of
    the accounts listed below is not based on performance. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=11% align=left>&nbsp; </TD>
    <TD width=4% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan=3 align=left> <FONT size=2 face="serif">Registered Investment</FONT>&nbsp; </TD>
    <TD width=8%>&nbsp; </TD>
    <TD colspan=3 align=right>
      <div align="left"><FONT size=2 face="serif">Other Pooled Investment</FONT>&nbsp; </div></TD>
    <TD width=11%>&nbsp; </TD>
    <TD colspan=3 align=left> <FONT size=2 face="serif">Other Accounts</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=11% align=left>&nbsp; </TD>
    <TD width=4% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=11% align=center>
      <div align="left"><FONT size=2 face="serif">Companies</FONT>&nbsp; </div></TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=11% align=left>&nbsp; </TD>
    <TD width=8%>&nbsp; </TD>
    <TD width=7% align=center>
      <div align="left"><FONT size=2 face="serif">Vehicles</FONT>&nbsp; </div></TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=left>&nbsp; </TD>
    <TD width=11%>&nbsp; </TD>
    <TD width=4% align=left>&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=16% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=14>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=11% align=left> <FONT size=2 face="serif">PM</FONT>&nbsp; </TD>
    <TD width=4% align=left> <FONT size=2 face="serif">Fund</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=11% align=left> <FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=11% align=center>
      <center>
        <FONT size=2 face="serif">AUM<br>
        (&#36;million)</FONT>&nbsp;
    </center></TD>
    <TD width=8%>&nbsp; </TD>
    <TD width=7% align=left> <FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=center>
      <center>
        <FONT size=2 face="serif">AUM<br>
        (&#36;million)</FONT>&nbsp;
    </center></TD>
    <TD width=11%>&nbsp; </TD>
    <TD width=4% align=left> <FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=16% align=center> <FONT size=2 face="serif">AUM<br>
      (&#36;million)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=14>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=11% align=left nowrap> <B><FONT size=2 face="serif">Mark V.</FONT></B>&nbsp; </TD>
    <TD width=4% align=left> <FONT size=2 face="serif">PML</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=11% align=center> <FONT size=2 face="serif">13</FONT>&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=11% align=right>
      <center>
        <FONT size=2 face="serif">4,547.85</FONT>&nbsp;
    </center></TD>
    <TD width=8%>&nbsp; </TD>
    <TD width=7% align=center> <FONT size=2 face="serif">2</FONT>&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=right>
      <center>
        <FONT size=2 face="serif">739.37</FONT>&nbsp;
    </center></TD>
    <TD width=11%>&nbsp; </TD>
    <TD width=4% align=right> <FONT size=2 face="serif">19*</FONT>&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=16% align=center> <FONT size=2 face="serif">1552.86*</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">McCray</FONT></B> </TD>
    <TD colspan=13>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=11% align=left>&nbsp; </TD>
    <TD width=4% align=left> <FONT size=2 face="serif">PCK</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=11% align=center> <FONT size=2 face="serif">13</FONT>&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=11% align=right>
      <center>
        <FONT size=2 face="serif">5,214.81</FONT>&nbsp;
    </center></TD>
    <TD width=8%>&nbsp; </TD>
    <TD width=7% align=center> <FONT size=2 face="serif">2</FONT>&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=right>
      <center>
        <FONT size=2 face="serif">739.37</FONT>&nbsp;
    </center></TD>
    <TD width=11%>&nbsp; </TD>
    <TD width=4% align=right> <FONT size=2 face="serif">19*</FONT>&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=16% align=center> <FONT size=2 face="serif">1552.86*</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD colspan=13>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=11% align=left>&nbsp; </TD>
    <TD width=4% align=left> <FONT size=2 face="serif">PNI</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=11% align=center> <FONT size=2 face="serif">13</FONT>&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=11% align=right>
      <center>
        <FONT size=2 face="serif">5,675.20</FONT>&nbsp;
    </center></TD>
    <TD width=8%>&nbsp; </TD>
    <TD width=7% align=center> <FONT size=2 face="serif">2</FONT>&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=right>
      <center>
        <FONT size=2 face="serif">739.37</FONT>&nbsp;
    </center></TD>
    <TD width=11%>&nbsp; </TD>
    <TD width=4% align=right> <FONT size=2 face="serif">19*</FONT>&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=16% align=center> <FONT size=2 face="serif">1552.86*</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=14>
      <HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD nowrap valign=top> <FONT size=2 face="serif">*</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=2 face="serif">Of these other accounts, one account totaling &#36;55.77
        million in assets pay an advisory fee that is based in part on the performance
        of the accounts.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time to time,
    potential conflicts of interest may arise between a portfolio manager&#146;s
    management of the investments of a Fund, on the one hand, and the management
    of other accounts, on the other. The other accounts might have similar investment
    objectives or strategies as the Fund, track the same index a Fund tracks
    or otherwise hold, purchase, or sell securities that are eligible to be held,
    purchased or sold by the Fund. The other accounts might also have different
    investment objectives or strategies than the Fund. </FONT></P>
<P> <I><FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knowledge and
      Timing of Fund Trades</FONT></I><FONT size=2 face="serif">. A potential
      conflict of interest may arise as a result of the portfolio manager&#146;s
      day-to- day management of a Fund. Because of their positions with the Fund,
      the portfolio managers know the size, timing and possible market impact
      of a Fund&#146;s trades. It is theoretically possible that the portfolio
      managers could use this information to the advantage of other accounts
      they manage and to the possible detriment of a Fund. </FONT></P>
<P> <I><FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Opportunities</FONT></I><FONT size=2 face="serif">.
    A potential conflict of interest may arise as result of the portfolio manager&#146;s
    management of a number of accounts with varying investment guidelines. Often,
    an investment opportunity may be suitable for both a Fund and other accounts
    managed by the portfolio manager, but may not be available in sufficient
    quantities for both the Fund and the other accounts to participate fully.
    Similarly, there may be limited opportunity to sell an investment held by
    a Fund and another account. Pacific Investment Management Company LLC (&#147;PIMCO&#148;)
    has adopted policies and procedures reasonably designed to allocate investment
    opportunities on a fair and equitable basis over time. </FONT></P>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under PIMCO&#146;s
    allocation procedures, investment opportunities are allocated among various
    investment strategies based on individual account investment guidelines and
    PIMCO&#146;s investment outlook. PIMCO has also adopted additional procedures
    to complement the general trade allocation policy that are designed to address
    potential conflicts of interest due to the side-by- side management of the
    Fund and certain pooled investment vehicles, including investment opportunity
    allocation issues. </FONT></P>
<P> <I><FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Fees</FONT></I><FONT size=2 face="serif">.
    A portfolio manager may advise certain accounts with respect to which the
    advisory fee is based entirely or partially on performance. Performance fee
    arrangements may create a conflict of interest for the portfolio manager
    in that the portfolio manager may have an incentive to allocate the investment
    opportunities that he or she believes might be the most profitable to such
    other accounts instead of allocating them to a Fund. PIMCO has adopted policies
    and procedures reasonably designed to allocate investment opportunities between
    such other accounts and the Fund on a fair and equitable basis over time. </FONT></P>
<P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>

<FONT size=2 face="serif">(a) (3)</FONT><BR>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of May 31, 2006,
    the following explains the compensation structure of the individual that
    shares primary responsibility for day-to-day portfolio management of the
    Fund: </FONT></P>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO has adopted
    a &#147;Total Compensation Plan&#148; for its professional level employees,
    including its portfolio managers, that is designed to pay competitive compensation
    and reward performance, integrity and teamwork consistent with the firm&#146;s
    mission statement. The Total Compensation Plan includes a significant incentive
    component that rewards high performance standards, work ethic and consistent
    individual and team contributions to the firm. The compensation of portfolio
    managers consists of a base salary, a bonus, and may include a retention
    bonus. Portfolio managers who are Managing Directors of PIMCO also receive
    compensation from PIMCO&#146;s profits. Certain employees of PIMCO, including
    portfolio managers, may elect to defer compensation through PIMCO&#146;s
    deferred compensation plan. PIMCO also offers its employees a non-contributory
    defined contribution plan through which PIMCO makes a contribution based
    on the employee&#146;s compensation. PIMCO&#146;s contribution rate increases
    at a specified compensation level, which is a level that would include portfolio
    managers. </FONT></P>
<P> <I><FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salary and Bonus</FONT></I><FONT size=2 face="serif">.
    Base salaries are determined by considering an individual portfolio manager&#146;s
    experience and expertise and may be reviewed for adjustment annually. Portfolio
    managers are entitled to receive bonuses, which may be significantly more
    than their base salary, upon attaining certain performance objectives based
    on predetermined measures of group or department success. These goals are
    specific to individual portfolio managers and are mutually agreed upon annually
    by each portfolio manager and his or her manager. Achievement of these goals
    is an important, but not exclusive, element of the bonus decision process. </FONT></P>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the
    following non-exclusive list of qualitative criteria (collectively, the &#147;Bonus
    Factors&#148;) may be considered when determining the bonus for portfolio
    managers: </FONT></P>
<UL>
  <LI> <FONT size=2 face="serif">3-year, 2-year and 1-year dollar-weighted and
      account-weighted investment performance</FONT> <FONT size=2 face="serif">as
      judged against the applicable benchmarks for each account managed by a
      portfolio</FONT> <FONT size=2
face="serif">manager (including the Funds) and relative to applicable industry
      peer groups;</FONT></LI>
  <LI> <FONT size=2 face="serif">Appropriate risk positioning that is consistent
      with PIMCO&#146;s investment philosophy and</FONT> <FONT size=2 face="serif">the
      Investment Committee/CIO approach to the generation of alpha;</FONT></LI>
  <LI> <FONT size=2 face="serif">Amount and nature of assets managed by the portfolio
      manager;</FONT></LI>
  <LI> <FONT size=2 face="serif">Consistency of investment performance across
      portfolios of similar mandate and</FONT> <FONT size=2 face="serif">guidelines
      (reward low dispersion);</FONT></LI>
  <LI> <FONT size=2 face="serif">Generation and contribution of investment ideas
      in the context of PIMCO&#146;s secular and</FONT> <FONT size=2 face="serif">cyclical
      forums, portfolio strategy meetings, Investment Committee meetings, and
      on a</FONT> <FONT
size=2 face="serif">day-to-day basis;</FONT></LI>
  <LI> <FONT size=2 face="serif">Absence of defaults and price defaults for issues
      in the portfolios managed by the</FONT> <FONT size=2 face="serif">portfolio
      manager;</FONT></LI>
  <LI> <FONT size=2 face="serif">Contributions to asset retention, gathering
      and client satisfaction;</FONT></LI>
  <LI> <FONT size=2 face="serif">Contributions to mentoring, coaching and/or
      supervising; and</FONT></LI>
  <LI> <FONT size=2 face="serif">Personal growth and skills added.</FONT></LI>
</UL>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A portfolio manager&#146;s
    compensation is not based directly on the performance of any portfolio or
    any other account managed by that portfolio manager. Final award amounts
    are determined by the PIMCO Compensation Committee. </FONT></P>
<p></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P> <I><FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retention Bonuses</FONT></I><FONT size=2 face="serif">.
    Certain portfolio managers may receive a discretionary, fixed amount retention
    bonus, based upon the Bonus Factors and continued employment with PIMCO.
    Eachportfolio manager who is a Senior Vice President or Executive Vice President
    of PIMCO receives a variable amount retention bonus, based upon the Bonus
    Factors and continued employment with PIMCO. </FONT></P>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment professionals,
    including portfolio managers, are eligible to participate in a Long Term
    Cash Bonus Plan (&#147;Cash Bonus Plan&#148;), which provides cash awards
    that appreciate or depreciate based upon the performance of PIMCO&#146;s
    parent company, Allianz Global Investors of America L.P. (&#147;AGI&#148;),
    and PIMCO over a three-year period. The aggregate amount available for distribution
    to participants is based upon AGI&#146;s profit growth and PIMCO&#146;s profit
    growth. Participation in the Cash Bonus Plan is based upon the Bonus Factors,
    and the payment of benefits from the Cash Bonus Plan, is contingent upon
    continued employment at PIMCO. </FONT></P>
<P> <I><FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profit Sharing
      Plan</FONT></I><FONT size=2 face="serif">. Instead of a bonus, portfolio
      managers who are Managing Directors of PIMCO receive compensation from
      a non-qualified profit sharing plan consisting of a portion of PIMCO&#146;s
      net profits. Portfolio managers who are Managing Directors receive an amount
      determined by the Managing Director Compensation Committee, based upon
      an individual&#146;s overall contribution to the firm and the Bonus Factors.</FONT></P>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time to time,
    under the PIMCO Class B Unit Purchase Plan, Managing Directors and certain
    executive management (including Executive Vice Presidents) of PIMCO may become
    eligible to purchase Class B Units of PIMCO. Upon their purchase, the Class
    B Units are immediately exchanged for Class A Units of PIMCO Partners, LLC,
    a California limited liability company that holds a minority interest in
    PIMCO and is owned by the Managing Directors and certain executive management
    of PIMCO. The Class A Units of PIMCO Partners, LLC entitle their holders
    to distributions of a portion of the profits of PIMCO. The PIMCO Compensation
    Committee determines which Managing Directors and executive management may
    purchase Class B Units and the number of Class B Units that each may purchase.
    The Class B Units are purchased pursuant to full recourse notes issued to
    the holder. The base compensation of each Class B Unit holder is increased
    in an amount equal to the principal amortization applicable to the notes
    given by the Managing Director or member of executive management. </FONT></P>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio managers
    who are Managing Directors also have long-term employment contracts, which
    guarantee severance payments in the event of involuntary termination of a
    Managing Director&#146;s employment with PIMCO. </FONT></P>
<FONT size=2 face="serif">(a)(4)</FONT><BR>
<P> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summarizes
    the dollar range of securities the portfolio manager for the Funds beneficially
    owned of the Funds that he managed as of 5/31/06.</FONT></P>
<TABLE width="60%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center colspan=2> <FONT size=2 face="serif">PIMCO Municipal Income
        Fund II</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=2> <FONT size=2 face="serif">PIMCO California Municipal
        Income Fund II</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=2> <FONT size=2 face="serif">PIMCO New York Municipal
        Income Fund II</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>
      <HR noshade size=3>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=33% align=right>
      <div align="left"><FONT size=2 face="serif">Portfolio Manager</FONT>&nbsp; </div></TD>
    <TD width=53% align=center> <FONT size=2 face="serif">Dollar Range of Equity
        Securities in the Funds</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>
      <HR align="left" size=3 noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=33% align=right>
      <div align="left"><B><FONT size=2 face="serif">Mark V. McCray</FONT></B>&nbsp; </div></TD>
    <TD width=53% align=center> <FONT size=2 face="serif">None</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>
      <HR noshade size=3>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<p><FONT size=2 face="serif">ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END
  MANAGEMENT INVESTMENT COMPANY AND AFFILIATED COMPANIES </FONT>
</P>
<p></p>
<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=11% align=left>&nbsp; </TD>
    <TD width=6%>&nbsp; </TD>
    <TD width=15% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=22% align=center> <B><FONT size=2 face="sans-serif">Total Number</FONT></B>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=28% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="sans-serif">of Shares Purchased</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="sans-serif">Maximum Number
          of</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="sans-serif">Total Number</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="sans-serif">Average</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="sans-serif">as Part of
          Publicly</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="sans-serif">Shares that
          May yet Be</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="sans-serif">of Shares</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="sans-serif">Price Paid</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="sans-serif">Announced Plans
          or</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="sans-serif">Purchased Under
          the Plans</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center> <B><U><FONT size=2 face="sans-serif">Period</FONT></U></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><U><FONT size=2 face="sans-serif">Purchased</FONT></U></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><U><FONT size=2 face="sans-serif">Per Share</FONT></U></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="sans-serif"><u>Programs</u></FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><U><FONT size=2 face="sans-serif">or Programs</FONT></U></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="sans-serif">June 2005</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">14.65</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">6,671</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="sans-serif">July 2005</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">14.74</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">6,308</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="sans-serif">August 2005</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">14.82</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">6,261</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="sans-serif">September 2005</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">14.96</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">6,119</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="sans-serif">October 2005</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">15.12</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">6,171</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="sans-serif">November 2005</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">14.46</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">6,411</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="sans-serif">December 2005</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">14.55</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">6,326</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="sans-serif">January 2006</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">15.29</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">6,185</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="sans-serif">February 2006</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">14.63</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">6,179</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="sans-serif">March 2006</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">14.92</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">4,873</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="sans-serif">April 2006</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="sans-serif">May 2006</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="sans-serif">N/A</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<P>
<FONT size=2 face="serif">ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS </FONT></P>
<P>
<FONT size=2 face="serif">There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund&#146;s Board of Trustees since the Fund last provided disclosure in response to this item.</FONT><FONT
face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">ITEM 11. CONTROLS AND PROCEDURES </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD>
<FONT size=2 face="serif">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></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT></TD>
	<TD>
<FONT size=2 face="serif">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></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">ITEM 12. EXHIBITS </FONT></P>
<FONT size=2 face="serif">(a) (1) Exhibit 99.CODE ETH - Code of Ethics</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">(a) (2) Exhibit 99 Cert. - Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 </FONT><br>
<BR>
<FONT size=2 face="serif">(b) Exhibit 99.906 Cert. - Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 </FONT><br>
<BR>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<FONT size=2 face="serif">Signatures </FONT></P>
<P>
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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>
<P>
<FONT size=2 face="serif">(Registrant)</FONT> <FONT size=2 face="serif"><u>PIMCO New York Municipal Income Fund II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> </FONT>  </P>
<FONT size=2 face="serif">By</FONT> <FONT size=2 face="serif"><u>/s/ Brian S. Shlissel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT>  <BR>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT><FONT face="serif"> </FONT><BR>
<P>
<FONT size=2 face="serif">Date</FONT> <U><FONT size=2 face="serif">August 4, 2006</FONT></U> </P>
<FONT size=2 face="serif">By</FONT> <FONT size=2 face="serif"><u>/s/ Lawrence G. Altadonna&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT>  <BR>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer</FONT><FONT face="serif"> </FONT><BR>
<P>
<FONT size=2 face="serif">Date</FONT> <U><FONT size=2 face="serif">August 4, 2006</FONT></U>  </P>
<P>
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on
the dates indicated.</FONT><FONT face="serif"> </FONT></P>
<FONT size=2 face="serif">By</FONT> <FONT size=2 face="serif"><u>/s/ Brian S. Shlissel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT><FONT face="serif"> </FONT>  <BR>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT><FONT face="serif"> </FONT><BR>
<P>
<FONT size=2 face="serif">Date</FONT><FONT face="serif"> </FONT><U><FONT size=2 face="serif">August 4, 2006</FONT></U><U><FONT face="serif"> </FONT></U><SUP><FONT face="serif"> </FONT></SUP></P>
<FONT size=2 face="serif">By</FONT> <FONT size=2 face="serif"><u>/s/ Lawrence G. Altadonna&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT><FONT face="serif"> </FONT>  <BR>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer</FONT><FONT face="serif"> </FONT><BR>
<P>
<FONT size=2 face="serif">Date</FONT><FONT face="serif"> </FONT><U><FONT size=2 face="serif">August 4, 2006</FONT></U><U><FONT face="serif"> </FONT></U><SUP><FONT face="serif"> </FONT></SUP></P>

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>15
<FILENAME>c43574_ex99-codeeth.htm
<TEXT>

<HTML>
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<P align="right">
<B><FONT size=2 face="serif">Exhibit 99.CODEETH</FONT></B><FONT face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif">ALLIANZ GLOBAL INVESTORS OF AMERICA</FONT><FONT face="serif"> </FONT></P>
<center>
  <FONT size=2 face="serif">CODE OF ETHICS PURSUANT TO SECTION 406 OF THE SARBANES-OXLEY </FONT><BR>
  <FONT size=2 face="serif">ACT OF 2002 FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL </FONT><BR>
  <FONT size=2 face="serif">OFFICERS</FONT><FONT face="serif"> </FONT>
</center>
<P align="center">
<FONT size=2 face="serif">AUGUST 19, 2003 </FONT><BR>
<FONT size=2 face="serif">(AS REVISED ON OCTOBER 1, 2004)</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COVERED
PERSONS/PURPOSE OF THE CODE </FONT></P>
<P>
<FONT size=2 face="serif">This Code of Ethics (this &#147;Code&#148;) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the registered investment companies (each a &#147;Fund&#148; and, collectively, the
&#147;Funds&#148;) listed on EXHIBIT A and, except as provided in Section VI below, applies to each Fund&#146;s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the &#147;Covered Officers&#148;) and each
Trustee of the Fund who is an &#147;interested person&#148; of the Fund (as defined in Section 2(a)(19) of the Investment Company Act of 1940) because such Trustee is an interested person of the Fund&#146;s investment adviser or principal
underwriter (&#147;Covered Trustees&#148; and, together with the Covered Officers, the &#147;Covered Persons&#148;). Each Covered Person is identified in EXHIBIT B.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">This Code has been adopted for the purpose of promoting:</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><UL>
      <LI> <FONT size=2 face="serif">honest and ethical conduct, including the
          ethical handling of actual or</FONT> <FONT size=2 face="serif">apparent
          conflicts of interest between personal and professional</FONT> <FONT size=2
face="serif">relationships;<br>
            <br>
      </FONT></LI>
      <LI> <FONT size=2 face="serif">full, fair, accurate, timely and understandable
          disclosure in reports and</FONT> <FONT size=2 face="serif">documents
          that a Fund files with, or submits to, the Securities and</FONT> <FONT size=2 face="serif">Exchange
          Commission (&#147;SEC&#148;) and in other public communications</FONT> <FONT size=2 face="serif">made
          by a Fund;<br>
    <br>
  </FONT></LI>
      <LI> <FONT size=2 face="serif">compliance with applicable laws and governmental
          rules and regulations;<br>
            <br>
      </FONT></LI>
      <LI> <FONT size=2 face="serif">the prompt internal reporting of violations
          of the Code to an appropriate person</FONT> <FONT size=2 face="serif">or
          persons identified in the Code; and<br>
            <br>
      </FONT></LI>
      <LI> <FONT size=2 face="serif">accountability for adherence to the Code.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>
<FONT size=2 face="serif">Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest.</FONT><FONT face="serif"> </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="2%" valign=top nowrap>
<FONT size=2 face="serif">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width="98%">
<FONT size=2 face="serif">COVERED PERSONS SHOULD HANDLE ETHICALLY ANY ACTUAL
OR APPARENT CONFLICTS OF INTEREST</FONT></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">OVERVIEW. A &#147;conflict of interest&#148; occurs when a Covered Person&#146;s private interest interferes with the interests of, or his service to, the relevant Fund. For example, a conflict of interest would arise if a
Covered Person, or a member of the Covered Person&#146;s family, receives improper personal benefits as a result of the Covered Person&#146;s position with the relevant Fund.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">Certain conflicts of interest arise out of the relationships between Covered Persons and the relevant Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940
(including the regulations thereunder, the &#147;1940 Act&#148;) and the Investment Advisers Act of 1940 </FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<FONT size=2 face="serif">(including the regulations thereunder, the &#147;Investment Advisers Act&#148;). Indeed, conflicts of interest are endemic for certain registered management investment companies and those conflicts are both substantially
and procedurally dealt with under the 1940 Act. For example, Covered Persons may not engage in certain transactions with a Fund because of their status as &#147;affiliated persons&#148; of such Fund. The compliance program of each Fund and the
compliance programs of its investment advisers (including sub-advisers), principal underwriter and administrator or sub-administrator (each a &#147;Service Provider&#148; and, collectively, the &#147;Service Providers&#148;) are reasonably designed
to prevent, or identify and correct, violations of many of those provisions, although they are not designed to provide absolute assurance as to those matters. This Code does not, and is not intended to, repeat or replace these programs and
procedures, and such conflicts fall outside of the parameters of this Code. See also Section V of this Code.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its Service Providers of which the Covered Persons are
also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a Service Provider, or for both), be involved in establishing policies and implementing
decisions that will have different effects on the Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their Service Providers and is
consistent with the performance by the Covered Persons of their duties as officers of the relevant Fund. Thus, if performed in conformity with the provisions of the 1940 Act, the Investment Advisers Act, other applicable law and the relevant
Fund&#146;s constitutional documents, such activities will be deemed to have been handled ethically. Frequently, the 1940 Act establishes, as a mechanism for dealing with conflicts, disclosure to and approval by the Directors/Trustees of a Fund who
are not &#147;interested persons&#148; of such Fund under the 1940 Act. In addition, it is recognized by the Funds&#146; Boards of Directors/Trustees (&#147;Boards&#148;) that the Covered Persons may also be officers or employees of one or more
other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers</FONT><FONT face="serif"> </FONT><FONT size=2
face="serif">Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should bear in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered
Person should not be placed improperly before the interest of the relevant Fund, unless the personal interest has been disclosed to and approved by other officers of such Fund or such Fund&#146;s Independent Trustees.</FONT><FONT face="serif">
</FONT></P>
<P align="center">
<FONT size=2 face="serif">* * * *</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">Each Covered Person must not:</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><UL>
      <LI><FONT size=2 face="serif">use his personal influence or personal relationships
          improperly to influence</FONT> <FONT size=2 face="serif">investment
          decisions or financial reporting by the relevant Fund whereby the</FONT> <FONT size=2
face="serif">Covered Person would benefit personally to the detriment of such
          Fund;<br>
          <br>
          </FONT></LI>
      <LI> <FONT size=2 face="serif">cause the relevant Fund to take action,
          or fail to take action, for the individual</FONT> <FONT size=2 face="serif">personal
          benefit of the Covered Person rather than the benefit such Fund; or<br>
          <br>
          </FONT></LI>
      <LI> <FONT size=2 face="serif">retaliate against any other Covered Person
          or any employee of the Funds or their</FONT> <FONT size=2 face="serif">Service
          Providers for reports of potential violations that are made in good
          faith.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>
<FONT size=2 face="serif">There are some conflict of interest situations that should always be approved by the President of the relevant Fund (or, with respect to activities of the President, by the Chairman of the relevant Fund). These conflict of
interest situations are listed below:</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="95%"><UL>
      <LI><FONT size=2 face="serif">service on the board of directors or governing
          board of a publicly traded entity;<br>
          <br>
      </FONT></LI>
      <LI> <FONT size=2 face="serif">acceptance of any investment opportunity
          or of any material gift or gratuity from</FONT></LI>
    </UL></td>
  </tr>
</table>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><UL>
      <FONT size=2 face="serif">any person or entity that does business, or desires
      to do business, with the</FONT> <FONT size=2 face="serif">relevant Fund.
      For these purposes, material gifts do not include (i) gifts from a</FONT> <FONT size=2
face="serif">single giver so long as their aggregate annual value does not exceed
      the</FONT> <FONT size=2 face="serif">equivalent of &#36;100.00 or (ii)
      attending business meals, business related</FONT> <FONT size=2 face="serif">conferences,
      sporting events and other entertainment events at the expense of a</FONT> <FONT size=2 face="serif">giver,
      so long as the expense is reasonable and both the Covered Person and the</FONT> <FONT size=2 face="serif">giver
      are present.</FONT>
      <br>
      <br>
      <LI> <FONT size=2 face="serif">any ownership interest in, or any consulting
      or employment relationship with,</FONT> <FONT size=2 face="serif">any entities
      doing business with the relevant Fund, other than a Service Provider</FONT> <FONT size=2
face="serif">or an affiliate of a Service Provider. This restriction shall not
      apply to or</FONT> <FONT size=2 face="serif">otherwise limit the ownership
      of publicly traded securities so long as the</FONT> <FONT size=2 face="serif">Covered
      Person&#146;s ownership does not exceed more than 2% of the outstanding</FONT> <FONT size=2 face="serif">securities
      of the relevant class.<br>
      <br>
      </FONT></LI>
  <LI> <FONT size=2 face="serif">a direct or indirect financial interest in commissions,
      transaction charges or</FONT> <FONT size=2 face="serif">spreads paid by
      the relevant Fund for effecting portfolio transactions or for</FONT> <FONT size=2
face="serif">selling or redeeming shares other than an interest arising from
      the Covered</FONT> <FONT size=2 face="serif">Person&#146;s employment with
      a Service Provider or its affiliate. This restriction</FONT> <FONT size=2 face="serif">shall
      not apply to or otherwise limit the ownership of publicly traded securities</FONT> <FONT size=2 face="serif">so
      long as the Covered Person&#146;s ownership does not exceed more than 2%
      of the</FONT> <FONT size=2 face="serif">particular class of security outstanding.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>
<FONT size=2 face="serif">III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISCLOSURE AND COMPLIANCE </FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><UL>
      <LI><FONT size=2 face="serif">No Covered Person should knowingly misrepresent,
          or cause others to</FONT> <FONT size=2 face="serif">misrepresent, facts
          about the relevant Fund to others, whether within or outside</FONT> <FONT size=2 face="serif">such
          Fund, including to such Fund&#146;s Board and auditors, and to governmental</FONT> <FONT size=2 face="serif">regulators
          and self-regulatory organizations;<br>
          <br>
          </FONT></LI>
      <LI> <FONT size=2 face="serif">each Covered Person should, to the extent
          appropriate within his area of</FONT> <FONT size=2 face="serif">responsibility,
          consult with other officers and employees of the Funds and the</FONT> <FONT size=2
face="serif">Service Providers or with counsel to the Funds with the goal of
          promoting full,</FONT> <FONT size=2 face="serif">fair, accurate, timely
          and understandable disclosure in the registration statements</FONT> <FONT size=2 face="serif">or
          periodic reports that the Funds file with, or submit to, the SEC (which,
          for</FONT> <FONT size=2 face="serif">sake of clarity, does not include
          any sales literature, omitting prospectuses, or</FONT> <FONT size=2 face="serif">&#147;tombstone&#148; advertising
          prepared by the relevant Fund&#146;s principal</FONT> <FONT size=2 face="serif">underwriter(s));
          and<br>
          <br>
          </FONT></LI>
      <LI> <FONT size=2 face="serif">it is the responsibility of each Covered
          Person to promote compliance with the</FONT> <FONT size=2 face="serif">standards
          and restrictions imposed by applicable laws, rules and regulations.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>
<FONT size=2 face="serif">IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPORTING AND ACCOUNTABILITY </FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Covered Person must:</FONT><FONT face="serif"> </FONT></P>
      <UL>
        <LI> <FONT size=2 face="serif">upon adoption of the Code (or thereafter
            as applicable, upon becoming a</FONT> <FONT size=2 face="serif">Covered
            Person), affirm in writing to the relevant Fund that he has received,</FONT> <FONT size=2 face="serif">read,
            and understands the Code;<br>
    <br>
        </FONT></LI>
        <LI> <FONT size=2 face="serif">provide full and fair responses to all
            questions asked in any Trustee and Officer</FONT> <FONT size=2 face="serif">Questionnaire
            provided by the relevant Fund as well as with respect to any</FONT> <FONT size=2
face="serif">supplemental request for information; and</FONT></LI>
    </UL></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
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<P align="left" style="page-break-before:always"></P><PAGE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><ul>
      <li><FONT size=2 face="serif">notify the President of the relevant Fund promptly
            if he is convinced to a moral</FONT> <FONT size=2 face="serif">certainty
            that there has been a material violation of this Code (with respect to</FONT> <FONT size=2
face="serif">violations by a President, the Covered Person shall report to the
        Chairman of the</FONT> <FONT size=2 face="serif">relevant Fund).</FONT></li>
    </ul></td>
  </tr>
</table>
<P>
<FONT size=2 face="serif">The President of each Fund is responsible for applying this Code to specific situations in which questions are presented under it and, in consultation with the Fund&#146;s Chief Compliance Officer (&#147;CCO&#148;), has the
authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the President will be considered by the Chairman of the relevant Fund.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">The Funds will follow these procedures in investigating and enforcing this Code:</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><UL>
      <LI><FONT size=2 face="serif">the President will take all appropriate action
          to investigate any potential material</FONT> <FONT size=2 face="serif">violations
          reported to him, which actions may include the use of internal or</FONT> <FONT size=2
face="serif">external counsel, accountants or other personnel;<br>
          <br>
          </FONT></LI>
      <LI> <FONT size=2 face="serif">if, after such investigation, the President
          believes that no material violation has</FONT> <FONT size=2 face="serif">occurred,
          the President is not required to take any further action;<br>
          <br>
          </FONT></LI>
      <LI> <FONT size=2 face="serif">any matter that the President believes is
          a material violation will be reported to</FONT> <FONT size=2 face="serif">the
          Fund&#146;s CCO;<br>
          <br>
          </FONT></LI>
      <LI> <FONT size=2 face="serif">if the CCO concurs that a material violation
          has occurred, it will inform and</FONT> <FONT size=2 face="serif">make
          a recommendation to the Fund&#146;s Board of Trustees, which will consider</FONT> <FONT size=2
face="serif">appropriate action, which may include review of, and appropriate
          modifications</FONT> <FONT size=2 face="serif">to applicable policies
          and procedures; notification to appropriate personnel of a</FONT> <FONT size=2 face="serif">Service
          Provider or its board; or a recommendation to dismiss the Covered</FONT> <FONT size=2 face="serif">Officer
          or remove a Covered Trustee; and<br>
          <br>
          </FONT></LI>
      <LI> <FONT size=2 face="serif">the Board of Trustees may grant waivers
          under this Code, as it deems</FONT> <FONT size=2 face="serif">appropriate.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>
<FONT size=2 face="serif">V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC DISCLOSURE OF CHANGES AND WAIVERS </FONT></P>
<P>
<FONT size=2 face="serif">Any amendments to or waivers under this Code relating to a Covered Officer will, to the extent required by the SEC&#146;s rules, be disclosed on the Fund&#146;s website or in the Fund&#146;s N-CSR; amendments to or waivers
under this Code relating to a Covered Trustee but not a Covered Officer will NOT be so disclosed.(1)</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTHER POLICIES AND PROCEDURES </FONT></P>
<P>
<FONT size=2 face="serif">This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other
policies or procedures of the Funds or the Funds&#146; Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict
with the provisions of this Code. The Funds&#146; and their Service Providers&#146;s codes of ethics under Rule 17j-1 under the 1940 Act and the Service</FONT><FONT face="serif"> </FONT></P>
<hr align="left" noshade width="100" size="1" color=black>
<FONT size=2 face="serif">(1) The amendment to this Code applying the Code&#146;s
provisions to Covered Trustees is not required to be disclosed. See, E.G., Item
2(c) of Form N-CSR.</FONT><FONT face="serif"> </FONT>
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<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<FONT size=2 face="serif">Providers&#146;s more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENTS </FONT></P>
<P>
<FONT size=2 face="serif">Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">VIII.&nbsp;&nbsp;&nbsp;&nbsp; CONFIDENTIALITY </FONT></P>
<P>
<FONT size=2 face="serif">All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall
not be disclosed to anyone except as permitted by the Board.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">IX.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INTERNAL USE </FONT></P>
<P>
<FONT size=2 face="serif">The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">Date:</FONT><FONT face="serif"> </FONT></P>
<FONT size=2 face="serif">EXHIBIT A</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">REGISTERED INVESTMENT COMPANIES</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">Allianz Funds</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">Allianz Global Investors Fund Management Sponsored Closed-End Funds</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">Fixed Income SHares</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">Premier VIT</FONT><FONT face="serif"> </FONT><br>
<br>
<BR>
<FONT size=2 face="serif">EXHIBIT B</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">COVERED PERSONS</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">ALLIANZ FUNDS</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">Covered Officers: Blake Moore, Jr., Brian S. Shlissel</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">Covered Trustee: David Flattum</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">FIXED INCOME SHARES</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">Covered Officers: Brian S. Shlissel, Lawrence G. Altadonna</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">Covered Trustee: David Flattum</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT SPONSORED CLOSED-END FUNDS</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">Covered Officers: Brian S. Shlissel, Lawrence G. Altadonna</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">Covered Trustee: David Flattum</FONT><FONT face="serif"> </FONT><BR>

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<FONT size=2 face="serif">PREMIER VIT</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">Covered Officers: Brian S. Shlissel, Lawrence G. Altadonna</FONT><FONT face="serif"> </FONT><br>
<BR>
<FONT size=2 face="serif">Covered Trustee: Brian S. Shlissel</FONT><FONT face="serif"> </FONT><BR>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>16
<FILENAME>c43574_ex99-cert.htm
<TEXT>

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<P align="right">
<FONT face="serif">EX-99.CERT</FONT></P>
<P align="center">
<FONT face="serif">FORM N-CSR CERTIFICATION </FONT></P>
<P>
<FONT face="serif">I, Brian S. Shlissel, certify that: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD colspan=2>
<FONT face="serif">I have reviewed this report on Form N-CSR of PIMCO New York Municipal Income Fund II;</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT face="serif">2.</FONT></TD>
	<TD colspan=2>
<FONT face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by the report;</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT face="serif">3.</FONT></TD>
	<TD colspan=2>
<FONT face="serif">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods in this report:</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT face="serif">4.</FONT></TD>
	<TD colspan=2>
<FONT face="serif">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD>
<FONT face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared:</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT face="serif">(b)</FONT></TD>
	<TD>
<FONT face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles:</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT face="serif">(c)</FONT></TD>
	<TD>
<FONT face="serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT face="serif">(d)</FONT></TD>
	<TD>
<FONT face="serif">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter for the period covered by this report that has that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT face="serif">5.</FONT></TD>
	<TD colspan=2>
<FONT face="serif">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT face="serif">(a)</FONT></TD>
	<TD>
<FONT face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT face="serif">(b)</FONT></TD>
	<TD>
<FONT face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P>
<FONT face="serif">Dated: August 4, 2006 </FONT></P>
<FONT face="serif"> /s/ Brian S. Shlissel </FONT><BR>
<FONT face="serif">---------------------- </FONT><BR>
<FONT face="serif">Brian S. Shlissel </FONT><BR>
<FONT face="serif">President &amp; Chief Executive Officer </FONT><BR>

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<P align="left" style="page-break-before:always"></P>
<PAGE>


<P align="center">
<FONT face="serif">FORM N-CSR CERTIFICATION </FONT></P>
<P>
<FONT face="serif">I, Lawrence G. Altadonna, certify that: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD colspan=2>
<FONT face="serif">I have reviewed this report on Form N-CSR of PIMCO New York Municipal Income Fund II;</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT face="serif">2.</FONT></TD>
	<TD colspan=2>
<FONT face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by the report;</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT face="serif">3.</FONT></TD>
	<TD colspan=2>
<FONT face="serif">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods in this report:</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT face="serif">4.</FONT></TD>
	<TD colspan=2>
<FONT face="serif">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD>
<FONT face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared:</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT face="serif">(b)</FONT></TD>
	<TD>
<FONT face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles:</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT face="serif">(c)</FONT></TD>
	<TD>
<FONT face="serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT face="serif">(d)</FONT></TD>
	<TD>
<FONT face="serif">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter for the period covered by this report that has that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT face="serif">5.</FONT></TD>
	<TD colspan=2>
<FONT face="serif">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT face="serif">(a)</FONT></TD>
	<TD>
<FONT face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT face="serif">(b)</FONT></TD>
	<TD>
<FONT face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P>
<FONT face="serif">Dated: August 4, 2006 </FONT></P>
<FONT face="serif"> /s/ Lawrence G. Altadonna </FONT><BR>
<FONT face="serif">-------------------------- </FONT><BR>
<FONT face="serif">Lawrence G. Altadonna </FONT><BR>
<FONT face="serif">Treasurer, Principal Financial &amp; Accounting Officer </FONT><BR>

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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>17
<FILENAME>c43574_ex99-906cert.htm
<TEXT>

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<P align="right">
<FONT face="serif">EX-99.906CERT </FONT></P>
<P>
<FONT face="serif">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of PIMCO New York Municipal Income Fund II (the
&#147;Registrant&#148;), do hereby certify, to such officer&#146;s knowledge, that</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
	<TD nowrap valign=top>
<FONT face="serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD>
<FONT face="serif">The Annual Report on Form N-CSR for the period ended May 31, 2006 (the &#147;Form N-CSR&#148;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT face="serif">(2)</FONT></TD>
	<TD>
<FONT face="serif">The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</FONT></TD>
</TR>
</TABLE>
<P>
<FONT face="serif">Dated: August 4, 2006</FONT></P>
<U><FONT face="serif">By /s/ Brian S. Shlissel</FONT></U><FONT face="serif"> </FONT><BR>
<FONT face="serif">Brian S. Shlissel </FONT><BR>
<FONT face="serif">President and Chief Executive Officer </FONT><BR>
<P>
<FONT face="serif">A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the version of this written statement
required by Section 906, has been provided to PIMCO New York Municipal Income Fund II and will be retained by PIMCO New York Municipal Income Fund II and furnished to the Securities and Exchange Commission or its staff upon request. </FONT></P>
<P>
<FONT 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></P>

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<PAGE>


<P>
<FONT face="serif">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of PIMCO New York Municipal Income Fund II (the
&#147;Registrant&#148;), do hereby certify, to such officer&#146;s knowledge, that</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
	<TD nowrap valign=top>
<FONT face="serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD>
<FONT face="serif">The Annual Report on Form N-CSR for the period ended May 31, 2006 (the &#147;Form N-CSR&#148;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT face="serif">(2)</FONT></TD>
	<TD>
<FONT face="serif">The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</FONT></TD>
</TR>
</TABLE>
<P>
<FONT face="serif">Dated: August 4, 2006 </FONT></P>
<U><FONT face="serif">By /s/ Lawrence G. Altadonna</FONT></U><FONT face="serif"> </FONT><BR>
<FONT face="serif">Lawrence G. Altadonna </FONT><BR>
<FONT face="serif">Treasurer, Principal Financial and Accounting Officer </FONT><BR>
<P>
<FONT face="serif">A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the version of this written statement
required by Section 906, has been provided to PIMCO New York Municipal Income Fund II and will be retained by PIMCO New York Municipal Income Fund II and furnished to the Securities and Exchange Commission or its staff upon request. </FONT></P>
<P>
<FONT 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></P>

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