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<SEC-DOCUMENT>0000930413-07-004614.txt : 20070522
<SEC-HEADER>0000930413-07-004614.hdr.sgml : 20070522
<ACCEPTANCE-DATETIME>20070522164206
ACCESSION NUMBER:		0000930413-07-004614
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20061130
FILED AS OF DATE:		20070522
DATE AS OF CHANGE:		20070522
EFFECTIVENESS DATE:		20070522

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21078
		FILM NUMBER:		07871557

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>c48531_ncsrs.htm
<TEXT>

<HTML>
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   <TITLE></TITLE>
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<p align="center"><FONT size=2 face="sans-serif">UNITED STATES </FONT><BR>
    <FONT size=2 face="sans-serif">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
    <FONT size=2 face="sans-serif">Washington, D.C. 20549 </FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">FORM N-CSR</FONT></B></p>
<p align="center">  <B><FONT size=2 face="sans-serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT</FONT></B><BR>
<B><FONT size=2 face="sans-serif">INVESTMENT COMPANIES</FONT></B></p>
<p align="left"><FONT size=2 face="sans-serif">Investment Company Act file number <U>811-21078</U></FONT></p>
<p align="center"><U><FONT size=2 face="sans-serif">PIMCO
        New York Municipal Income Fund II</FONT></U> <BR>
<FONT size=2 face="sans-serif">(Exact name of registrant as specified in charter)</FONT></p>
<p align="center">
  <U><FONT size=2 face="sans-serif">1345 Avenue of the Americas, New York, New
  York 10105</FONT></U><BR>
  <FONT size=2 face="sans-serif">(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip
code)</FONT></p>
<p align="center">
  <U><FONT size=2 face="sans-serif">Lawrence G. Altadonna - 1345 Avenue of the
  Americas, New York, New York 10105</FONT></U><BR>
<FONT size=2 face="sans-serif">(Name and address of agent for service)</FONT></p>
<p align="left">
  <FONT size=2 face="sans-serif">Registrant's telephone number, including area
  code: </FONT><U><FONT size=2 face="sans-serif">212-739-3371</FONT></U><FONT size=2 face="sans-serif"> </FONT><BR>
  <FONT size=2 face="sans-serif"><br>
  Date of fiscal year end: </FONT><U><FONT size=2 face="sans-serif">May 31, 2007</FONT></U>
</p>
<P>
<FONT size=2 face="sans-serif">Date of reporting period: </FONT><U><FONT size=2 face="sans-serif">November 30, 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>

<FONT size=2 face="sans-serif">ITEM 1. REPORT TO SHAREHOLDERS</font></P>
<P align="justify">&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr bgcolor="#003893">
    <td width="97%"><div align="right">
      <p>&nbsp;</p>


      <p><FONT color="#FFFFFF" size=6 face="sans-serif">PIMCO Municipal Income Fund II</FONT><font color="#FFFFFF"><BR>
          <FONT size=6 face="sans-serif">PIMCO California Municipal Income Fund II</FONT><BR>
            <FONT size=6 face="sans-serif">PIMCO New York Municipal Income Fund II</FONT></font></p>
      <p>&nbsp;</p>
      <p>&nbsp;</p>
      <p><FONT color="#FFFFFF" size=4 face="sans-serif">Semi-Annual Report</FONT><font color="#FFFFFF"><BR>
        <FONT size=4 face="sans-serif">November 30, 2006</FONT></font></p>
      <p>&nbsp;</p>
    </div></td>
    <td width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
  </tr>
  <tr bgcolor="#A6C8FF">
    <td colspan="2"><P><font STYLE="font-size:5px">&nbsp;</font></P></td>
  </tr>
</table>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=3% align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
	<TD width=37% rowspan="26" align=left valign="top" nowrap><img src="c46001_ncsrsx1x1.jpg" border=0></TD>
	<TD width=39% align=left nowrap>
<B><FONT size=2 face="sans-serif">Contents</FONT></B>
	</TD>
	<TD width=0%>&nbsp;
	</TD>
	<TD width=18% align=left nowrap>&nbsp;

	</TD>
    <TD width=3% align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Letter to Shareholders</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">1</FONT>
	</TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Performance &amp; Statistics</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">2-4</FONT>
	</TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Schedules of Investments</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">5-26</FONT>
	</TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Statements of Assets and Liabilities</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">28</FONT>
	</TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Statements of Operations</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">29</FONT>
	</TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Statements of Changes in Net Assets</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">30-31</FONT>
	</TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Statements of Cash Flows</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">32-33</FONT>
	</TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Notes to Financial Statements</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">34-40</FONT>
	</TD>
    <TD align=right nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Financial Highlights</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">42-47</FONT>
	</TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Matters Relating to the Trustees Consideration</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

	</TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Management Agreements</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">48-50</FONT>
	</TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Annual Shareholder Meetings Results/</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="sans-serif">Corporate Changes</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="sans-serif">51</FONT>
	</TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<div align="right"><BR>
  <IMG src="c46001_ncsrsx1x2.jpg" border=0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  <BR>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font><font size=2 face="sans-serif">Letter
      to Shareholders</font></b></div>
<P align="justify">&nbsp;</P>
<P align="right">
<FONT size=2 face="serif">April 15, 2007</FONT></P>
<P align="right">&nbsp;</P>
<P align="justify">
<FONT size=2 face="serif">Dear Shareholder:</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We are pleased to provide you with the semi-annual report for PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II (collectively, the
&#147;Funds&#148;) for the six months ended November 30, 2006.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">During the period, the bond market rallied as the economy slowed and expectations grew that the Federal Reserve (the &#147;Fed&#148;) might begin easing. In fact, the Fed left rates unchanged at 5.25% at its last four
meetings. This came after 17 consecutive increases in short-term interest rates over two years. The apparent end of the Fed&#146;s tightening cycle proved to be a positive for the Funds&#146; performance during the reporting period. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">For specific information on the Funds&#146; performance, please review the following pages.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">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 can be accessed on our Web site, </FONT><U><FONT size=2 face="serif">www.allianzinvestors.com/closedendfunds</FONT></U><FONT size=2 face="serif">. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Together with Allianz Global Investors Fund Management LLC, the Funds&#146; investment manager, and Pacific Investment Management Company LLC (&#147;PIMCO&#148;), the Funds&#146; sub-adviser, we thank you for investing with
us. </FONT></P>
<P align="justify">&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="59%"><P align="justify"><FONT size=2 face="serif">Sincerely,</FONT></P>
      <p><IMG src="c46001_ncsrsx2x1.jpg" width="111" height="49" border=0> <BR>
          <FONT size=2 face="serif">Hans W. Kertess</FONT><BR>
          <I><FONT size=2 face="serif">Chairman of the Board of Trustees</FONT></I></p></td>
    <td width="41%"><p><IMG src="c46001_ncsrsx2x2.jpg" border=0> <br>
      <FONT size=2 face="serif">Brian S. Shlissel</FONT><BR>
        <I><FONT size=2 face="serif">President &amp; Chief Executive Officer</FONT></I></p>
    </td>
  </tr>
</table>
<P align="justify">&nbsp;</P>
<p>&nbsp;</p>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=2 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">1</FONT></B></P>

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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font><font size=2 face="sans-serif">Performance &amp; Statistics </font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="32%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="32%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="32%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="32%"><div style="margin-left:20px;text-indent:-20px">
      <div align="justify"><font size=2 face="WINGDINGS 2">&#162;</font><font size=1 face="sans-serif">&nbsp;&nbsp;For
            the six months ended November 30, 2006, PIMCO Municipal Income Fund
            II returned 6.65% on net asset value (NAV) and 13.17% on market price,
            compared with 6.25% and 8.22%, respectively, for the Lipper Analytical
            General Municipal Debt Funds (Leveraged) average. </font>
      </div>
      <p align="justify"> <font size=2 face="WINGDINGS 2">&#162;</font><font size=1 face="sans-serif">&nbsp;&nbsp;Municipal
          bonds, as measured by the Lehman Municipal Bond Index, underperformed
          the taxable bond market, as measured by the Lehman</font></div></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="32%"><div style="margin-left:20px;text-indent:-20px">
      <div align="justify"><font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate
            Bond Index, returning 4.53% and 5.94%, respectively, for the six-month
            period.</font></div>
      <p align="justify"> <font size=2 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;<font size=1 face="sans-serif">Municipal
          bond yields declined across all maturities during the reporting period.
          For example, 10-, 20- and 30-year AAA General Obligation yields declined
          by 46, 54 and 62 basis points, respectively. Note that when bond yields
          decline, bond prices rise, and vice versa.</font></div></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="32%"><div style="margin-left:20px;text-indent:-20px">
      <div align="justify"><font size=2 face="WINGDINGS 2">&#162;</font><font size=1 face="sans-serif">&nbsp;&nbsp;Tobacco
            securitization sector holdings were beneficial to performance during
            the reporting period as yields on tobacco municipals continued to
          decline on further positive legal rulings. </font>
      </div>
      <p align="justify"> <font size=2 face="WINGDINGS 2">&#162;</font><font size=1 face="sans-serif">&nbsp;&nbsp;Exposure
          to non-callable zero coupon municipals proved positive for performance.</font></p>
    </div>      </td>
  </tr>
  <tr valign="top">
    <td width="32%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="32%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="32%">&nbsp;</td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=56% align=left nowrap style="border-bottom:1px solid #003893;">
<B><FONT size=1 face="sans-serif">Total Return</FONT></B><SUP><FONT size=1 face="sans-serif">(1)</FONT></SUP><B><FONT size=1 face="sans-serif">:</FONT></B>
	</TD>
	<TD width=11% style="border-bottom:1px solid #003893;">&nbsp;
	</TD>
	<TD colspan="2" align=right nowrap style="border-bottom:1px solid #003893;">
      <div align="left"><B><FONT size=1 face="sans-serif">Market Price</FONT></B>
      </div></TD>
	<TD width=28% align=right nowrap style="border-bottom:1px solid #003893;">
<B><FONT size=1 face="sans-serif">Net Asset Value (&#147;NAV&#148;)</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">Six Months</FONT>
	</TD>
	<TD style="border-bottom:1px solid #003893;">&nbsp;
	</TD>
	<TD width=2% align=right nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">13.17%</FONT>
	</TD>
	<TD width=3% style="border-bottom:1px solid #003893;">&nbsp;
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">6.65%</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">1 Year</FONT>
	</TD>
	<TD style="border-bottom:1px solid #003893;">&nbsp;
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">10.47%</FONT>
	</TD>
	<TD style="border-bottom:1px solid #003893;">&nbsp;
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">11.88%</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 11/30/06</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8.31%</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8.42%</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="49%" rowspan="6" align=left valign="top" nowrap><P align="justify"><B><FONT size=1 face="sans-serif">Common
          Share Market Price/NAV Performance: </FONT></B><BR>
        <FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to
        11/30/06</FONT></P>
    <IMG src="c46001_ncsrsx3x1.jpg" width="262" height="224" border=0> </TD>
  <TD width="2%" rowspan="5" align=left nowrap>&nbsp;</TD>
	<TD width="25%" align=left nowrap style="border-bottom:1px solid #003893;">
<B><FONT size=1 face="sans-serif">Market Price/NAV:</FONT></B>
	</TD>
	<TD width="24%" align=left nowrap style="border-bottom:1px solid #003893;">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market Price</FONT>
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.90</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">NAV</FONT>
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.25</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Premium to NAV</FONT>
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4.26%</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market Price Yield</FONT><SUP><FONT size=1 face="sans-serif">(2)</FONT></SUP>
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4.91%</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="2" align=left valign="top" nowrap><div align="center">
    <div style="border-bottom:1px solid #003893"><b><font size=1 face="sans-serif"><br>
      <br>
      Moody</font></b><b><font size=1 face="sans-serif">&#146;</font></b><b><font size=1 face="sans-serif">s
          Ratings </font></b><br>
              <b><font size=1 face="sans-serif">(as a % of total investments)</font></b></div>
    <p><B><FONT size=1 face="sans-serif"><img src="c46001_ncsrsx3x2.jpg" border=0></FONT></B></p>
  </div></TD>
  </TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">(1) </FONT><B><FONT size=1 face="sans-serif">Past performance is no guarantee of future results. </FONT></B><FONT size=1 face="sans-serif">Total return is 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 align="justify">
<FONT size=1 face="sans-serif">An investment in the Fund involves risk, including the loss of principal. Total return, price, yield and net asset value will fluctuate with changes in market conditions. This data is provided for information only and
is not intended for trading purposes. A portion of the income generated by the Fund may be subject to federal, state and local taxes, and may at times be subject to the alternative minimum tax. Closed-end funds, unlike open-end funds, are not
continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Net asset value is total assets applicable to common shareholders less total liabilities
divided by the number of common shares outstanding. Holdings are subject to change daily. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">(2) Market Price Yield is determined by dividing the annualized current monthly per share dividend payable to common shareholders by the market price per common share at November 30, 2006.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">2 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=2 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.06</FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font><font size=2 face="sans-serif">Performance &amp; Statistics </font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="32%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="32%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="32%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="32%"><div style="margin-left:20px;text-indent:-20px">
      <p align="justify"><font size=2 face="WINGDINGS 2">&#162;</font><font size=1 face="sans-serif">&nbsp;&nbsp;For
          the six months ended November 30, 2006, PIMCO California Municipal
          Income Fund II returned 6.71% on net asset value (NAV) and 13.83% on
          market price, compared with 6.27% and 7.27%, respectively, for the
          Lipper Analytical California Municipal Debt Funds average.</font></p>
      <p align="justify"> <font size=2 face="WINGDINGS 2">&#162;</font><font size=1 face="sans-serif">&nbsp;&nbsp;California
          municipal bonds, as measured by the Lehman California Municipal Bond
          Index, outperformed the broader national municipal market, as measured
          by the Lehman Municipal Bond Index, for the six-</font></P></div></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <div align="justify"></div></td>
    <td width="32%"><div style="margin-left:20px;text-indent:-20px">
      <p align="justify"><font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;month reporting period,
          returning 4.77% and 4.53%, respectively.</font></p>
      <p align="justify"> <font size=2 face="WINGDINGS 2">&#162;</font><font size=1 face="sans-serif">&nbsp;&nbsp;California state AAA
          municipal bond yields declined across all maturities during the reporting
          period. For example, 5-, 10-, and 30-year General Obligation yields
          declined by 27, 48 and 63 basis points, respectively. Note that when
          bond yields decline, bond prices rise, and vice versa.</font></p>
      <p align="justify"> <font size=2 face="WINGDINGS 2">&#162;</font><font size=1 face="sans-serif">&nbsp;&nbsp;Tobacco securitization
          sector holdings were beneficial to performance during the reporting
          period as yields on tobacco municipals continued</font></P></div></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <div align="justify"></div></td>
    <td width="32%"><div style="margin-left:20px;text-indent:-20px">
      <p align="justify"><font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to decline on further
          positive legal rulings. </font></p>
      <p align="justify"> <font size=2 face="WINGDINGS 2">&#162;</font><font size=1 face="sans-serif">&nbsp;&nbsp;Exposure to non-callable
          zero coupon municipals proved positive for performance.</font></p>
      <p align="justify"> <font size=2 face="WINGDINGS 2">&#162;</font><font size=1 face="sans-serif">&nbsp;&nbsp;Interest rate hedging
          strategies that benefit Fund performance when longer-term Treasuries
          lag longer-term municipals hindered performance as longer-term Treasuries
          outperformed longer-term municipals during the reporting period.</font></P></div></td>
  </tr>
  <tr valign="top">
    <td width="32%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="32%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="32%">&nbsp;</td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=56% align=left nowrap style="border-bottom:1px solid #003893;">
<B><FONT size=1 face="sans-serif">Total Return</FONT></B><SUP><FONT size=1 face="sans-serif">(1)</FONT></SUP><B><FONT size=1 face="sans-serif">:</FONT></B>
	</TD>
	<TD width=6% style="border-bottom:1px solid #003893;">&nbsp;
	</TD>
	<TD colspan="2" align=right nowrap style="border-bottom:1px solid #003893;">
      <div align="left"><B><FONT size=1 face="sans-serif">Market Price</FONT></B>
      </div></TD>
	<TD width=27% align=right nowrap style="border-bottom:1px solid #003893;">
<B><FONT size=1 face="sans-serif">Net Asset Value (</FONT></B><B><FONT size=1 face="sans-serif">&#147;</FONT></B><B><FONT size=1 face="sans-serif">NAV</FONT></B><B><FONT size=1 face="sans-serif">&#148;</FONT></B><B><FONT size=1 face="sans-serif">)</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">Six Months</FONT>
	</TD>
	<TD style="border-bottom:1px solid #003893;">&nbsp;
	</TD>
	<TD width=3% align=right nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">13.83%</FONT>
	</TD>
	<TD width=8% style="border-bottom:1px solid #003893;">&nbsp;
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">6.71%</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">1 Year</FONT>
	</TD>
	<TD style="border-bottom:1px solid #003893;">&nbsp;
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">10.78%</FONT>
	</TD>
	<TD style="border-bottom:1px solid #003893;">&nbsp;
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">11.53%</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 11/30/06</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8.47%</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7.95%</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="49%" rowspan="6" align=left valign="top" nowrap><P align="justify"><B><FONT size=1 face="sans-serif">Common
          Share Market Price/NAV Performance:</FONT></B><BR>
        <FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to
        11/30/06</FONT></P>
    <IMG src="c46001_ncsrsx4x1.jpg" width="254" height="228" border=0> </TD>
  <TD width="2%" rowspan="5" align=left nowrap>&nbsp;</TD>
	<TD width="38%" align=left nowrap style="border-bottom:1px solid #003893;">
<B><FONT size=1 face="sans-serif">Market Price/NAV:</FONT></B>
	</TD>
	<TD width="11%" align=left nowrap style="border-bottom:1px solid #003893;">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market Price</FONT>
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;16.18</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">NAV</FONT>
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.12</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Premium to NAV</FONT>
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.01%</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market Price Yield</FONT><SUP><FONT size=1 face="sans-serif">(2)</FONT></SUP>
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5.19%</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="2" align=left valign="top" nowrap><div style="border-bottom:1px solid #003893">
    <div align="center"><b><font size=1 face="sans-serif"><br>
      <br>
      Moody</font></b><b><font size=1 face="sans-serif">&#146;</font></b><b><font size=1 face="sans-serif">s
          Ratings </font></b><br>
            <b><font size=1 face="sans-serif">(as a % of total investments)</font></b></div>
  </div>
    <P align="center"> <IMG src="c46001_ncsrsx4x2.jpg" border=0></P></TD>
  </TR>
</TABLE>

<P align="justify">&nbsp;</P>
<P align="justify"><FONT size=1 face="sans-serif">(1) </FONT><B><FONT size=1 face="sans-serif">Past performance is no guarantee of future results. </FONT></B><FONT size=1 face="sans-serif">Total return is 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</FONT><FONT size=1 face="sans-serif">&#146;</FONT><FONT size=1 face="sans-serif">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 align="justify">
<FONT size=1 face="sans-serif">An investment in the Fund involves risk, including the loss of principal. Total return, price, yield and net asset value will fluctuate with changes in market conditions. This data is provided for information only and
is not intended for trading purposes. A portion of the income generated by the Fund may be subject to federal, state and local taxes, and may at times be subject to the alternative minimum tax. Closed-end funds, unlike open-end funds, are not
continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Net asset value is total assets applicable to common shareholders less total liabilities
divided by the number of common shares outstanding. Holdings are subject to change daily. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">(2) Market Price Yield is determined by dividing the annualized current monthly per share dividend payable to common shareholders by the market price per common share at November 30, 2006.</FONT></P>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=2 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">3</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      New York Municipal Income Fund II </font><font size=2 face="sans-serif">Performance &amp; Statistics </font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="32%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="32%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="32%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="32%"><div style="margin-left:20px;text-indent:-20px">
          <p align="justify"><font size=2 face="WINGDINGS 2">&#162;</font><font size=1 face="sans-serif">&nbsp;&nbsp;For
              the six months ended November 30, 2006, PIMCO New York Municipal
              Income Fund II returned 6.44% on net asset value and 14.32% on
              market price, compared with 5.84% and 7.97%, respectively, for
              the Lipper Analytical New York Municipal Debt Funds average.</font></p>

        <p align="justify"> <font size=2 face="WINGDINGS 2">&#162;</font><font size=1 face="sans-serif">&nbsp;&nbsp;New York municipal bonds,
          as measured by the Lehman New York Municipal Bond Index, underperformed
          the broader national municipal market, as measured by the Lehman Municipal
    Bond Index,</font></p></div></td>
    <td><div align="justify"></div></td>
    <td width="32%"><div style="margin-left:20px;text-indent:-20px">
      <p align="justify"><font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the six-month reporting
          period, returning 4.36% and 4.53%, respectively.</font></p>
      <p align="justify"> <font size=2 face="WINGDINGS 2">&#162;</font><font size=1 face="sans-serif">&nbsp;&nbsp;New York insured AAA
          municipal bond yields declined across all maturities during the reporting
          period. For example, 5-, 10-, and 30-year General Obligation yields
          declined by 27, 48 and 63 basis points, respectively. Note that when
          bond yields decline, bond prices rise, and vice versa.</font></p>
      <p align="justify"> <font size=2 face="WINGDINGS 2">&#162;</font><font size=1 face="sans-serif">&nbsp;&nbsp;Tobacco securitization
          sector holdings were beneficial to performance</font></p>
    </div></td>
    <td><div align="justify"></div></td>
    <td width="32%"><div style="margin-left:20px;text-indent:-20px">
        <p align="justify"><font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;during the reporting
            period as yields on tobacco municipals continued to decline on further
            positive legal rulings. </font></p>
        <p align="justify"> <font size=2 face="WINGDINGS 2">&#162;</font><font size=1 face="sans-serif">&nbsp;&nbsp;Exposure
            to non-callable zero coupon municipals proved positive for performance.</font></p>
        <p align="justify"> <font size=2 face="WINGDINGS 2">&#162;</font><font size=1 face="sans-serif">&nbsp;&nbsp;Interest
            rate hedging strategies that benefit Fund performance when longer-term
            Treasuries lag longer-term municipals hindered performance as longer-term
            Treasuries outperformed longer-term municipals during the reporting
    period.</font></P></div></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=55% align=left nowrap style="border-bottom:1px solid #003893;">
<B><FONT size=1 face="sans-serif">Total Return</FONT></B><SUP><FONT size=1 face="sans-serif">(1)</FONT></SUP><B><FONT size=1 face="sans-serif">:</FONT></B>
	</TD>
	<TD width=7% style="border-bottom:1px solid #003893;">&nbsp;
	</TD>
	<TD colspan="2" align=right nowrap style="border-bottom:1px solid #003893;">
      <div align="left"><B><FONT size=1 face="sans-serif">Market Price</FONT></B>
      </div></TD>
	<TD width=27% align=right nowrap style="border-bottom:1px solid #003893;">
<B><FONT size=1 face="sans-serif">Net Asset Value (</FONT></B><B><FONT size=1 face="sans-serif">&#147;</FONT></B><B><FONT size=1 face="sans-serif">NAV</FONT></B><B><FONT size=1 face="sans-serif">&#148;</FONT></B><B><FONT size=1 face="sans-serif">)</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">Six Months</FONT>
	</TD>
	<TD style="border-bottom:1px solid #003893;">&nbsp;
	</TD>
	<TD width=3% align=right nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">14.32%</FONT>
	</TD>
	<TD width=8% style="border-bottom:1px solid #003893;">&nbsp;
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">6.44%</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">1 Year</FONT>
	</TD>
	<TD style="border-bottom:1px solid #003893;">&nbsp;
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">7.78%</FONT>
	</TD>
	<TD style="border-bottom:1px solid #003893;">&nbsp;
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #003893;">
<FONT size=1 face="sans-serif">11.89%</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 11/30/06</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7.71%</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7.98%</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="48%" rowspan="6" align=left valign="top" nowrap><P align="justify"><B><FONT size=1 face="sans-serif">Common
          Share Market Price/NAV Performance:</FONT></B><BR>
        <FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to
        11/30/06</FONT></P>
    <IMG src="c46001_ncsrsx5x1.jpg" width="259" height="227" border=0> </TD>
  <TD width="4%" rowspan="5" align=left nowrap>&nbsp;</TD>
	<TD width="37%" align=left nowrap style="border-bottom:1px solid #003893;">
<B><FONT size=1 face="sans-serif">Market Price/NAV:</FONT></B>
	</TD>
	<TD width="11%" align=left nowrap style="border-bottom:1px solid #003893;">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market Price</FONT>
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.74</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">NAV</FONT>
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.19</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Premium to NAV</FONT>
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3.62%</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market Price Yield</FONT><SUP><FONT size=1 face="sans-serif">(2)</FONT></SUP>
	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5.05%</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left valign="top" nowrap><div style="border-bottom:1px solid #003893">
    <div align="center"><b><font size=1 face="sans-serif"><br>
      <br>
      Moody</font></b><b><font size=1 face="sans-serif">&#146;</font></b><b><font size=1 face="sans-serif">s
            Ratings</font></b><br>
          <b><font size=1 face="sans-serif">(as a % of total investments)</font></b></div>
  </div>
    <P align="center"> <IMG src="c46001_ncsrsx5x2.jpg" border=0> </P></TD>
  </TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">(1) </FONT><B><FONT size=1 face="sans-serif">Past performance is no guarantee of future results. </FONT></B><FONT size=1 face="sans-serif">Total return is 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</FONT><FONT size=1 face="sans-serif">&#146;</FONT><FONT size=1 face="sans-serif">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 align="justify">
<FONT size=1 face="sans-serif">An investment in the Fund involves risk, including the loss of principal. Investment return, price, yield and net asset value will fluctuate with changes in market conditions. This data is provided for information only
and is not intended for trading purposes. A portion of the income generated by the Fund may be subject to federal, state and local taxes, and may at times be subject to the alternative minimum tax. Closed-end funds, unlike open-end funds, are not
continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Net asset value is total assets applicable to common shareholders less total liabilities
divided by the number of common shares outstanding. Holdings are subject to change daily. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">(2) Market Price Yield is determined by dividing the annualized current monthly per share dividend payable to common shareholders by the market price per common share at November 30, 2006.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">4 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=2 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.06</FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>&nbsp;

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
    </div></TD>
	<TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

	</TD>
	<TD style="border-bottom:3px solid #000000;">&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:3px solid #000000;">
      <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>
      </div></TD>
	<TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

	</TD>
	<TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
	</TD>
</TR>
<TR valign="bottom" bgcolor="#A6C8FF">
	<TD colspan=3 align=right valign="middle" nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">&nbsp;MUNICIPAL BONDS &amp; NOTES&#151;94.8%</FONT></B>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Alabama&#151;4.0%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Birmingham Baptist Medical Centers Special Care Facs.</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financing Auth. Rev., 5.00%, 11/15/30, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa1/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,379,500</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Birmingham Waterworks &amp; Sewer Board Rev., Ser. B (MBIA),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,145</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/27</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,208,044</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/37</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,479,200</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">18,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 1/1/33, (Pre-refunded @ &#36;100, 1/1/13) (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">19,372,680</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,750</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Huntsville Health Care Auth. Rev., 5.75%, 6/1/32, Ser. B</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A2/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,905,540</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">16,580</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Jefferson Cnty. Sewer Rev., 4.75%, 2/1/38, Ser. B,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 8/1/12) (FGIC) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">17,608,126</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">60,953,090</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Alaska&#151;0.2%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,550</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Housing Finance Corp. Rev., 5.25%, 6/1/32, Ser. C (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">3,651,601</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Arizona&#151;2.5%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,300</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Auth. Hospital System Rev., 5.75%, 12/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,395,849</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">33,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Salt River Project Agricultural Improvement &amp; Power Dist. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/37, Ser. A (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa1/AA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">35,541,330</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">36,937,179</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Arkansas&#151;0.1%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">13,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Arkansas Dev. Finance Auth. Rev., zero coupon, 7/1/46 (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,162,030</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;2.2%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">9,610</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Alameda Corridor Transportation Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/16, Ser. A (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,563,342</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Golden State Tobacco Securitization Corp.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Tobacco Settlement Rev., Ser. 2003-A-1,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,300</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=center nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/33</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,714,645</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">9,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=center nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,385,550</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Rancho Cucamonga Community Facs. Dist., Special Tax,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.30%, 9/1/23, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,067,740</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Southern California Public Power Auth., Transmission Project Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 7/1/13</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa3/A+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,113,240</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Univ. of California Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,430</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/37, Ser. C (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,607,244</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,900</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/38, Ser. B</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,986,043</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">32,437,804</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Colorado&#151;5.2%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">30,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">15,566,100</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Denver City &amp; Cnty., CP, 5.50%, 12/1/25, Ser. B,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;101, 12/1/10) (AMBAC) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,410,850</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">E-470 Public Highway Auth. Rev., Ser. B (MBIA),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">20,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/35</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,098,800</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">15,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/37</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,450,000</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">25,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Health Initiatives, 5.50%, 3/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa2/AA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">26,694,000</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">18,305</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Exempla, Inc., 5.625%, 1/1/33, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A1/A-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">19,486,405</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Retirement Facs. Rev., Liberty Height, zero coupon, 7/15/22</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,402,295</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="90%" align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">79,108,450</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">5</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
    </div></TD>
	<TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

	</TD>
	<TD style="border-bottom:3px solid #000000;">&nbsp;
	</TD>
	<TD align=center nowrap style="border-bottom:3px solid #000000;">
      <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>
      </div></TD>
	<TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

	</TD>
	<TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">District of Columbia&#151;1.2%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;17,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Washington D.C. Convention Center Auth. Tax Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 10/1/28 (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">17,696,875</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Florida&#151;4.0%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,520</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Brevard Cnty. Health Facs. Auth. Rev., 5.00%, 4/1/34</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A2/A</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,831,395</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Highlands Cnty. Health Facs. Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,830</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Adventist, 5.00%, 11/15/31, Ser. C</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A2/A+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,969,321</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Adventist Health System, 6.00%, 11/15/31, Ser. A,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;101, 11/15/11) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A2/A+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,940,960</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,335</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Hillsborough Cnty. Industrial Dev. Auth., Pollution Control Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Tampa Electric Co. Project, 5.50%, 10/1/23</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa2/BBB-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,479,046</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">635</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Hillsborough Cnty. Industrial Dev. Auth. Rev., Health Fac. Project,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 8/15/23</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa2/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">664,617</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,135</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Jacksonville Health Facs. Auth. Rev., 5.25%, 11/15/32, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa2/AA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,615,970</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">11,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Lakeland Hospital System Rev., Regional Health System,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/15/32, (Pre-refunded @ &#36;101, 11/15/12) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A2/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">12,765,690</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Leesburg Hospital Rev., Lessburg Regional Medical</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Center Project, 5.50%, 7/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa1/BBB+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,156,870</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Orange Cnty. Health Facs. Auth. Rev., Adventist Health System,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,550</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A2/A+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,797,325</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 11/15/24</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A2/A+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,623,550</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sumter Landing Community Dev. Dist. Rev., 4.75%,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10/1/35, Ser. A (MBIA) (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,182,050</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Winter Springs Water &amp; Sewer Rev., zero coupon,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10/1/29 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">564,285</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">59,591,079</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Georgia&#151;0.7%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Atlanta Water &amp; Wastewater Rev., 5.00%, 11/1/39,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,194,560</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Grantor Trust Gov&#146;t, CP, 4.75%, 6/1/28, Ser. A (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,627,140</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">9,600</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Richmond Cnty. Dev. Auth. Rev., zero coupon, 12/1/21</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,217,216</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">11,038,916</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Hawaii&#151;1.3%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">19,170</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Honolulu City &amp; Cnty. Wastewater System Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">First Board Resolution, 4.75%, 7/1/28 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">19,669,378</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Illinois&#151;19.9%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Central Lake Cnty. Water Agcy. Rev., Ser. A (AMBAC),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,610</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/28</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,845,047</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,150</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,649,758</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,050</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chicago, GO, 5.125%, 1/1/29, Ser. A (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,227,659</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chicago, Lake Shore East, Special Assessment,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,162</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.625%, 12/1/22</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,448,066</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,700</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 12/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,316,199</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chicago Board of Education School Reform, GO (FGIC),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">15,535</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/16, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,479,756</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/28, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,957,750</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/31</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,527,795</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">6 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| 11.30.06</FONT><FONT size=1 face="sans-serif"></FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:3px solid #000000;">
      <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
      </div></TD>
	<TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

	</TD>
	<TD style="border-bottom:3px solid #000000;">&nbsp;
	</TD>
	<TD align=center nowrap style="border-bottom:3px solid #000000;">
      <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT>
      </div></TD>
	<TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

	</TD>
	<TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Illinois&#151;(continued)</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chicago City Colleges, GO (FGIC),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;32,670</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/37</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,851,283</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">29,145</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/38</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,537,771</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">32,670</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/39</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,089,746</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chicago Midway Airport Rev., 5.00%, 1/1/31, Ser. B (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,199,360</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Cicero, GO, 5.25%, 12/1/31 (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,399,850</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">City of Springfield Rev., 5.00%, 3/1/35 (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,709,600</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Dev. Finance Auth. Retirement Housing Rev., Regency Park,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 7/15/23</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,956,800</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">134,650</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 7/15/25</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">60,778,317</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Condell Medical Center Rev., 5.50%, 5/15/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa2/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,261,100</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">20,100</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Elmhurst Memorial Healthcare, 5.625%, 1/1/28</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A2/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">21,642,675</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Metropolitan Pier &amp; Exposition Auth. Rev. (MBIA),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">60,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/15/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">21,945,600</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">50,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/15/33</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">16,002,500</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,460</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/15/38</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">643,290</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Schaumburg, GO, 5.00%, 12/1/41, Ser. B (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,751,550</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 5.00%, 3/1/34, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa3/AA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,583,900</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">68,470</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Sports Facs. Auth. Rev., zero coupon, 6/15/30 (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">64,292,645</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">301,098,017</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Indiana&#151;0.5%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Brownsburg 1999 School Building Corp. Rev., Ser. A,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 9/15/13) (FSA) (a),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=center nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/15/25</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,087,240</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=center nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 3/15/25</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,204,380</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,125</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Fort Wayne Pollution Control Rev., 6.20%, 10/15/25</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Caa1/B-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,240,335</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Bank Rev., Hendricks, 5.25%, 4/1/30, Ser. D (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">532,625</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">8,064,580</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Iowa&#151;3.8%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,300</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Higher Education Loan Auth. Rev., Grandview College,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.10%, 10/1/36</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,371,645</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">46,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. of Iowa Rev., zero coupon,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6/1/34, Ser. B</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">45,321,500</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,850</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. Rev., 5.60%, 6/1/35, Ser. B,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;101, 6/1/11) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,626,145</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">57,319,290</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Kansas&#151;0.2%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,800</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Univ. of Kansas, Hospital Auth. Health Facs. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 9/1/32, (Pre-refunded @ &#36;100, 9/1/12) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">NR/A</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">3,022,124</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Kentucky&#151;0.3%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Economic Dev. Finance Auth. Hospital Facs. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Healthcare Partners, 5.25%, 10/1/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,643,450</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,945</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">St. Luke&#146;s Hospital, 6.00%, 10/1/19</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A3/A</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,194,368</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">4,837,818</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">7</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><FONT size=1 face="sans-serif">Credit
            Rating</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Louisiana&#151;4.6%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;20,400</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Public Facs. Auth. Rev., Ochsner Clinic Foundation,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/15/32, Ser. B</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A3/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">21,707,640</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.875%, 5/15/39, Ser. 2001-B (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,611,120</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">36,395</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.875%, 5/15/39, Ser. 2001-B</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">39,175,214</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">69,493,974</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Maryland&#151;0.1%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Health &amp; Higher Educational Facs. Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Adventist Healthcare, 5.75%, 1/1/25, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa2/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,077,230</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;3.7%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">14,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Bay Transportation Auth., Special Assessment,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 7/1/34, Ser. A (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">15,047,520</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,300</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Bay Transportation Auth. Rev., General Transportation System,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 3/1/21, Ser. A (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,329,692</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State College Building Auth. Project Rev., Ser. B (XLCA),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,560</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/28</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,778,863</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,645</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/33</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">9,460,917</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/39</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,301,700</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,295</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Turnpike Auth. Rev., 4.75%, 1/1/34, Ser. A (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,359,812</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">12,050</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Water Res. Auth. Rev., 4.75%, 8/1/37, Ser. A (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,148,569</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">55,427,073</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Michigan&#151;2.4%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Detroit City School Dist., GO, Ser. A (a),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/32, (Pre-refunded @ &#36;100, 5/1/13) (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">9,205,415</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,750</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/31, (Pre-refunded @ &#36;100, 5/1/12) (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,881,758</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Detroit Water Supply System Rev., 5.00%, 7/1/30, Ser. A (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,613,000</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Hospital Finance Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ascension Health, 5.25%, 11/15/26, Ser. B</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">Aa2/AA</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,326,150</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Oakwood Group, Ser. A,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">13,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=right nowrap>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 4/1/32</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A2/A</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">14,526,270</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,925</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=right nowrap>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 4/1/22</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A2/A</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,115,517</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">35,668,110</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Minnesota&#151;0.0%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">280</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">City of Minneapolis, Tax Allocation, Grant Park Project,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.35%, 2/1/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">284,855</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Mississippi&#151;0.3%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,605</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Business Finance Corp., Pollution Control Rev., 5.875%, 4/1/22</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">Ba1/BBB-</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,617,401</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Dev. Bank Special Obligation, Projects &amp; Equipment</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Acquisitions Rev., 5.00%, 7/1/24 (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,056,500</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">4,673,901</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Missouri&#151;0.2%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">905</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Hanley Road &amp; North of Folk Ave. Transportation Dist. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/25</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">916,792</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">St. Louis Parking Facs. Rev., Downtown Parking Fac.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 2/1/28</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,568,010</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,484,802</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">8 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| 11.30.06</FONT><FONT size=1 face="sans-serif"></FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><FONT size=1 face="sans-serif">Credit
          Rating</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Nevada&#151;1.7%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Clark Cnty., GO (FGIC),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36; 1,450</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/31</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,510,856</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,950</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/31, (Pre-refunded @ &#36;100, 6/1/11) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,068,852</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Reno Transportation Project Rev., (Pre-refunded @ &#36;100,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6/1/12) (AMBAC) (a),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,960</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/27</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,272,642</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,157,900</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/37</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,776,325</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,570</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 6/1/41</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,214,510</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,290</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Truckee Meadows Water Auth. Rev., 5.125%, 7/1/30,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,468,450</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">25,469,535</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">New Hampshire&#151;0.2%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Health &amp; Education Facs. Auth. Rev., Catholic Medical Center,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">360</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 7/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">398,088</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,640</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 7/1/32, (Pre-refunded @ &#36;101, 6/1/12) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,991,120</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">3,389,208</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">New Jersey&#151;2.4%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Camden Cnty. Improvement Auth. Rev., Cooper Health System,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;102, 2/15/07) (a),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">20</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.875%, 2/15/15</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">20,483</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">40</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 2/15/27</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">40,976</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Economic Dev. Auth., Kapkowski Landfill Project,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 10/1/21</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,497,360</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">11,405</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 4/1/31</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">12,786,944</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Economic Dev. Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Arbor Glen,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">525</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/15/28</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">544,404</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">225</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/15/28, Ser. A, (Pre-refunded @ &#36;102, 5/15/09) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">241,702</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">250</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Seashore Gardens, 5.375%, 11/1/36</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">252,545</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Educational Facs. Auth. Rev., 6.00%, 7/1/25, Ser. D</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,850,000</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,285</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/37</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,405,225</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,095</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 6/1/42</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,403,448</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,150</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/43</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,904,113</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,877,175</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">36,824,375</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">New Mexico&#151;0.3%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Farmington Pollution Control Rev., 5.80%, 4/1/22</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa2/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,049,550</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">New York&#151;3.8%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,200</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 11/15/36</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,283,388</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Liberty Dev. Corp. Rev., 5.25%, 10/1/35 (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">11,952,600</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,750</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Water &amp; Sewer System Rev., 5.00%, 6/15/37, Ser. D (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa2/AA+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,076,135</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Metropolitan Transportation Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,600</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/15/30, Ser. A (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">11,213,104</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 11/15/32, Ser. B</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,807,800</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">9</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><FONT size=1 face="sans-serif">Credit
            Rating</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">New York&#151;(continued)</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36; 7,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Water &amp; Sewer System Rev., 5.00%, 6/15/39, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa2/AA+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,423,010</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,700</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Dormitory Auth. Rev., Sloan-Kettering Center Memorial,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/34, Ser. 1</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa2/AA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,048,065</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Environmental Facs. Corp. Rev., 5.00%, 6/15/28</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,132,820</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">56,936,922</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">North Carolina&#151;0.0%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">550</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">North Carolina Medical Care Commission Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Salemtowne, 5.10%, 10/1/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">560,131</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Ohio&#151;0.5%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Lorain Cnty. Hospital Rev., Catholic Healthcare,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">7,958,475</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Oklahoma&#151;0.5%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tulsa Cnty. Industrial Auth. Rev., Legacy Apartments,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.90%, 11/20/46 (FHA-GNMA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">6,811,740</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;2.3%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Allegheny Cnty. Hospital Dev. Auth. Rev., Ser. B,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">530</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/15</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Ba3/B+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">633,430</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/22</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Ba3/B+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,195,150</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,700</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Ba3/B+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,814,635</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Cumberland Cnty. Auth. Retirement Community Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Wesley Affiliated Services, 7.25%, 1/1/35, Ser. A,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;101, 1/1/13) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,413,860</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Montgomery Cnty. Higher Education &amp; Health Auth. Hospital Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Abington Memorial Hospital, Ser. A,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 6/1/27</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/A</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,269,000</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,750</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 6/1/32</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/A</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,936,525</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Philadelphia, GO, 5.25%, 9/15/25 (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,171,300</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Philadelphia Auth. Industrial Dev. Lease Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 10/1/30, Ser. B (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,310,400</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Pittsburgh &amp; Allegheny Cnty. Public Auditorium Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/1/29 (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">516,305</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Radnor Township School Dist., GO, 5.00%, 2/15/35, Ser. B,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Partially pre-refunded @ &#36;100, 8/15/15) (FSA) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,689,525</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">34,950,130</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;0.3%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,200</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">A3/BBB+</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">4,470,564</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Rhode Island&#151;4.4%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">62,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., 6.25%,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6/1/42, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">66,169,500</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">South Carolina&#151;5.3%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">27,745</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Greenville Cnty. School Dist. Rev., Building Equity Sooner</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Tomorrow, 5.50%, 12/1/28, (Pre-refunded @ &#36;101,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">12/1/12) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AA-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">30,817,759</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">18,120</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Jobs Economic Dev. Auth. Rev., Bon Secours Health System,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">A3/A-</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">19,406,339</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">10 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| 11.30.06</FONT><FONT size=1 face="sans-serif"></FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><FONT size=1 face="sans-serif">Credit
            Rating</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">South Carolina&#151;(continued)</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Lexington Cnty., Health Services Dist. Hospital Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;15,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">A2/A</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">16,232,550</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/37</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">A2/A</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,793,825</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 11/1/28</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">A2/A</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,513,700</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,250</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Rev. Management Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.375%, 5/15/28, Ser. B</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500,510</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,180</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Transportation Infrastructure Rev., 5.00%, 10/1/29, Ser. A,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 10/1/11) (AMBAC) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,256,782</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">80,521,465</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Tennessee&#151;0.3%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,750</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Knox Cnty. Health Educational &amp; Housing Facs.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Board Hospital Facs. Rev., 5.25%, 10/1/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">3,973,125</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Texas&#151;10.8%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Arlington Independent School Dist., GO (PSF-GTD),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/15/24</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,254</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">990</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/15/24, (Pre-refunded @ &#36;100, 2/15/09) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,021,264</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,480</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Aubrey Independent School Dist., GO,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/33 (PSF-GTD)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,005,907</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Brazos Cnty. Health Facs. Dev. Corp., Franciscan Services</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Corp. Rev., 5.375%, 1/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/A-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,927,115</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,700</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Comal Cnty. Health Facs. Dev., McKenna Memorial Hospital</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Project Rev., 6.25%, 2/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,945,646</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Dallas Area Rapid Transit Rev., 5.00%, 12/1/31 (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,221,800</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">20,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Frisco Independent School Dist., GO, zero coupon,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/15/34 (PSF-GTD)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,911,200</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Harris Cnty.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">19,750</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">GO, 5.125%, 8/15/31, (Pre-refunded @ &#36;100, 8/15/12) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa1/AA+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">21,308,275</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,250</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Health Facs. Dev. Corp. Rev., St. Luke&#146;s Episcopal Hospital,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,655,982</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 2/15/26, Ser. A, (Pre-refunded @ &#36;100, 8/15/11) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">25,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Senior Lien Toll Road Rev., 5.00%, 8/15/30 (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">26,286,500</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Keller Independent School Dist., GO, 4.875%,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/15/31 (PSF-GTD)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,644,525</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,170</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Little Elm Independent School Dist., GO, 5.30%, 8/15/29,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (PSF-GTD)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,431,018</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,250</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">North Dallas Thruway Auth. Rev., 4.75%, 1/1/29 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,334,688</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Quinlan Independent School Dist., GO, 5.10%,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">2/15/32 (PSF-GTD)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,250,600</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sabine River Auth. Rev., 5.20%, 5/1/28</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa2/BBB-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,101,700</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State, GO,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,025</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 4/1/35, Ser. A (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa1/AA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,451,263</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">17,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 4/1/36</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa1/AA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">18,262,650</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Turnpike Auth. Central Turnpike System Rev., Ser. A (AMBAC),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/15/19</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,973,800</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,880</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/15/42</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">9,281,731</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">11</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><FONT size=1 face="sans-serif">Credit
          Rating</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Texas&#151;(continued)</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Water Financial Assistance, GO,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36; 3,250</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/36</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa1/AA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,411,200</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,650</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 8/1/35</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa1/AA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,757,646</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Wichita Falls Water &amp; Sewer Rev., 5.00%, 8/1/27 (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8,360,560</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">162,555,324</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Utah&#151;3.1%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">44,150</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Utah Transit Auth. Rev., 4.75%, 6/15/35, Ser. B (FSA) (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">46,093,483</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Virginia&#151;0.5%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Fredericksburg Industrial Dev. Auth., Medicorp Health System</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Rev., Ser. B,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=right nowrap>
      <div align="left">&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/15/33</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A3/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,598,000</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 6/15/27</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A3/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,187,160</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">6,785,160</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Washington&#151;0.3%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tacoma Sewer Rev., 5.00%, 12/1/31, Ser. A (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,224,100</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Wisconsin&#151;0.7%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Badger Tobacco Asset Securitization Corp.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,125</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/17</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,210,219</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,170</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 6/1/27</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,760,119</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Health &amp; Educational Facs. Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Froedert &amp; Community Health Oblig.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">90</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/AA-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">95,628</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">910</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30, (Pre-refunded @ &#36;101, 10/1/11) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/AA-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">985,593</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">11,051,559</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total Municipal Bonds &amp; Notes (cost&#151;&#36;1,283,260,482)</FONT>
	</TD>
	<TD>&nbsp;</TD>
	<TD align=left nowrap><div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,431,492,522</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#A6C8FF">
	<TD colspan=3 align=right valign="middle" nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">&nbsp;VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(d)</FONT><B><FONT size=1 face="sans-serif">&#151;4.8%</FONT></B>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Alabama&#151;0.5%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,450</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Jefferson Cnty. Sewer Rev., 11.23%, 2/1/36, Ser. 352 (FGIC) (b)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,450,805</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,400</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Montgomery Special Care Facs., Financing Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.04%, 11/15/29, Ser. 435 (MBIA) (b)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,604,960</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">7,055,765</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Colorado&#151;0.2%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,250</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Denver City &amp; Cnty. Airport Rev., 10.04%, 11/15/25,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 425 (FSA) (b)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,630,812</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Florida&#151;0.4%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,782</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Orange Cnty. School Board, CP, 10.04%, 8/1/24,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 328 (MBIA) (b)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,201,305</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,241</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Governmental Utilities Auth. Rev., 10.04%, 10/1/29,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 327 (AMBAC) (b)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,906,053</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">6,107,358</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">12 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| 11.30.06</FONT><FONT size=1 face="sans-serif"></FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><FONT size=1 face="sans-serif">Credit
            Rating</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Illinois&#151;0.6%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chicago, GO (b),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36; 1,780</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.67%, 1/1/28, Ser. 332 (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,160,920</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">12.54%, 1/1/40, Ser. 426 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,922,590</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,288</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Cook Cnty., GO, 10.04%, 11/15/28, Ser. 403 (FGIC) (b)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,586,365</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 11.29%, 4/1/27, Ser. 783 (FSA) (b)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,702,200</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">9,372,075</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;1.5%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,400</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Boston Water &amp; Sewer Community Rev., 10.08%, 11/1/28,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 434 (FGIC) (b)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,616,580</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 11.34%, 11/1/30, Ser. 785 (FGIC-TCRS) (b)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,169,650</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Turnpike Auth. Rev. (b),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,366</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.08%, 1/1/37, Ser. 334 (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,105,178</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.08%, 1/1/37, Ser. 489 (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,301,050</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,668</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.08%, 1/1/39, Ser. 335 (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,517,115</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">22,709,573</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Nevada&#151;0.2%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 10.04%, 5/15/28, Ser. 344 (FGIC) (b)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,384,250</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Ohio&#151;0.1%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,580</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Hamilton Cnty. Sales Tax Rev., 10.04%, 12/1/27,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 356 (MBIA) (b)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,780,186</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;0.5%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,050</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Philadelphia Auth. Industrial Dev. Rev., Doubletree,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.50%, 10/1/27, (Pre-refunded @ &#36;102, 2/1/07) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,124,054</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Philadelphia School Dist., GO (MBIA) (b),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,670</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.79%, 4/1/27, Ser. 345</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,814,539</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,677</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.79%, 4/1/27, Ser. 496</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,908,694</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">7,847,287</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Texas&#151;0.7%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,460</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Denton Utility System Rev., 10.67%, 12/1/29,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 428 (MBIA) (b)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,762,211</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,100</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Houston Airport System Rev., 10.04%, 7/1/25, Ser. 404 (FGIC) (b)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,198,835</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Houston Water &amp; Sewer System Rev. (b),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.04%, 12/1/28, Ser. 427 (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,667,500</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,070</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.29%, 12/1/30, Ser. 495 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,026,612</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">10,655,158</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Washington&#151;0.1%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,820</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Central Puget Sound Regional Transit Auth. Sales Tax &amp; Motor</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Rev., 8.80%, 2/1/28, Ser. 360 (FGIC) (b)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,033,213</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total Variable Rate Notes (cost&#151;&#36;56,572,705)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">72,575,677</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">13</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom" bgcolor="#A6C8FF">
	<TD colspan=3 align=left valign="middle" nowrap bgcolor="#A6C8FF">
<B><FONT size=1 face="sans-serif">&nbsp;U.S. TREASURY BILLS </FONT></B><FONT size=1 face="sans-serif">(e)</FONT><B><FONT size=1 face="sans-serif">&#151;0.4%</FONT></B>
	</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;6,040</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">4.71%-4.98%, 12/14/06 (cost&#151;&#36;6,029,541)</FONT>
	</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">6,029,541&nbsp;</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Total Investments before options written </FONT></B><FONT size=1 face="sans-serif">(cost&#151;&#36;1,345,862,728)&#151;</FONT><B><FONT size=1 face="sans-serif">100.0%</FONT></B>
	</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,510,097,740&nbsp;</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#A6C8FF">
	<TD colspan=3 align=left valign="middle" nowrap>
<B><FONT size=1 face="sans-serif">&nbsp;OPTIONS WRITTEN </FONT></B><FONT size=1 face="sans-serif">(f)</FONT><B><FONT size=1 face="sans-serif">&#151;(0.0)%</FONT></B>
	</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<U><FONT size=1 face="sans-serif">Contracts</FONT></U>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Call Options&#151;(0.0)%</FONT></B>
	</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,</FONT>
	</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">590</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;110, expires 2/23/07 (premiums received&#151;&#36;246,989)</FONT>
	</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(322,656)</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Total Investments net of options written </FONT></B><FONT size=1 face="sans-serif">(cost&#151;&#36;1,345,615,739)&#151;</FONT><B><FONT size=1 face="sans-serif">100.0%</FONT></B>
	</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>
	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">1,509,775,084&nbsp;</FONT></B>
	</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">14 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| 11.30.06</FONT><FONT size=1 face="sans-serif"> </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 align="center" width="100%" size=4>



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><FONT size=1 face="sans-serif">Credit
            Rating</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom" bgcolor="#A6C8FF">
	<TD colspan=3 align=center valign="middle" nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">&nbsp;CALIFORNIA MUNICIPAL
            BONDS &amp; NOTES&#151;96.3%</FONT></B>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36; 2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">ABC Unified School Dist., GO, zero coupon, 8/1/23, Ser. B (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">986,280</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Alpine Union School Dist., GO, zero coupon, 8/1/24, Ser. B (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">491,820</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,115</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Anaheim City School Dist., GO, 5.00%, 8/1/26,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;101, 8/1/11) (FGIC)(a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,731,415</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Assoc. of Bay Area Gov&#146;ts Finance Auth. Rev., Odd Fellows Home,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,300</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.20%, 11/15/22</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/A+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,616,145</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">26,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.35%, 11/15/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/A+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">27,712,620</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">23,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Bakersfield, CP, zero coupon, 4/15/21</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">12,626,080</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Bay Area Gov&#146;t. Assoc. Lease Rev., 5.00%, 7/1/32,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 2002-1 (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,110,880</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,945</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Bay Area Gov&#146;t. Assoc., Windmere Ranch Dist. 99-1,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Assessment, 6.30%, 9/2/25</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,097,449</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,085</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Capistrano Unified School Dist., Community Fac. Dist.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, 5.70%, 9/1/20, (Pre-refunded @ &#36;102, 9/1/09) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,166,787</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,090</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Cathedral City Cove Improvements Dist. 04-02,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Assessment, 5.00%, 9/2/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,115,789</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,300</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ceres Unified School Dist., GO, zero coupon, 8/1/27 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">747,247</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chula Vista Community Facs. Dist., Special Tax,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 9/1/36</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,086,670</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,825</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.15%, 9/1/26</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,958,115</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,380</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.20%, 9/1/33</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,698,995</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chula Vista, Special Tax, (Pre-refunded @ &#36;102, 9/1/10) (a),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,160</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.05%, 9/1/25</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,282,693</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.10%, 9/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,768,775</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Clovis Unified School Dist., GO, Ser. B (FGIC),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/23</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">986,280</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,535</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/25</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,589,689</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/27</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,025,700</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,410</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Community College Financing Auth. Lease Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/27, Ser. A (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,496,348</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Corona-Norco Unified School Dist., Public Financing Auth.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, Ser. A,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,110</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.10%, 9/1/25 (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,167,920</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">210</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.55%, 9/1/15</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">215,158</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">305</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.65%, 9/1/16</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">312,924</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">160</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 9/1/17</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">164,624</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">530</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 9/1/20</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">547,045</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 9/1/25</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,032,660</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,150</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.10%, 9/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,299,566</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Coronado Community Dev. Agcy., Tax Allocation,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.875%, 9/1/35 (AMBAC)(g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,142,700</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,800</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Cotati Redev. Agcy., Tax Allocation, 5.00%, 9/1/31,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,909,816</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Dinuba Financing Auth. Lease Rev., 5.10%, 8/1/32 (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,187,140</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Educational Facs. Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,475</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Loyola Marymount Univ., zero coupon, 10/1/34 (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,043,786</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Woodbury Univ., 5.00%, 1/1/36</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,072,480</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">15</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><FONT size=1 face="sans-serif">Credit
            Rating</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36; 4,520</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Elk Grove Unified School Dist., Community Facs. Dist. No. 1</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, 4.75%, 12/1/33 (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,718,292</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Empire Union School Dist., Special Tax (AMBAC),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,560</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">548,012</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,265</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">404,964</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Escondido Union School Dist., GO, zero coupon, 8/1/27 (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">410,280</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,440</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Eureka Union School Dist., GO, zero coupon, 8/1/27 (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,001,083</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Foothill Eastern Corridor Agcy. Toll Road Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,100</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/25, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,332,101</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,270</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/26, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,468,982</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/15/27 (MBIA-IBC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,456,020</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,780</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/28, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,548,590</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">17,860</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/30, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,662,316</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">400</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Franklin-McKinley School Dist., GO, 5.00%, 8/1/27, Ser. B,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 8/1/13) (FSA)(a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">436,820</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,440</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Fremont Community Facs. Dist. No. 1, Special Tax,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.30%, 9/1/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,482,293</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Golden State Tobacco Securitization Corp. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/35, Ser. A (FGIC)(g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,684,100</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">45,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/38, Ser. A (FGIC)(g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">48,011,400</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">12,485</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/45, Ser. A (AMBAC-TCRS)(g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">13,283,665</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/45, Ser. A (FGIC-TCRS)(g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,383,820</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">11,700</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/33, Ser. 2003-A-1</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">13,170,105</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">36,200</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39, Ser. 2003-A-1</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">41,772,990</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Finance Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,115</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 11/1/20 (CA Mtg. Ins.)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/A+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,249,091</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Adventist Health System, 5.00%, 3/1/33</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">NR/A</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,140,480</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">565</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Healthcare West, 5.00%, 7/1/28,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=right nowrap>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Partially
          pre-refunded @ &#36;101, 7/1/08) (a)</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A3/A</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">577,537</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Paradise VY Estates (CA Mtg. Ins.),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 1/1/22</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/A+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,827,470</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,875</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 1/1/26</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/A+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,127,262</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,750</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Huntington Beach Community Facs. Dist., Special Tax,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.30%, 9/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,805,177</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Industry Urban Dev. Agcy., Tax Allocation (MBIA),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,045</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Transportation Dist. 2, 4.75%, 5/1/21</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,066,558</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,035</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Transportation Dist. 3, 4.75%, 5/1/21</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,056,352</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">200</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Infrastructure &amp; Economic Dev. Bank Rev., Bay Area Toll Bridges,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/36, (Pre-refunded @ &#36;100, 1/1/28) (AMBAC)(a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">230,466</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Irvine Improvement Board Act 1915, Special Assessment,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.70%, 9/2/26</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,223,230</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Irvine Unified School Dist., Special Tax, 5.125%, 9/1/36, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,030,460</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,900</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Jurupa Unified School Dist., GO, zero coupon, 5/1/27 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">779,532</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,450</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Kings Canyon JT Unified School Dist., GO, zero coupon,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/27 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,005,186</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,300</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Livermore-Amador Valley Water Management Agcy. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/31, Ser. A (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,550,372</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,935</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Long Beach Unified School Dist., GO, 5.00%, 8/1/27,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. C (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,175,902</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">16 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| 11.30.06</FONT><FONT size=1 face="sans-serif"></FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><FONT size=1 face="sans-serif">Credit
            Rating</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Los Angeles, CP (MBIA),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36; 9,895</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/1/27</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,403,108</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,685</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/27, Ser. AU</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,831,655</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,200</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Los Angeles, Wastewater System Rev., 5.00%, 6/1/30,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,580,664</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Los Angeles Dept. of Power &amp; Water Rev., Ser. A (g),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">15,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 7/1/30 (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">15,731,550</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">30,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/35 (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">32,248,200</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">16,950</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/41 (FGIC-TCRS)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">17,768,007</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Manhattan Beach Unified School Dist., GO, zero coupon,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9/1/25 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">448,100</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Manteca Redev. Agcy., Tax Allocation,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/36 (AMBAC)(g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,690,600</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,295</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/32 (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,760,275</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Manteca Unified School Dist., Special Tax (MBIA),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,365</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/25</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,050,084</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,330</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/29, Ser. C</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,597,779</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Merced Cnty., CP, Juvenile Justice Correctional Fac.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/32 (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,187,320</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=1 face="sans-serif">Modesto Elementary School Dist. Stanislaus Cnty., GO, Ser. A (FGIC),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,615</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/23</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,279,075</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,705</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,263,127</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 5/1/27</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">821,220</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,150</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Modesto High School Dist. Stanislaus Cnty., GO, zero coupon,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/26, Ser. A (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">922,758</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Modesto Public Financing Auth. Lease Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/29 (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,030,000</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,385</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Monrovia Financing Auth. Lease Rev., Hillside Wilderness</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Preserve, 5.125%, 12/1/31 (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,566,904</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Montebello Unified School Dist., GO,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">706,515</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,485</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24 (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">699,450</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,830</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/25 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,272,651</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,775</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/27 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,138,527</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,700</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Moreno Valley Unified School Dist. Community Facs. Dist.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, 5.20%, 9/1/36</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,843,491</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,400</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Morgan Hill Unified School Dist., GO, zero coupon, 8/1/23 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,210,872</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Mountain View-Whisman School Dist., GO, 5.00%, 6/1/27,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. D, (Pre-refunded @ &#36;101, 6/1/12) (MBIA)(a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,629,360</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,800</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Murrieta Redev. Agcy., Tax Allocation, 5.00%, 8/1/32 (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,912,716</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,245</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Newark Unified School Dist., GO, zero coupon, 8/1/26,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. D (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,379,385</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">19,805</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Oakland, GO, 5.00%, 1/15/32, Ser. A (FGIC)(g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">20,767,523</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Oakland Redev. Agcy., Tax Allocation, Ser. A,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 3/1/13) (a),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,395</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 9/1/27</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">NR/A</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,531,501</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,185</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 9/1/33</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">NR/A</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,405,248</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">17</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><FONT size=1 face="sans-serif">Credit
            Rating</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">$&nbsp;&nbsp;1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Orange Cnty. Community Facs. Dist., Special Tax,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">No. 01-1-Ladera Ranch, 6.00%, 8/15/25, Ser. A,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;101, 8/15/10) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,097,960</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">12,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Orange Cnty. Sanitation Dist., CP, 5.25%, 2/1/30 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">12,999,480</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Palmdale Community Redev. Agcy., Tax Allocation (AMBAC),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,230</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">434,005</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,230</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/31</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">414,547</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,225</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">394,266</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,750</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Paramount Unified School Dist., GO, zero coupon,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9/1/23, Ser. B (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">859,950</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Perris Public Financing Auth. Rev., Tax Allocation,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,190</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 10/1/23, Ser. B (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,254,284</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">780</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/20, Ser. C</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/BBB+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">831,948</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,800</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 10/1/31, Ser. C</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/BBB+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,946,754</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Placentia-Yorba Linda Unified School Dist., CP,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/32 (FGIC)(g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,744,400</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,150</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Placer Union High School Dist., GO, zero coupon, 8/1/33 (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,164,872</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Poway Unified School Dist., Special Tax,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community Facs. Dist. No. 6,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,700</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 9/1/28</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,782,755</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,300</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 9/1/28, Area B</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,370,495</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 9/1/25</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,548,405</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.60%, 9/1/33</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,097,830</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.05%, 9/1/25, Area A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,069,370</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 9/1/33, Area A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,873,065</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community Facs. Dist. No. 10,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.65%, 9/1/25</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,023,290</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.70%, 9/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,248,928</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Rancho Cucamonga Community Facs. Dist., Special Tax,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.375%, 9/1/31, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,136,500</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Richmond Wastewater Rev., zero coupon, 8/1/30 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">553,395</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,510</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Riverside, CP, 5.00%, 9/1/33 (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,704,735</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Riverside Unified School Dist., Community Facs.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Dist. No. 15 Special Tax, Ser. A,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.15%, 9/1/25</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,030,780</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,030,810</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/35</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,030,730</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Rocklin Unified School Dist., GO (FGIC),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,355,050</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/25</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,798,800</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/26</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,716,760</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/27</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,846,260</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Roseville Redev. Agcy., Tax Allocation (MBIA),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,730</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/27</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,951,040</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,365</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,555,526</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,115</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/33</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,233,652</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sacramento City Financing Auth. Rev., Ser. A,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 12/1/32 (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,764,555</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,610</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">North Natomas CFD No. 2, 6.25%, 9/1/23</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,791,588</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">18 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| 11.30.06</FONT><FONT size=1 face="sans-serif"></FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><FONT size=1 face="sans-serif">Credit
          Rating</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;12,490</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sacramento Cnty. Airport System Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/32, Ser. A (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">13,082,526</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">14,350</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sacramento Cnty. Sanitation Dist. Rev., 5.00%, 12/1/35,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 12/1/14) (AMBAC) (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">15,373,586</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Diego Cnty. Water Auth. Water Rev., CP, Ser. A (MBIA),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,285</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/28</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,792,291</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/29</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,485,760</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Diego Community Facs. Dist. No. 3, Special Tax, Ser. A,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,200</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.60%, 9/1/21</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,231,692</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">800</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.70%, 9/1/26</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">820,640</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,300</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 9/1/36</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,362,514</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Diego Public Facs. Financing Auth. Lease Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/15/29, Ser. A (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,037,810</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Fire &amp; Life Safety Facs., 5.00%, 4/1/32 (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,568,265</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">14,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Diego Public Facs. Financing Auth. Water Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/32 (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">14,737,800</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,775</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Diego Unified School Dist., GO,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/27, Ser. D (FGIC) (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,328,036</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Francisco City &amp; Cnty. Airport Community, International</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Airport Rev., Ser. 2 (MBIA),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,585</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/1/28</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,634,260</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">11,585</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/32</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">12,234,918</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,715</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/32, (Pre-refunded
          @ &#36;100, 5/1/12) (a)</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">9,384,573</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,405</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Joaquin Hills Transportation Corridor Agcy. Toll Road Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/25</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,883,171</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Jose, Libraries &amp; Parks, GO,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">14,970</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/32 (MBIA)(g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">15,816,404</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,190</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 9/1/31</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Aa1/AA+</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,756,360</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">9,150</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Jose Unified School Dist., GO, 5.00%, 8/1/27, Ser. A (FSA) (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">9,715,012</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Juan Unified School Dist., GO (FSA),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,770</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/23</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">872,858</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,105</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/26</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,620,205</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,835</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Mateo Foster City School Dist., GO, 5.10%, 8/1/31,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;101, 8/1/11) (FGIC)(a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,222,912</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,300</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Mateo Union High School Dist., GO, zero coupon,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9/1/20 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,301,087</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,730</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Rafael City High School Dist., GO,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/27, Ser. B (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,821,638</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,280</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Rafael Elementary School Dist., GO,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/27, Ser. B (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,453,742</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Santa Clara Unified School Dist., GO (MBIA),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,755</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/25</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,907,352</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,895</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/26</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,053,849</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,040</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/27</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,198,962</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,260</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Santa Cruz Cnty., Rev., 5.25%, 8/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,353,101</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Santa Margarita Water Dist., Special Tax,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 9/1/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,136,620</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 9/1/29</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,213,840</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">19</FONT></B></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><FONT size=1 face="sans-serif">Credit
          Rating</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">$&nbsp;&nbsp;2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Santa Monica Community College Dist., GO, zero coupon,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/26, Ser. C (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">783,020</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Saugus Hart School Facs. Financing Auth., Special Tax,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community Facs. Dist. 00-1,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,140</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.10%, 9/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,180,561</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,225</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 9/1/33</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,304,121</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Shasta Union High School Dist., GO, zero coupon, 8/1/24 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">471,010</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,745</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">South Tahoe JT Powers Parking Financing Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.00%, 12/1/27, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,781,756</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,800</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Southern Mono Health Care Dist., GO, zero coupon,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/26 (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">757,836</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Public Works Board Lease Rev., UCLA Replacement Hospital,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">9,605</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/22, Ser. A (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,170,542</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,095</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 4/1/26</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA-</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,245,002</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,710</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Univ. Rev., 5.00%, 11/1/33, Ser. A (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,799,091</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Statewide Community Dev. Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,555</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Bentley School, 6.75%, 7/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,870,080</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">9,700</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Health Fac., Jewish Home, 5.50%, 11/15/33 (CA St. Mtg.)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/A+</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,605,107</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,770</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Kaiser Permanente, 5.50%, 11/1/32, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/A+</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,965,451</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Live Oak School, 6.75%, 10/1/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,165,510</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Peninsula Project, 5.00%, 11/1/29</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">503,865</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,170</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Statewide Community Dev. Auth., Wildwood Elementary</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">School, CP, 6.10%, 11/1/15</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,172,913</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Statewide Financing Auth., Tobacco Settlement Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,740</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 5/1/29</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,825,260</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">20,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/1/37 (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">21,583,400</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,750</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tamalpais Union High School Dist., GO, 5.00%, 8/1/27 (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,177,490</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Securitization Agcy. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Alameda Cnty., 6.00%, 6/1/42</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,861,350</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Fresno Cnty.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,045</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 6/1/23</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,087,877</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/35</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,803,000</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Gold Cnty., zero coupon, 6/1/33</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">NR/BBB</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,551,060</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,800</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Stanislaus Funding, 5.875%, 6/1/43, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,911,096</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Securitization Auth. of Southern California Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/37, Ser. A1</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,165,200</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">995</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tracy Community Facs. Dist., Special Tax,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">No. 99-2 South Macarthur Area, 6.00%, 9/1/27</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,026,571</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Univ. Rev. (g),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/35, Ser. F (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,720,055</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/35, Ser. G (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,200,050</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,650</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/38 Ser. B</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,817,636</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/27, Ser. O, (Pre-refunded @ &#36;101, 9/1/10) (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,504,500</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ventura Cnty. Community College Dist., GO,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/27, Ser. A (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,664,800</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,555</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ventura Unified School Dist., GO, 5.00%, 8/1/32, Ser. F (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,640,230</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Vernon Electric System Rev., Malburg Generating Station,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 4/1/33, (Pre-refunded @ &#36;100, 4/1/08) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,054,280</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">20 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| 11.30.06</FONT><FONT size=1 face="sans-serif"></FONT></P>

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



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


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><FONT size=1 face="sans-serif">Credit
          Rating</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Victor Elementary School Dist., GO, Ser. A (FGIC),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36; 1,125</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">529,886</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,410</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/26</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,034,348</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Vista Unified School Dist., GO, zero coupon, 8/1/26, Ser. A (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">429,190</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">West Contra Costa Univ. School Dist., GO, Ser. A (MBIA),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,740</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/26</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,851,902</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,690</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/28</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,798,488</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,890</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/31</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,964,750</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,375</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Westlands Water Dist. Rev., CP, 5.00%, 9/1/34 (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,562,245</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">William S. Hart JT School Financing Auth. Rev., 5.625%, 9/1/34</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/BBB+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,143,860</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,110</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Yuba City Unified School Dist., GO, zero coupon, 9/1/25 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

	</TD>
	<TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=1 face="sans-serif">954,205</font> </div></TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total California Municipal Bonds &amp; Notes (cost&#151;&#36;839,355,945)</FONT>
	</TD>
	<TD>&nbsp;</TD>
	<TD align=left nowrap><div align="center"></div></TD>
	<TD>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">905,387,332</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#A6C8FF">
	<TD colspan=3 align=left valign="middle" nowrap bgcolor="#A6C8FF">
<B><FONT size=1 face="sans-serif">&nbsp;OTHER MUNICIPAL BONDS &amp; NOTES&#151;2.6%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Iowa&#151;1.7%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">16,100</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. of Iowa Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/1/34, Ser. B</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap><div style="border-bottom:2px solid #000000">&nbsp;</div>

	</TD>
	<TD align=right nowrap><div style="border-bottom:2px solid #000000"> <font size=1 face="sans-serif">15,862,525</font> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">New York&#151;0.4%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,250</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Dormitory Auth. Rev. Hospital, 6.25%, 8/15/15 (FHA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa2/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap><div style="border-bottom:2px solid #000000">&nbsp;</div>

	</TD>
	<TD align=right nowrap><div style="border-bottom:2px solid #000000"> <font size=1 face="sans-serif">3,709,420</font> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;0.5%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

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

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">A3/BBB+</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,128,840</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,505</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Public Building Auth. Rev., Gov&#146;t Facs.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/36, Ser. I (GTD)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

	</TD>
	<TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=1 face="sans-serif">2,632,104</font> </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap><div style="border-bottom:2px solid #000000">&nbsp;</div>

	</TD>
	<TD align=right nowrap><div style="border-bottom:2px solid #000000"> <font size=1 face="sans-serif">4,760,944</font> </div></TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total Other Municipal Bonds &amp; Notes (cost&#151;&#36;23,117,849)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">24,332,889</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#A6C8FF">
	<TD colspan=3 align=left valign="middle" nowrap>
<B><FONT size=1 face="sans-serif">&nbsp;CALIFORNIA VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(b)(c)(d)</FONT><B><FONT size=1 face="sans-serif">&#151;0.2%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Modesto Public Financing Auth. Lease Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.20%, 9/1/29, Ser. 354 (AMBAC) (cost&#151;&#36;1,159,460)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,725,000</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#A6C8FF">
	<TD colspan=3 align=left valign="middle" nowrap>
<B><FONT size=1 face="sans-serif">&nbsp;OTHER VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(d)</FONT><B><FONT size=1 face="sans-serif">&#151;0.6%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;0.6%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,300</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Public Finance Corp. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 8/1/27, Ser. A (cost&#151;&#36;5,607,158)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Ba1/BBB-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,761,365</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="middle" bgcolor="#A6C8FF">
	<TD colspan=3 align=left nowrap>
<B><FONT size=1 face="sans-serif">&nbsp;U.S. TREASURY BILLS </FONT></B><FONT size=1 face="sans-serif">(e)</FONT><B><FONT size=1 face="sans-serif">&#151;0.3%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,200</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">4.71%-4.98%, 12/14/06 (cost&#151;&#36;3,194,458)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap><div style="border-bottom:2px solid #000000">&nbsp;</div>

	</TD>
	<TD align=right nowrap><div style="border-bottom:2px solid #000000"> <font size=1 face="sans-serif">3,194,458</font> </div></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">21</FONT></B></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=right nowrap style="border-bottom:3px solid #000000;">
      <div align="center"><FONT size=1 face="sans-serif">Contracts</FONT>
      </div></TD>
	<TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

	</TD>
	<TD style="border-bottom:3px solid #000000;">&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

	</TD>
	<TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
	</TD>
</TR>
<TR valign="middle" bgcolor="#A6C8FF">
	<TD colspan=3 align=left nowrap bgcolor="#A6C8FF">
<B><FONT size=1 face="sans-serif">&nbsp;OPTIONS PURCHASED </FONT></B><FONT size=1 face="sans-serif">(f)</FONT><B><FONT size=1 face="sans-serif">&#151;0.0%</FONT></B>
	</TD>
	<TD colspan="3">&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Put Options&#151;0.0%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Eurodollar Futures, Chicago Mercantile Exchange,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">204</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;92, expires 3/19/07</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,275&nbsp;</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">245</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">strike price &#36;92.25, expires 3/19/07</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,531&nbsp;</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total Options Purchased (cost&#151;&#36;4,265)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,806&nbsp;</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Total Investments before options written </FONT></B><FONT size=1 face="sans-serif">(cost&#151;&#36;872,439,135)&#151;</FONT><B><FONT size=1 face="sans-serif">100.0%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">940,403,850&nbsp;</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#A6C8FF">
	<TD colspan=3 align=left valign="middle" nowrap >
<B><FONT size=1 face="sans-serif">&nbsp;OPTIONS WRITTEN </FONT></B><FONT size=1 face="sans-serif">(f)</FONT><B><FONT size=1 face="sans-serif">&#151;(0.0)%</FONT></B>
	</TD>
	<TD colspan="3">&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Call Options&#151;(0.0)%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">300</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">strike price &#36;110, expires 2/23/07 (premiums received&#151;&#36;125,587)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(164,063)</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Total Investments net of options written </FONT></B><FONT size=1 face="sans-serif">(cost&#151;&#36;872,313,548)&#151;</FONT><B><FONT size=1 face="sans-serif">100.0%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">&#36;</FONT></B>
	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">940,239,787&nbsp;</FONT></B>
	</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">22 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| 11.30.06</FONT><FONT size=1 face="sans-serif"> </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 align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      New York Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><FONT size=1 face="sans-serif">Credit
            Rating</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom" bgcolor="#A6C8FF">
	<TD colspan=3 align=right valign="middle" nowrap bgcolor="#A6C8FF">
      <div align="left"><B><FONT size=1 face="sans-serif">&nbsp;NEW YORK MUNICIPAL
            BONDS &amp; NOTES&#151;90.0%</FONT></B>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Buffalo Municipal Water Finance Auth., Water System Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B, (Pre-refunded @ &#36;100, 7/1/12) (FSA)(a),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/27</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">269,090</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,082,650</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,400</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 11/15/36</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,566,776</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Erie Cnty. Tobacco Asset Securitization Corp. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.50%, 7/15/32, (Pre-refunded @ &#36;101, 7/15/10) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Ba1/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">11,075,600</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Liberty Dev. Corp. Rev., 5.25%, 10/1/35 (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,988,150</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Metropolitan Transportation Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,850</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/15/30, Ser. A (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,957,004</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 11/15/31, Ser. E</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A2/A</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,709,900</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Metropolitan Transportation Auth. Service Contract Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.35%, 7/1/31, Ser. B</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">A1/AAA</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,540,050</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,130</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Mortgage Agcy. Rev., 4.75%, 10/1/27, Ser. 128 (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa1/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,280,291</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York City, GO, 5.00%, 3/1/33, Ser. I</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A1/AA-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,193,920</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York City Health &amp; Hospital Corp. Rev., Ser. A,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,100</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 2/15/26</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A2/A-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,155,495</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.45%, 2/15/26</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">A2/A-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,116,420</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York City Industrial Dev. Agcy. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Eger Harbor, 4.95%, 11/20/32 (GNMA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/AA+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,043,200</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Staten Island Univ. Hospital, 5.00%, 7/1/27</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa2/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,600,155</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,230</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">United Jewish Appeal Fed., 6.45%, 7/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">B2/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,305,940</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Water &amp; Sewer System Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.50%, 6/15/33, Ser. C (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,627,875</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,055</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 6/15/37, Ser. D (MBIA-IBC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,113,198</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/15/32, Ser. A (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa2/AA+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,211,450</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">15,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/15/34, Ser. A (g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa2/AA+</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">15,921,000</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York City Transitional Finance Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/1/27, Ser. B</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa1/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,574,900</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,785</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York City Trust for Cultural Res. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/1/34 (FGIC)(g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,299,822</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,600</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Port Auth. New York &amp; New Jersey Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 4/15/32, Ser. 125 (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,838,824</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Dormitory Auth. Lease Rev., State Univ. Dormitory Facs.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/32, (Pre-refunded @ &#36;100, 7/1/12) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,053,050</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Dormitory Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,600</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Health of Long Island, 5.10%, 7/1/34</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa1/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,714,348</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">7,490</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Court Facs., 5.50%, 5/15/31 (AMBAC)(g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">9,394,707</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Kaleida Health Hospital, 5.05%, 2/15/25 (FHA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,103,220</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,300</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Lenox Hill Hospital, 5.50%, 7/1/30</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Ba2/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,491,330</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Long Island Univ. (Radian),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,320</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/28</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa3/AA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,392,006</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">80</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/28, (Pre-refunded @ &#36;102, 9/1/09) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa3/AA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">85,207</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,850</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">North General Hospital, 5.00%, 2/15/25</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/AA-</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">9,296,128</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Rochester Hospital, 5.00%, 12/1/35 (Radian)(g)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,339,350</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Saint Barnabas Hospital, 5.00%, 2/1/31, Ser. A (AMBAC-FHA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,260,900</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">23</FONT></B></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      New York Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><FONT size=1 face="sans-serif">Credit
            Rating</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36; 1,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Sloan-Kettering Center Memorial, 5.00%, 7/1/34, Ser. 1</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa2/AA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,577,925</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">8,600</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">State Personal Income Tax, 5.00%, 3/15/32,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded
          @ &#36;100,
          3/15/13) (a)</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa3/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">9,326,012</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,250</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Student Housing Corp., 5.125%, 7/1/34 (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,355,500</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,270</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Teachers College, 5.00%, 7/1/32 (MBIA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,518,429</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Yeshiva Univ., 5.125%, 7/1/34 (AMBAC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,168,800</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Environmental Facs. Corp. Rev., State Clean</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Water &amp; Drinking Rev., 5.125%, 6/15/31</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,140,240</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,100</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Urban Dev. Corp. Personal Income Tax Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 3/15/33, Ser. C-1, (Pre-refunded @ &#36;100, 3/15/13) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aa3/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,614,962</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Asset Backed, Inc. Rev., Ser. 1,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">25,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/34</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">NR/BBB</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">25,626,500</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">25,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 7/15/32, (Pre-refunded @ &#36;100, 7/15/12) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">27,801,750</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.375%, 7/15/39, (Pre-refunded @ &#36;101, 7/15/09) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">10,805,000</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Triborough Bridge &amp; Tunnel Auth. Rev. (FGIC-TCRS),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">710</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/32</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">747,942</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,990</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/32, (Pre-refunded @ &#36;100, 1/1/12) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,269,659</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Warren &amp; Washington Cntys. Industrial Dev. Agcy. Fac. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Glens Falls Hospital, 5.00%, 12/1/35, Ser. A (FSA)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">2,122,140</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">750</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Westchester Cnty. Industrial Dev. Agcy. Continuing Care</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Retirement Rev., Kendal on Hudson, 6.50%, 1/1/34</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">809,888</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total New York Municipal Bonds &amp; Notes (cost&#151;&#36;241,225,511)</FONT>
	</TD>
	<TD>&nbsp;</TD>
	<TD align=left nowrap><div align="center"></div></TD>
	<TD>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">257,486,703</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#A6C8FF">
	<TD colspan=3 align=left valign="middle" nowrap>
<B><FONT size=1 face="sans-serif">&nbsp;OTHER MUNICIPAL BONDS &amp; NOTES&#151;6.0%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;3.0%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Alameda Unified School Dist., Alameda Cnty., GO, Ser. A (FSA),</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,648,535</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/25</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,349,100</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">California Cnty., Tobacco Securitization Agcy. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/1/28</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">4,248,500</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">3,130</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Covina Valley Unified School Dist., GO,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/1/25, Ser. B (FGIC)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,417,671</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">8,663,806</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Colorado&#151;0.1%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">210</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">108,963</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;2.9%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,675</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Children&#146;s Trust Fund, Tobacco Settlement Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 5/15/43</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">5,957,728</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Commonwealth Highway &amp; Transportation Auth. Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 7/1/38, Ser. D, (Pre-refunded @ &#36;100, 7/1/12) (a)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Baa3/AAA</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,633,395</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">750</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">A3/BBB+</FONT>
    </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">798,315</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">8,389,438</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total Other Municipal Bonds &amp; Notes (cost&#151;&#36;15,591,426)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">17,162,207</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">24 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| 11.30.06</FONT><FONT size=1 face="sans-serif"></FONT></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      New York Municipal Income Fund II </font><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Principal</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Amount</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><FONT size=1 face="sans-serif">Credit
          Rating</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)</FONT> </div></TD>
    <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  </TR>
<TR valign="bottom" bgcolor="#A6C8FF">
	<TD colspan=3 align=left valign="middle" nowrap>
<B><FONT size=1 face="sans-serif">&nbsp;NEW YORK VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(b)(d)</FONT><B><FONT size=1 face="sans-serif">&#151;2.9%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36; 5,595</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Long Island Power Auth. Electric System Rev.,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.38%,
          12/1/26, Ser. 339 (MBIA-IBC)</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
	</TD>
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">6,573,060&nbsp;</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,300</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Urban Dev. Corp. Rev., 10.457%, 3/15/35</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

	</TD>
	<TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=1 face="sans-serif">1,758,575&nbsp;</font> </div></TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total New York Variable Rate Notes (cost&#151;&#36;6,935,001)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">8,331,635&nbsp;</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#A6C8FF">
	<TD colspan=3 align=left valign="middle" nowrap bgcolor="#A6C8FF">
<B><FONT size=1 face="sans-serif">&nbsp;OTHER VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(d)</FONT><B><FONT size=1 face="sans-serif">&#151;0.7%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;0.7%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,900</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(cost&#151;&#36;2,010,113)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Ba1/BBB-</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=right nowrap  style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,065,395&nbsp;</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left valign="middle" nowrap bgcolor="#A6C8FF">
<B><FONT size=1 face="sans-serif">&nbsp;U.S. TREASURY BILLS </FONT></B><FONT size=1 face="sans-serif">(e)</FONT><B><FONT size=1 face="sans-serif">&#151;0.4%</FONT></B>
	</TD>
	<TD bgcolor="#A6C8FF">&nbsp;
	</TD>
	<TD align=left nowrap bgcolor="#A6C8FF">&nbsp;

	</TD>
	<TD bgcolor="#A6C8FF">&nbsp;
	</TD>
	<TD align=left nowrap bgcolor="#A6C8FF">&nbsp;

	</TD>
	<TD align=left nowrap bgcolor="#A6C8FF">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">1,050</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">4.743%-4.98%, 12/14/06 (cost&#151;&#36;1,048,181)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap><div style="border-bottom:1px solid #000000">&nbsp;</div>

	</TD>
	<TD align=right nowrap><div style="border-bottom:1px solid #000000"> <font size=1 face="sans-serif">1,048,181&nbsp;</font> </div></TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap colspan=3>
<B><FONT size=1 face="sans-serif">Total Investment before options written </FONT></B><FONT size=1 face="sans-serif">(cost&#151;&#36;266,810,232)&#151;</FONT><B><FONT size=1 face="sans-serif">100.0%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">286,094,121&nbsp;</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left valign="middle" nowrap bgcolor="#A6C8FF">
<B><FONT size=1 face="sans-serif">&nbsp;OPTIONS WRITTEN </FONT></B><FONT size=1 face="sans-serif">(f)</FONT><B><FONT size=1 face="sans-serif">&#151;(0.0)%</FONT></B>
	</TD>
	<TD bgcolor="#A6C8FF">&nbsp;
	</TD>
	<TD align=left nowrap bgcolor="#A6C8FF">&nbsp;

	</TD>
	<TD bgcolor="#A6C8FF">&nbsp;
	</TD>
	<TD align=left nowrap bgcolor="#A6C8FF">&nbsp;

	</TD>
	<TD align=left nowrap bgcolor="#A6C8FF">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<U><FONT size=1 face="sans-serif">Contracts</FONT></U>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Call Options&#151;(0.0)%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=1 face="sans-serif">100</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=1 face="sans-serif">strike price &#36;110, expires 2/23/07 (premiums received&#151;&#36;41,863)</FONT>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000">&nbsp;

	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000">
<FONT size=1 face="sans-serif">(54,688)</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap colspan=3>
<B><FONT size=1 face="sans-serif">Total Investments net of options written </FONT></B><FONT size=1 face="sans-serif">(cost&#151;&#36;266,768,369)&#151;</FONT><B><FONT size=1 face="sans-serif">100.0%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap><div style="border-bottom:2px solid #000000"> <b><font size=1 face="sans-serif">&#36;</font></b> </div></TD>
	<TD align=right nowrap><div style="border-bottom:2px solid #000000"> <b><font size=1 face="sans-serif">286,039,433&nbsp;</font></b> </div></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">25</FONT></B></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font><font size=2 face="sans-serif">Schedules
      of Investments</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<P align="justify">&nbsp;</P>
<div style="border-bottom:3px solid #000000">&nbsp;</div>
<div align="justify">
  <div>&nbsp;</div>
  <div><B><FONT size=1 face="sans-serif">Notes to the Schedules of Investments:</FONT></B></div>
</div>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT size=1 face="sans-serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Pre-refunded bonds are collateralized by U.S. Government or other eligible securities which are held in escrow and used to pay principal and interest and retire the bonds at the earliest refunding
date (payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate).</FONT></P>
	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=1 face="sans-serif">(b)</FONT></TD>
	<TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">144A Security &#151; Security
    exempt from registration, under Rule 144A of the Securities Act of 1933.
    These securities may be resold in transactions exempt from registration,
    typically only to  qualified institutional buyers. Unless otherwise indicated,
    these securities are not considered to be illiquid.</FONT></P>
	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=1 face="sans-serif">(c)</FONT></TD>
	<TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Inverse Floater &#151; The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index.</FONT></P>
	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=1 face="sans-serif">(d)</FONT></TD>
	<TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Variable Rate Notes &#151; Instruments whose interest rates change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated
base rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on November 30, 2006.</FONT></P>
	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=1 face="sans-serif">(e)</FONT></TD>
	<TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">All or partial amount segregated as collateral for futures contracts and/or transactions in options written.</FONT></P>
	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=1 face="sans-serif">(f)</FONT></TD>
	<TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Non-income producing.</FONT></P>
	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=1 face="sans-serif">(g)</FONT></TD>
	<TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Residual Interest Bonds held in trust &#151; Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Funds
acquired the residual interest certificates. These securities serve as collateral in a financing transaction.</FONT></P>
	</TD>
</TR>
<TR><TD colspan=2><div style="border-bottom:2px solid #000000">&nbsp;</div></TD></TR></TABLE>
<P align="justify">
<B><U><FONT size=1 face="sans-serif">Glossary:</FONT></U></B><BR>
<FONT size=1 face="sans-serif">AMBAC &#151; insured by American Municipal Bond Assurance Corp.</FONT><BR>
<FONT size=1 face="sans-serif">CA Mtg. Ins. &#151; insured by California Mortgage Insurance</FONT><BR>
<FONT size=1 face="sans-serif">CA St. Mtg. &#151; insured by California State Mortgage</FONT><BR>
<FONT size=1 face="sans-serif">CP &#151; Certificates of Participation</FONT><BR>
<FONT size=1 face="sans-serif">FGIC &#151; insured by Financial Guaranty Insurance Co.</FONT><BR>
<FONT size=1 face="sans-serif">FHA &#151; insured by Federal Housing Administration</FONT><BR>
<FONT size=1 face="sans-serif">FSA &#151; insured by Financial Security Assurance, Inc.</FONT><BR>
<FONT size=1 face="sans-serif">GNMA &#151; insured by Government National Mortgage Association</FONT><BR>
<FONT size=1 face="sans-serif">GO &#151; General Obligation Bond</FONT><BR>
<FONT size=1 face="sans-serif">GTD &#151; Guaranteed</FONT><BR>
<FONT size=1 face="sans-serif">IBC &#151; Insurance Bond Certificate</FONT><BR>
<FONT size=1 face="sans-serif">MBIA &#151; insured by Municipal Bond Investors Assurance</FONT><BR>
<FONT size=1 face="sans-serif">NR &#151; Not Rated</FONT><BR>
<FONT size=1 face="sans-serif">PSF &#151; Public School Fund</FONT><BR>
<FONT size=1 face="sans-serif">Radian &#151; insured by Radian Guaranty, Inc.</FONT><BR>
<FONT size=1 face="sans-serif">TCRS &#151; Temporary Custodian Receipts</FONT><BR>
<FONT size=1 face="sans-serif">XLCA &#151; insured by XL Capital Assurance</FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">26 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><FONT size=1 face="sans-serif">| 11.30.06</FONT><FONT size=1 face="sans-serif"> </FONT><FONT size=1 face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying notes to Financial Statements</FONT></B></P>
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<P align="center">
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<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font><font size=2 face="sans-serif">Statements
      of Assets and Liabilities</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=90% align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD colspan="2" align=right nowrap>
<B><FONT size=1 face="sans-serif">California&nbsp;&nbsp;&nbsp;</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD colspan="2" align=right nowrap>
<B><FONT size=1 face="sans-serif">New York&nbsp;&nbsp;&nbsp;</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"> <div align="right"><B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
    </div></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"> <div align="right"><B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
    </div></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"> <div align="right"><B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
    </div></TD>
  </TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Assets:</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Investments, at value (cost&#151;&#36;1,345,862,728, &#36;872,439,135</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">and &#36;266,810,232, respectively)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,510,097,740</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">940,403,850</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">286,094,116</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Cash</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,757,162</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Interest receivable</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">18,348,485</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">13,108,743</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,690,018</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Receivable for investments sold</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">70,000</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Receivable for variation margin on futures contracts</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">61,891</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Prepaid expenses and other assets</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,260,930</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">34,299</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">447,271</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Total Assets</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,530,777,155</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">953,546,892</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">293,050,458</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=13>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Liabilities:</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Payable for floating rate notes</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">115,540,000</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">220,964,559</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">41,028,367</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Dividends payable to common and preferred shareholders</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,274,866</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,210,996</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">718,481</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Payable to custodian for cash overdraft</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,997,287</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,264,878</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Payable for variation margin on futures contracts</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,887,122</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,584,025</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">409,000</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Interest payable</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,541,177</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,823,670</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">540,236</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Investment management fees payable</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">573,228</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">294,891</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">102,306</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Options written, at value (premiums received&#151;</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">&#36;246,989, &#36;125,587, and &#36;41,863)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">322,656</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">164,063</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">54,688</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Accrued expenses and other payables</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">195,251</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,071,415</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">177,988</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Total Liabilities</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">129,331,587</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">232,378,497</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">43,031,066</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Preferred shares (&#36;0.00001 par value and &#36;25,000 net</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">asset and liquidation value per share applicable to</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">an aggregate of 20,200, 10,400 and 3,600 shares</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">issued and outstanding, respectively)</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">505,000,000</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">260,000,000</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">90,000,000</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net Assets Applicable to Common Shareholders</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">896,445,568</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">461,168,395</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">160,019,392</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=13>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Composition of Net Assets Applicable to</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Common Shareholders:</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Common Stock:</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Par value (&#36;0.00001 per share)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;588</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;305</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;105</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Paid-in-capital in excess of par</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">836,079,259</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">433,305,444</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">149,537,929</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Dividends in excess of net investment income</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(2,985,953</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,334,907</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(764,946</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Accumulated net realized loss</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(96,962,272</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(38,285,558</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,119,467</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net unrealized appreciation of investments, futures</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">contracts and options written</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">160,313,946</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">67,483,111</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">19,365,771</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net Assets Applicable to Common Shareholders</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">896,445,568</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">461,168,395</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">160,019,392</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Common Shares Outstanding</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">58,795,859</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">30,492,654</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,536,914</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net Asset Value Per Common Share</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;
</TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.25</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;
</TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.12</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;
</TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.19</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">28 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.06</FONT><FONT size=1 face="sans-serif"> </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 align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font><font size=2 face="sans-serif">Statements
      of Operations</font></b><br>
    <font size=1 face="sans-serif">For the six months ended November 30, 2006
    (unaudited)</font></div>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD colspan="2" align=right nowrap><B><FONT size=1 face="sans-serif">California&nbsp;&nbsp;&nbsp;</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD colspan="2" align=right nowrap><B><FONT size=1 face="sans-serif">New
          York&nbsp;&nbsp;&nbsp;</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"><div align="right"><B><FONT size=1 face="sans-serif">Municipal
            II</FONT></B> </div></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"><div align="right"><B><FONT size=1 face="sans-serif">Municipal
            II</FONT></B> </div></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"><div align="right"><B><FONT size=1 face="sans-serif">Municipal
            II</FONT></B> </div></TD>
  </TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Investment Income:</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Interest</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">37,822,138</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">22,774,683</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,238,296</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=13>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Expenses:</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Investment management fees</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,479,579</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,304,736</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">800,708</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Interest expense</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,154,893</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,073,443</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">782,729</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Auction agent fees and commissions</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">644,894</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">337,454</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">117,544</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Custodian and accounting agent fees</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">115,274</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">47,450</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">93,714</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Trustees&#146; fees and expenses</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">53,489</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">28,666</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14,870</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">New York Stock Exchange listing fees</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">27,328</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14,025</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,305</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Audit and tax services</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">18,822</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">16,417</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,718</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Transfer agent fees</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14,751</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">17,751</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14,947</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Legal fees</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,568</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8,222</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,928</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Insurance expense</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,958</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,072</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,134</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Shareholder communications</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,390</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,058</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,692</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Investor relations</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,575</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,294</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">915</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Miscellaneous</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">28,605</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">15,331</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,309</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Total expenses</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,578,126</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,882,919</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,866,513</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Less: investment management fees waived</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,033,749</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(531,862</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(184,779</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=center nowrap style="border-bottom:1px solid #000000;">
      <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;custody
          credits earned on cash balances</FONT>
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(110,197</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(42,197</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(41,866</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net expenses</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,434,180</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,308,860</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,639,868</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=13>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net Investment Income</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">31,387,958</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">16,465,823</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,598,428</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=13>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Realized and Change in Unrealized Gain (Loss):</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net realized gain (loss) on:</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Investments</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(242,074</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(401,998</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">350,653</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Futures contracts</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(9,805,664</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,601,221</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,111,356</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Options written</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">713,526</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">229,426</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">162,362</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net change in unrealized appreciation/depreciation of:</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Investments</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">63,316,429</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">34,311,806</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,931,987</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Futures contracts</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(20,600,836</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,598,772</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,712,148</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Options written</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(75,667</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(38,476</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(12,825</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net realized and change in unrealized gain on investments,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">futures contracts and options written</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">33,305,714</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">16,900,765</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,608,673</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Net Increase in Net Assets Resulting from Investment</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Operations</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">64,693,672</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">33,366,588</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">11,207,101</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Dividends on Preferred Shares from Net Investment</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Income</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,456,935</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(3,975,584</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,446,119</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Net Increase in Net Assets Applicable to Common</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Shareholders Resulting from Investment Operations</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">56,236,737</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">29,391,004</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">9,760,982</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&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">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">29</FONT></B></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=18% align=right nowrap>
      <div align="left"><font color="#003893"><B><FONT size=2 face="sans-serif">PIMCO
              Municipal Income Funds II&nbsp; </FONT></B>
    </font></div></TD>
    <TD width=82% align=right nowrap><div align="left"><B><FONT size=2 face="sans-serif">Statements of Changes
    in Net Assets</FONT></B></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><B><FONT size=2 face="sans-serif">Applicable
    to Common Shareholders</FONT></B></div></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=90% align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="7" align=right nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
          </div></TD>
  </TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=right nowrap>       <div align="center"><FONT size=1 face="sans-serif">Six Months</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=right nowrap>       <div align="center"><FONT size=1 face="sans-serif">ended</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">November 30, 2006</FONT>
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Year ended</FONT>
          </div></TD>
  </TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">      <div align="center"><FONT size=1 face="sans-serif">(unaudited)</FONT>
    </div></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><FONT size=1 face="sans-serif">May 31, 2006</FONT>
          </div></TD>
  </TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Investment Operations:</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">31,387,958</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,797,656</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net realized gain (loss) on investments, futures contracts and options written</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(9,334,212</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(15,393,416</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net change in unrealized appreciation/depreciation of investments, futures</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<FONT size=1 face="sans-serif">contracts and options written</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">42,639,926</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">16,506,689</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net increase in net assets resulting from investment operations</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">64,693,672</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">63,910,929</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Dividends to Preferred Shares from Net investment income:</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,456,935</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(13,697,379</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net increase in net assets applicable to common shareholders</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">resulting from investment operations</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">56,236,737</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">50,213,550</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Dividends to Common Shareholders from Net investment income:</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(24,665,597</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(55,835,634</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Capital Share Transactions:</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Reinvestment of dividends</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,042,646</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,163,881</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">Total increase in net assets applicable to common shareholders</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">33,613,786</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">541,797</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Net Assets Applicable to Common Shareholders:</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Beginning of period</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">862,831,782</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">862,289,985</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">End of period (including dividends in excess of net investment</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">income of &#36;(2,985,953) and &#36;(1,251,379); &#36;(1,334,907) and &#36;(1,032,143);</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">&#36;(764,946) and &#36;(733,605); respectively)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">896,445,568</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">862,831,782</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Common Shares Issued in Reinvestment of Dividends:</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">137,787</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">417,928</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">30 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.06</FONT><FONT size=1 face="sans-serif"> </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 align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="7" align=right nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=1 face="sans-serif">California Municipal II</FONT></B>
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="7" align=right nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=1 face="sans-serif">New York Municipal II</FONT></B>
          </div></TD>
  </TR>
<TR valign="bottom">
        <TD colspan="3" align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Six Months</FONT>
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Six Months</FONT>
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
  </TR>
<TR valign="bottom">
        <TD colspan="3" align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">ended</FONT>
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">ended</FONT>
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
  </TR>
<TR valign="bottom">
        <TD colspan="3" align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">November 30, 2006</FONT>
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=right nowrap> <div align="center"><FONT size=1 face="sans-serif">Year ended</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">November 30, 2006</FONT>
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Year ended</FONT>
          </div></TD>
  </TR>
<TR valign="bottom">
        <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><FONT size=1 face="sans-serif">(unaudited)</FONT>
          </div></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><FONT size=1 face="sans-serif">May 31, 2006</FONT>
          </div></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><FONT size=1 face="sans-serif">(unaudited)</FONT>
          </div></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><FONT size=1 face="sans-serif">May 31, 2006</FONT>
          </div></TD>
  </TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">16,465,823</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,096,363</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,598,428</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,187,579</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,773,793</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(2,003,450</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(598,341</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">143,004</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
  </TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">25,674,558</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,500,999</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,207,014</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,000,321</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">33,366,588</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">33,593,912</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">11,207,101</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,330,904</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
  </TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(3,975,584</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(6,356,144</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,446,119</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(2,367,860</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
  </TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">29,391,004</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">27,237,768</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,760,982</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,963,044</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
  </TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(12,793,003</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(28,205,349</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(4,183,650</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(9,597,690</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
  </TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  </TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,191,526</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,750,671</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">353,850</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">910,722</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">17,789,527</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,783,090</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,931,182</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,276,076</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
  </TR>
<TR>
        <TD>&nbsp;

        </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">443,378,868</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">441,595,778</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">154,088,210</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">152,812,134</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
  </TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  </TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">461,168,395</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">443,378,868</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">160,019,392</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">154,088,210</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
  </TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">80,775</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">187,096</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">23,876</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">61,504</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&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">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">31</FONT></B></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:3px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font><font size=2 face="sans-serif">Statement
      of Cash Flows</font></b><br>
    <font size=1 face="sans-serif">For the six months ended November 30, 2006
    (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Cash Flows used for Operating Activities:</FONT></B>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Purchases of long-term investments</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(65,485,710</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Proceeds from sales of long-term investments</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">40,093,288</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Interest received</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">16,989,411</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net cash provided by options written</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">363,979</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Operating expenses paid</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(2,264,234</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net cash paid for futures transactions</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(15,295,092</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net increase in short-term investments</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,089,568</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash used for operating activities</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(19,508,790</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Cash Flows from Financing Activities:</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Proceeds from issuance of floating rate notes</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">21,361,564</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Cash dividends paid (excluding reinvestment of dividends of &#36;1,191,526)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(15,573,825</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net provided by financing activities*</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,787,739</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net decrease in cash</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(13,721,051</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Cash at beginning of period</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">10,456,173</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Cash at end of period</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(3,264,878</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Reconciliation of Net Increase (Decrease) in Net Assets From Investment</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Operations to Net Cash Used for Operating Activities:</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net increase in net assets resulting from investment operations</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">33,366,588</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in payable for investments purchased</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,483,300</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in receivable for investments sold</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">130,000</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in interest receivable</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">98,810</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in premium on options written</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">125,587</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in prepaid expenses</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,714</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in Investment Management fees payable</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(3,268</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in variation margin payable on futures contracts</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,526,840</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in variation margin receivable on futures contracts</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">378,062</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in net unrealized appreciation on options written</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">38,476</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in accrued expenses</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(16,835</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net increase in investments</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(53,661,036</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash used for operating activities</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(19,508,790</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Disclosure<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size=1 face="sans-serif">Non-cash
financing activity not included consists of interest expense on floating rate
notes issued of &#36;4,073,443.</FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=1 face="sans-serif">32 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.06</FONT><FONT size=1 face="sans-serif"></FONT></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:3px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      New York Municipal II Fund </font><font size=2 face="sans-serif">Statement
      of Cash Flows</font></b><br>
    <font size=1 face="sans-serif">For the six months ended November 30, 2006
    (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Cash Flows provided by Operating Activities:</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Purchases of long-term investments</FONT>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,559,073</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Proceeds from sales of long-term investments</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8,905,187</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Interest, dividends, and facility and other fee income received</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,059,803</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net cash provided by options written</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">210,661</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Operating expenses paid</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(808,986</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net cash provided by futures transactions</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(2,399,816</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net decrease in short-term investments</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,304,867</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash provided by operating activities</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,712,643</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Cash Flows from Financing Activities*:</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Cash dividends paid (excluding reinvestment of dividends of &#36;353,850)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(5,291,043</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net increase in cash</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">421,600</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Cash at beginning of period</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,335,562</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Cash at end of period</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,757,162</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Reconciliation of Net Increase (Decrease) in Net Assets From Investment</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Operations to Net Cash Provided by Operating Activities:</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net increase in net assets resulting from investment operations</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">11,207,101</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in interest receivable</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(154,602</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in premium on options written</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">41,863</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in prepaid expenses</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,792</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in investment management fees payable</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,059</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in variation margin payable on futures contracts</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">423,689</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in net unrealized appreciation on options written</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,825</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in accrued expenses</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(46,580</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">Net increase in investments</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(5,773,386</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash provided by operating activities</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,712,643</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplemental Disclosure<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size=1 face="sans-serif">Non-cash
financing activity not included consists of interest expense on floating rate
notes issued of &#36;782,729.</FONT></P>
<P align="justify">&nbsp;</P>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">33</FONT></B></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font><font size=2 face="sans-serif">Notes to
      Financial Statements</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies<br>
</FONT></B><FONT size=1 face="sans-serif">PIMCO
Municipal Income Fund II (&#147;Municipal II&#148;), PIMCO California Municipal Income Fund II (&#147;California Municipal II&#148;) and PIMCO New York Municipal Income Fund II
(&#147;New York Municipal II&#148;), collectively referred to as the &#147;Funds&#148;, 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 &#147;Investment Manager&#148;), serves as the investment manager and is an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P. (&#147;Allianz
Global&#148;). Allianz Global is an indirect majority-owned subsidiary of Allianz SE, a publicly traded insurance and financial services company. The Funds have an unlimited amount of &#36;0.00001
par value common stock authorized.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Under normal market conditions, Municipal II invests substantially all of its assets in a portfolio of municipal bonds, the interest from which is exempt from federal income taxes. Under normal market conditions,
California Municipal II invests substantially all of its assets in municipal bonds which pay interest that is exempt from federal and California state income taxes. Under normal market conditions, New York Municipal II invests substantially all of
its assets in municipal bonds which pay interest that is exempt from federal, New York State and New York City income taxes. The Funds will seek to avoid bonds generating interest income which could potentially subject individuals to alternative
minimum tax. The issuers&#146; abilities to meet their obligations may be affected by economic and political developments in a specific state or region. </FONT></P>
<P align="justify"><FONT size=1 face="sans-serif">The preparation of the financial
    statements in accordance with accounting principles generally accepted in
    the United States of America requires management to make estimates and assumptions
    that affect the reported amounts and disclosures in the financial statements.
    Actual results could differ from those estimates.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">In the normal course of business the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds&#146; maximum exposure under these arrangements is unknown as
this would involve future claims that may be made against the Funds based upon events that have not been asserted. However, the Funds expect the risk of any loss to be remote.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">In July 2006, the Financial Accounting Standards Board issued interpretation No. 48, &#147;Accounting for Uncertainty in Income Taxes &#151; an Interpretation of FASB Statement No. 109&#148; (the
&#147;Interpretation&#148;). The Interpretation establishes for all entities, including pass-through entities such as the Funds, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns
(including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. The Interpretation is effective for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as
of the date of effectiveness. The Funds&#146; management has recently begun to evaluate the application of the Interpretation, and is not in a position at this time to estimate the significance of its impact, if any, on the Funds&#146; financial
statements. On December 22, 2006, the Securities &amp; Exchange Commission announced that it would not object if a fund implements the Interpretation in its NAV calculation as late as its last NAV calculation in the first required financial
statement reporting period for its fiscal year beginning after December 15, 2006. Consequently, the Fund will be required to comply with the Interpretation by November 30, 2007.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards (&#147;SFAS&#148;) 157, Fair Value Measurements, which clarifies the definition of fair value and requires
companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. Adoption of SFAS 157 requires the use of the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within
those fiscal years. At this time, the Funds are in the process of reviewing the SFAS 157 against their current valuation policies to determine future applicability.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The following is a summary of significant accounting policies consistently followed by the Funds:</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(a) Valuation of Investments<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 are fair-valued,
in good faith, pursuant to guidelines established by the Board of Trustees. The
Funds&#146; investments are valued daily
using prices supplied by an independent pricing service or dealer quotations,
or by using the last sale price on the exchange that is the primary market for
such securities, or the last quoted mean price for those securities for which
the over-the-counter market is the primary </FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">34 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.06</FONT><FONT size=1 face="sans-serif"></FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font><font size=2 face="sans-serif">Notes to
      Financial Statements</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies (continued) </FONT></B></P>
<P align="justify"><B><FONT size=1 face="sans-serif">(a) Valuation of Investments (continued) </FONT></B><FONT size=1 face="sans-serif"><br>
  market or for listed
  securities in which there were no sales. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange
  traded options and futures are valued at the settlement price determined by the relevant exchange. Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by
  amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. The prices used by the Funds to value securities may differ from the value that would be realized if the securities were sold and the
  differences could be material to the financial statements. 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 align="justify">
<B><FONT size=1 face="sans-serif">(b) Investment Transactions and Investment Income<br>
</FONT></B><FONT size=1 face="sans-serif">Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Interest income is recorded on an accrual basis. Original issue
discounts or premiums on debt securities purchased are accreted or amortized daily to non-taxable interest income. Market discount, if any, is accreted daily to taxable income.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(c) Federal Income Taxes<br>
</FONT></B><FONT size=1 face="sans-serif">The Funds intend to distribute all of their taxable income and to comply with the other requirements of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no
provision for U.S. federal income taxes is required.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(d) Dividends and Distributions&#151;Common Stock<br>
</FONT></B><FONT size=1 face="sans-serif">The
Funds declare dividends from net investment income monthly to common shareholders.
Distributions of net realized capital gains, if any, are paid at least annually.
Each Fund records dividends and distributions to its shareholders on the ex-dividend
date. The amount of dividends and distributions from net investment income and
net realized capital gains are determined in accordance with federal income tax
regulations, which may differ from generally accepted accounting principles.
These &#147;book-tax&#148; differences are considered either temporary or permanent
in nature. To the extent these differences are permanent in nature, such amounts
are reclassified within the capital accounts based on their federal income tax
treatment; temporary differences do not require reclassification. To the extent
dividends and/or distributions exceed current and accumulated earnings and profits
for federal income tax purposes; they are reported as dividends and/or distributions
of paid-in capital.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(e) Futures Contracts<br>
</FONT></B><FONT size=1 face="sans-serif">A
futures contract is an agreement between two parties to buy and sell a financial
instrument at a set price on a future date. Upon entering into such a contract,
the Funds are required to pledge to the broker an amount of cash or securities,
equal to the minimum &#147;initial margin&#148; requirements of the exchange. Pursuant to the contracts, the Funds agree to receive from or pay to the broker an amount of cash or securities equal to the daily
fluctuation in the value of the contracts. Such receipts or payments are known as &#147;variation margin&#148; and
are recorded by the Funds as unrealized appreciation or depreciation. When the
contracts are closed, the Funds record a realized gain or loss equal to the difference
between the value of the contracts at the time they were opened and the value
at the time they were closed. Any unrealized appreciation or depreciation recorded
is simultaneously reversed. The use of futures transactions involves the risk
of an imperfect correlation in the movements in the price of futures contracts,
interest rates and the underlying hedged assets, and the possible inability of
counterparties to meet the terms of their contracts.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(f) Option Transactions<br>
</FONT></B><FONT size=1 face="sans-serif">The Funds may purchase and write (sell) put and call options on securities for hedging purposes, risk management purposes or as part of its investment strategy. The risk associated with purchasing an option is that the
Funds pay a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for
in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options is decreased by the premiums
paid.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">When an option is written, the premium received is recorded as an asset with an equal liability which is subsequently marked to market to reflect the current market value of the option written. These liabilities are
reflected as options written in the Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the
amount paid</FONT></P>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">35</FONT></B></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font><font size=2 face="sans-serif">Notes to
      Financial Statements</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies (continued) </FONT></B></P>
<P align="justify"><B><FONT size=1 face="sans-serif">(f) Option Transactions (continued) </FONT></B><FONT size=1 face="sans-serif"><br>
  on effecting a closing
  purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a call option written by the Funds is exercised,
  the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written by the Funds is exercised, the premium reduces the cost basis of the security. In
  writing an option, the Funds bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Funds purchasing a security at a price different from the current
  market value.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(g) Inverse Floating Rate Transactions &#151; Residual Interest Municipal Bonds (&#147;RIBs&#148;) / Residual Interest Tax Exempt Bonds (&#147;RITEs&#148;) <br>
</FONT></B><FONT size=1 face="sans-serif">The
Funds invest in RIBs and RITEs (&#147;Inverse Floaters&#146;) whose interest rates bear an inverse relationship to the interest rate on another security or the value of an index. In these transactions, the Funds
sell a fixed rate municipal bond (&#147;Fixed Rate Bond&#148;) to a broker who places the Fixed Rate Bond in a special purpose trust (&#147;Trust&#148;) from which floating rate bonds (&#147;Floating Rate Notes&#148;) and Inverse Floaters are
issued. The Funds simultaneously or within a short period of time purchase the Inverse Floaters from the broker. The Inverse Floaters held by the Funds provide the Funds with the right to: (1) cause the holders of the Floating Rate Notes to tender
their notes at par, and (2) cause the broker to transfer the Fixed-Rate Bond held by the Trust to the Funds, thereby collapsing the Trust. Pursuant to Statement of Financial Accounting Standards No. 140 (&#148;FASB Statement No. 140&#148;), the
Funds account for the transaction described above as a secured borrowing by including the Fixed-Rate Bond in their Schedules of Investments, and account for the Floating Rate Notes as a liability under the caption &#147;Payable for floating rate
notes&#148; in the Funds&#146; &#147;Statements of Assets and Liabilities&#148;.
The Floating Rate Notes have interest rates that generally reset weekly and their
holders have the option to tender their notes to the broker for redemption at
par at each reset date.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Funds may also invest in inverse floaters without transferring a fixed rate municipal bond into a special purpose trust, which are not accounted for as secured borrowings.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Inverse Floaters are created by dividing the income stream provided by the underlying bonds to create two securities, one short-term and one long-term. The interest rate on the short-term component is reset by an
index or auction process typically every 7 to 35 days. After income is paid on the short-term securities at current rates, the residual income from the underlying bond (s) goes to the long-term securities. Therefore, rising short-term rates result
in lower income for the long-term component and visa versa. The longer-term bonds may be more volatile and less liquid than other municipal bonds of comparable maturity. Investments in Inverse Floaters typically will involve greater risk than an in
investment in Fixed Rate Bonds. The Funds may also invest in Inverse Floaters for the purpose of increasing leverage.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Funds&#146; investment policies and restrictions expressly permit investments in Inverse Floaters. The Funds&#146; restrictions on borrowings do not apply to the secured borrowings deemed to have occurred for
accounting purposes pursuant to FASB Statement No. 140. Inverse Floaters held by the Funds are exempt from registration under Rule 144A of the Securities Act of 1933.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(h) When-Issued/Delayed-Delivery Transactions<br>
</FONT></B><FONT size=1 face="sans-serif">When-issued or delayed-delivery basis transactions involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period.
When delayed-delivery purchases are outstanding, the Funds will set aside and maintain until the settlement date in a designated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a
delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations, consequently, such fluctuations are taken into account when determining its net asset value. The Funds
may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a realized gain or loss. When a security on a delayed-delivery basis is sold,
the Funds do not participate in future gains and losses with respect to the security.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(i) Custody Credits Earned on Cash Balances<br>
</FONT></B><FONT size=1 face="sans-serif">The Funds benefit from an expense offset arrangement with their custodian bank whereby uninvested cash balances earn credits which reduce monthly custodian and accounting agent expenses. Had these cash balances been
invested in income producing securities, they would have generated income for the Funds.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(j) Interest Expense<br>
</FONT></B><FONT size=1 face="sans-serif">Relates
to the Fund&#146;s liability in connection with floating rate notes held by third
parties in conjunction with Inverse Floater transactions. Interest expense is
recorded as incurred.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">36 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.06</FONT><FONT size=1 face="sans-serif"></FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font><font size=2 face="sans-serif">Notes to
      Financial Statements</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">2. Investment Manager/Sub-Adviser<br>
</FONT></B><FONT size=1 face="sans-serif">Each
Fund has entered into an Investment Management Agreement (the &#147;Agreements&#148;) with the Investment Manager. Subject to the supervision by each Fund&#146;s Board of Trustees, the Investment Manager is
responsible for managing, either directly or through others selected by it, the Fund&#146;s investment activities, business affairs and other administrative matters. Pursuant to the Agreements, the Investment Manager receives an annual fee, payable
monthly, at the annual rate of 0.65% of each Fund&#146;s average daily net assets, inclusive of net assets attributable to any preferred shares that may be outstanding. In order to reduce each Fund&#146;s expenses, the Investment Manager has
contractually agreed to waive a portion of its investment management fee for each Fund at the annual rate of 0.15% of each Fund&#146;s
average daily net assets, including net assets attributable to any preferred
shares that may be outstanding, from the commencement of operations through June
30, 2007, and for a declining amount thereafter through June 30, 2009.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Investment Manager has retained its affiliate, Pacific Investment Management Company LLC (the &#147;Sub-Adviser&#148;) to manage each Fund&#146;s investments. Subject to the supervision of the Investment Manager,
the Sub-Adviser makes all investment decisions for the Funds. The Investment Manager, not the Funds, pays a portion of the fees it receives to the Sub-Adviser in return for its services, at the maximum annual rate of 0.50% of each Funds&#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 align="justify">
<B><FONT size=2 face="sans-serif">3. Investments in Securities<br>
</FONT></B><FONT size=1 face="sans-serif">For the six months ended November 30, 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="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap colspan=5>
<FONT size=1 face="sans-serif">California&nbsp;&nbsp;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">New York&nbsp;&nbsp;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Municipal II</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Municipal II</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Municipal II</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=15>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>
<FONT size=1 face="sans-serif">Purchases</FONT>
        </TD>
        <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">$95,366,027</FONT>
    </div></TD>
        <TD align=right nowrap>&nbsp;
</TD>
        <TD align=right nowrap colspan=5>
<FONT size=1 face="sans-serif">&#36;63,993,442</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
</TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;8,552,637</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>
<FONT size=1 face="sans-serif">Sales</FONT>
        </TD>
        <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">&nbsp;59,510,747</FONT>
    </div></TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap colspan=5>
<FONT size=1 face="sans-serif">39,963,288</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,905,187</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=15>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap colspan=2>
<FONT size=1 face="sans-serif">(a) Futures contracts outstanding at November 30, 2006:</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=15>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD colspan="3" align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Market</FONT>
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3" align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Unrealized</FONT>
          </div>    </TD>
  </TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD colspan="3" align=left nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Value</FONT>
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Expiration </FONT>
          </div></TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD colspan=3 align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Appreciation</FONT></div>   </TD>
  </TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Fund</FONT>
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Type</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Contracts</FONT>
        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD colspan="3" align=left nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><FONT size=1 face="sans-serif">(000)</FONT></div></TD>
        <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Date</FONT>
        </TD>
        <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
        </TD>
        <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><FONT size=1 face="sans-serif">(Depreciation)</FONT>
          </div>    </TD>
  </TR>
<TR>
        <TD colspan=15>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>
<U><FONT size=1 face="sans-serif">Municipal II</FONT></U>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Long: Financial Future Euro&#151;90 day</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">23</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=center nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,464</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">6/18/07</FONT>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">(5,175</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;  &nbsp;<FONT size=1 face="sans-serif">Financial Future Euro&#151;90
 day</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">23</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,475</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">9/17/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,888</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financial
 Future Euro&#151;90 day</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">23</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,482</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">12/17/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,075</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financial Future Euro&#151;90 day</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">23</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,487</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/17/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">16,962</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">U.S. Treasury Notes 5 yr. Futures</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,689</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">497,767</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/30/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,620,985</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Short: U.S. Treasury Bond Futures</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">(4,933</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">564,212</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/21/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">(3,947,908</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">U.S. Treasury Notes 10 yr. Futures</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">(1,862</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">203,307</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/21/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(931,000</FONT>
        </TD>
        <TD align=left nowrap valign=middle>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(2,229,173</FONT>
        </TD>
        <TD align=left nowrap valign=middle>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=15>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>
<U><FONT size=1 face="sans-serif">California Municipal II</FONT></U>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Long: Financial Future Euro&#151;90 day</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">261</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=center nowrap>&nbsp;</TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">62,004</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">6/18/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financial Future Euro&#151;90 day</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">251</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">59,747</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">9/17/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">115,138</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financial Future Euro&#151;90 day</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">261</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">62,213</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">12/17/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">198,825</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financial Future Euro&#151;90 day</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">261</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">62,262</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/17/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">254,287</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">U.S. Treasury Notes 5 yr. Futures</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,200</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">127,388</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/30/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">667,735</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Short: U.S. Treasury Bond Futures</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">(2,381</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">272,327</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/21/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">(1,370,094</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">U.S. Treasury Notes 10 yr. Futures</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">(1,076</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">117,486</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/21/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(319,437</FONT>
        </TD>
        <TD align=left nowrap valign=middle><FONT size=1 face="sans-serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(453,046</FONT>
        </TD>
        <TD align=left nowrap valign=middle><FONT size=1 face="sans-serif">)</FONT> </TD>
</TR>
<TR>
        <TD colspan=15>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>
<U><FONT size=1 face="sans-serif">New York Municipal II</FONT></U>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Long: U.S. Treasury Notes 5 yr. Futures</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">233</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=center nowrap>&nbsp;</TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">24,734</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/30/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">139,078</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Short: U.S. Treasury Bond Futures</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">(368</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">42,090</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/21/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">(354,585</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">U.S. Treasury Notes 10 yr. Futures</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">(384</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">41,928</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/21/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(114,000</FONT>
        </TD>
        <TD align=left nowrap valign=middle><FONT size=1 face="sans-serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(329,507</FONT>
        </TD>
        <TD align=left nowrap valign=middle><FONT size=1 face="sans-serif">)</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">37</FONT></B></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font><font size=2 face="sans-serif">Notes to
      Financial Statements</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">3. Investments in Securities (continued)</FONT></B></P>
<P align="justify">
<FONT size=1 face="sans-serif">(b) Transactions in options written for the six months ended November 30, 2006:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
        </TD>
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><FONT size=1 face="sans-serif">Contracts</FONT>
          </div></TD>
        <TD nowrap>
    <div style="border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div>   </TD>
        <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><FONT size=1 face="sans-serif">Premiums</FONT>
          </div></TD>
  </TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<U><FONT size=1 face="sans-serif">Municipal II:</FONT></U>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Options outstanding, May 31, 2006</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>
        </div></TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Options written</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,811</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">988,770</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Options expired</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">(3,724</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">(536,131</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Options terminated in closing purchase transactions</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,497</FONT>
        </TD>
        <TD align=left nowrap valign=middle>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(205,650</FONT>
        </TD>
        <TD align=left nowrap valign=middle><FONT size=1 face="sans-serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Options outstanding, November 30, 2006</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="sans-serif">590</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>
          </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246,989</FONT>
        </TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<U><FONT size=1 face="sans-serif">California Municipal II:</FONT></U>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Options outstanding, May 31, 2006</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT> </div></TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Options written</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,997</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">363,978</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Options expired</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">(1,222</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">(173,138</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Options terminated in closing purchase transactions</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(475</FONT>
        </TD>
        <TD align=left nowrap valign=middle><FONT size=1 face="sans-serif">)</FONT> </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(65,253</FONT>
        </TD>
        <TD align=left nowrap valign=middle><FONT size=1 face="sans-serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Options outstanding, November 30, 2006</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="sans-serif">300</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;"><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT> </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="sans-serif">125,587</FONT>
        </TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<U><FONT size=1 face="sans-serif">New York Municipal II:</FONT></U>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Options outstanding, May 31, 2006</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT> </div></TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Options written</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,287</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">210,661</FONT>
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Options expired</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">(846</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;</TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">(121,953</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Options terminated in closing purchase transactions</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(341</FONT>
        </TD>
        <TD align=left nowrap valign=middle><FONT size=1 face="sans-serif">)</FONT> </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(46,845</FONT>
        </TD>
        <TD align=left nowrap valign=middle><FONT size=1 face="sans-serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Options outstanding, November 30, 2006</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="sans-serif">100</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;"><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT> </div></TD>
        <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="sans-serif">41,863</FONT>
        </TD>
        <TD>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=2 face="sans-serif">4. Income Tax Information<br>
</FONT></B><FONT size=1 face="sans-serif">The cost of investments for federal income tax purposes and gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2006 were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=90% align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Gross</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Gross</FONT>
          </div></TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Net</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>&nbsp;

        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Cost of</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=center nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Unrealized</FONT>
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Unrealized</FONT>
          </div></TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
      <div align="center"><FONT size=1 face="sans-serif">Unrealized</FONT>
          </div></TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">Investments</FONT>
    </div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><FONT size=1 face="sans-serif">Appreciation</FONT>
          </div></TD>
        <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
        </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
      <div align="center"><FONT size=1 face="sans-serif">Depreciation</FONT>
          </div></TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Appreciation</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Municipal II</FONT>
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;1,345,862,728</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;164,235,012</FONT>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#151;</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;164,235,012</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">California Municipal II</FONT>
        </TD>
        <TD align=left nowrap> <div align="right"><FONT size=1 face="sans-serif">872,439,135</FONT>
    </div></TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">67,966,174</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,459</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">67,964,715</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York Municipal II</FONT>
        </TD>
        <TD align=left nowrap> <div align="right"><FONT size=1 face="sans-serif">266,810,232</FONT>
    </div></TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,283,884</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#151;</FONT>
        </TD>
        <TD align=right nowrap>&nbsp;

        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,283,884</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">Municipal II has issued 4,040 shares of Preferred Shares Series A, 4,040 shares of Preferred Shares Series B, 4,040 shares of Preferred Shares Series C, 4,040 shares of Preferred Shares Series D and 4,040 shares of
Preferred Shares Series E, each with a net asset and liquidation value of &#36;25,000 per share plus accrued dividends.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">California Municipal II has issued 2,080 shares of Preferred Shares Series A, 2,080 shares of Preferred Shares Series B, 2,080 shares of Preferred Shares Series C, 2,080 shares of Preferred Shares Series D and 2,080
shares of Preferred Shares Series E, each with a net asset and liquidation value of &#36;25,000 per share plus accrued dividends.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">New York Municipal II has issued 1,800 shares of Preferred Shares Series A and 1,800 shares of Preferred Shares Series B, each with a net asset and liquidation value of &#36;25,000 per share plus accrued
dividends.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Dividends 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 align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=1 face="sans-serif">38 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.06</FONT><FONT size=1 face="sans-serif"></FONT></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font><font size=2 face="sans-serif">Notes to
      Financial Statements</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">5. Auction Preferred Shares<br>
</FONT></B><FONT size=1 face="sans-serif">For the six months ended November 30, 2006, the annualized dividend rates ranged from:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">High</FONT>
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Low</FONT>
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">At November 30, 2006</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=center nowrap>
      <div align="left"><U><FONT size=1 face="sans-serif">Municipal II:</FONT></U>
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series A</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.75%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.00%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.25%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.80%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.00%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.35%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series C</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.55%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.00%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.39%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series D</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">4.00%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.15%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.55%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series E</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">4.00%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.15%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.20%</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<U><FONT size=1 face="sans-serif">California Municipal II:</FONT></U>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series A</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.80%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.00%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.95%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.40%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.11%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.50%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series C</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.90%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.75%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.20%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series D</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.50%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.20%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.35%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series E</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.50%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.50%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.30%</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
<U><FONT size=1 face="sans-serif">New York Municipal II:</FONT></U>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series A</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.84%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.90%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.30%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.90%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">2.75%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.30%</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">The Funds are subject to certain limitations and restrictions while Preferred Shares are outstanding. Failure to comply with these limitations and restrictions could preclude the Funds from declaring any dividends or
distributions to common shareholders or repurchasing common shares and/or triggering the mandatory redemption of Preferred Shares at their liquidation value.</FONT></P>
<P align="justify">
<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="justify">
<B><FONT size=2 face="sans-serif">6. Subsequent Common Dividend Declarations<br>
</FONT></B><FONT size=1 face="sans-serif">On December 1, 2006, the following dividends were declared to common shareholders payable December 29, 2006 to shareholders of record on December 11, 2006:</FONT></P>
<TABLE border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Municipal II</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.07 per common share</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">California Municipal II</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.07 per common share</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">New York Municipal II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.06625 per common share</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">On January 3, 2007 the following dividends were declared to common shareholders payable February 1, 2007 to shareholders of record on January 16, 2007:</FONT></P>
<TABLE border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Municipal II</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.065 per common share</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">California Municipal II</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.07 per common share</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">New York Municipal II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.06625 per common share</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">39</FONT></B></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font><font size=2 face="sans-serif">Notes to
      Financial Statements</font></b><br>
    <font size=1 face="sans-serif">November 30, 2006 (unaudited)</font></div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">7. Legal Proceedings<br>
</FONT></B><FONT size=1 face="sans-serif">In
June and September 2004, the Investment Manager, certain of its affiliates (including
Allianz Global Investors Distributors LLC 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 LLC. 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. In addition to monetary
payments, the settling parties agreed to undertake certain corporate governance,
compliance and disclosure reforms related to market timing brokerage commissions,
revenue sharing and shelf space arrangements, and consented to cease and desist
orders and censures. None of the settlements allege that any inappropriate activity
took place with respect to the Funds.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Since February 2004, the Investment Manager and certain of its affiliates and their employees have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern market
timing and have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern revenue sharing and have been
consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits generally relate to the same allegations that are the subject of the regulatory proceedings discussed above. The lawsuits seek, among other
things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts, restitution, and waiver of or return of certain sales
charges paid by open-end fund shareholders.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Investment Manager and the Sub-Adviser believe that these matters are not likely to have a material adverse effect on the Funds or on their ability to perform their respective investment advisory activities
relating to the Funds.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The foregoing speaks only as of the date hereof.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">40 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.06</FONT><FONT size=1 face="sans-serif"></FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<FONT size=2 face="sans-serif">[This page intentionally left blank.]</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:3px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font><font size=2 face="sans-serif">Financial
      Highlights</font></b><br>
    <font size=1 face="sans-serif">For a share of common stock outstanding throughout
    each period:</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><FONT size=1 face="sans-serif">Six Months</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><FONT size=1 face="sans-serif">For the
        period</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=right nowrap><div align="center"><FONT size=1 face="sans-serif">ended</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><FONT size=1 face="sans-serif">June 28,
        2002*</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><FONT size=1 face="sans-serif">November
        30, 2006</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD colspan="8" align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">Year
    ended May 31,</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><FONT size=1 face="sans-serif">through</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(unaudited)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">2006</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">2005</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">2004</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">May
        31, 2003</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Net
        asset value, beginning of period</FONT> </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.71</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.81</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.01</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.66</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">&#36;14.33</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">**</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><B><FONT size=1 face="sans-serif">Investment
          Operations:</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Net
        investment income</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.53</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.08</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.11</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.17</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.93</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Net realized
        and unrealized gain (loss)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">on
        investments, futures contracts,</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">options
        written, swaps and foreign</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">currency
        transactions</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.57</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.01</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.84</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.77</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.53</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Total
        from investment operations</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.10</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.09</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.95</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.40</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.46</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><B><FONT size=1 face="sans-serif">Dividends
          and Distributions on</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Preferred
          Shares from:</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Net
        investment income</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.14</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.23</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.14</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.08</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.08</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Net
        realized gains</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.01</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Total dividends
        and distributions on</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">preferred
        shares</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.14</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.23</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.14</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.08</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.09</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Net increase
        in net assets applicable</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">to
        common shareholders resulting</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">from
        investment operations</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.96</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.86</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.81</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.32</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.37</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><B><FONT size=1 face="sans-serif">Dividends
          and Distributions to</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Common
          Shareholders from:</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Net
        investment income</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.42</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.96</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(1.01</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.97</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.84</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Net
        realized gains</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.09</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Total dividends
        and distributions</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">to
        common shareholders</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.42</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.96</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(1.01</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.97</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.93</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><B><FONT size=1 face="sans-serif">Capital
          Share Transactions:</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Common stock
        offering costs charged</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">to
        paid-in capital in excess of par</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.02</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Preferred
        shares offering costs/</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">underwriting
        discounts charged</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">to
        paid-in capital in excess of par</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.09</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Total
        capital share transactions</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.11</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Net
        asset value, end of period</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;15.25</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.71</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.81</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.01</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.66</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Market
        price, end of period</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;15.90</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.45</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;15.02</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;13.31</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.80</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=1 face="sans-serif">Total
          Investment Return </FONT></B><FONT size=1 face="sans-serif">(1)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">13.17%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">2.63%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">21.00%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(3.69)%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">5.19%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><B><FONT size=1 face="sans-serif">RATIOS/SUPPLEMENTAL
          DATA:</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Net assets
        applicable to common</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">shareholders,
        end of period (000)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;896,446</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;862,832</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;862,290</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;812,670</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;846,885</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Ratio of expenses
        to average net</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">assets,
        including interest</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">expense
        (2)(3)(5)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.52%</FONT> </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.30%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.05%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.08%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">0.97%</FONT></div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Ratio of expenses
        to average net</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap><div align="left"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap><div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">assets,
        excluding interest</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap><div align="left"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap><div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">expense
        (2)(3)(4)(5)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.01%</FONT></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.05%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.02%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.03%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">0.95%</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Ratio of net
        investment income</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap><div align="left"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap><div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">to
        average net assets (2)(5)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">7.25%</FONT> </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">7.31%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">7.71%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">8.16%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">6.99%</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Preferred
        shares asset coverage</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">per
        share</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;69,365</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;67,701</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;67,676</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;65,224</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;66,920</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Portfolio
        turnover</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">4%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">14%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">8%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">26%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">22%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">&nbsp;</P>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">42 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.06</FONT><FONT size=1 face="sans-serif"> </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="justify">
<B><FONT color="#003893" size=2 face="sans-serif">PIMCO Municipal Income Fund II </FONT><FONT size=2 face="sans-serif">Financial Highlights</FONT></B></P>
<div style="border-bottom:3px solid #000000">&nbsp;</div>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="1%" valign=top nowrap>
<FONT size=1 face="sans-serif">*</FONT></TD>
        <TD width=99% valign="top">
<P align="justify"><FONT size=1 face="sans-serif">Commencement of operations.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">**</FONT></TD>
        <TD valign="top">
<P align="justify"><FONT size=1 face="sans-serif">Initial public offering price of &#36;15.00 per share less underwriting discount of &#36;0.675 per share.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD><FONT size=1 face="sans-serif">#</FONT></TD>
  <TD valign="top"><FONT size=1 face="sans-serif"> Annualized.</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Total investment return is calculated assuming a purchase of a share of common stock at the current market price on the first day of each period and a sale of a share of common stock at the current
market price on the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund&#146;s dividend reinvestment plan. Total investment return does not
reflect brokerage commissions or sales charges. Total investment return for a period of less than one year is not annualized.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(2)</FONT></TD>
        <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(3)</FONT></TD>
        <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank. (See note 1(i) in Notes to Financial Statements).</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(4)</FONT></TD>
        <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Interest expense relates to the liability for floating rate notes issued in connection with inverse floater transactions.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(5)</FONT></TD>
        <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">During the fiscal periods indicated above, the Investment Manager waived a portion of its investment management fee. The effect of such waivers relative to the average net assets of common
shareholders was 0.23% (annualized), 0.24%, 0.24%, 0.25% and 0.23% (annualized) for the six months ended April 30, 2006, for the years ended May 31, 2006, May 31, 2005, May 31, 2004 and for the period June 28, 2002 (commencement of operations)
through May 31, 2003, respectively.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="right">
<B><FONT size=1 face="sans-serif">See accompanying notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">43</FONT></B></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:3px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font><font size=2 face="sans-serif">Financial
      Highlights</font></b><br>
    <font size=1 face="sans-serif">For a share of common stock outstanding throughout
    each period:</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Six Months</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><div align="center"><FONT size=1 face="sans-serif">For the
        period</FONT> </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left nowrap><div align="center"><FONT size=1 face="sans-serif">ended</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><div align="center"><FONT size=1 face="sans-serif">June 28,
        2002*</FONT> </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><div align="center"><FONT size=1 face="sans-serif">November
        30, 2006</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="8" align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">Year
    ended May 31,</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><div align="center"><FONT size=1 face="sans-serif">through</FONT> </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(unaudited)</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">2006</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">2005</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">2004</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">May
        31, 2003</FONT> </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Net asset
        value, beginning</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">of
        period</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.58</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.61</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;13.53</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.66</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">&#36;14.33</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">**</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><B><FONT size=1 face="sans-serif">Investment
          Operations:</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Net
        investment income</FONT> </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.54</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.05</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.05</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.13</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">0.87</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Net realized
        and unrealized</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">gain
        (loss) on investments,</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">futures
        contracts, options</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">written,
        swaps and foreign</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">currency
        transactions</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.55</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.06</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.13</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(1.26</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 Face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">0.46</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap  style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Total from
          investment operations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.09</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.11</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">2.18</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.13</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 Face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">1.33</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><B><FONT size=1 face="sans-serif">Dividends
          on Preferred</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Shares
          from:</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Net
        Investment Income:</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.13</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 Face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.21</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 Face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.12</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 Face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.07</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 Face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">(0.07</FONT> </div></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Net increase
        (decrease) in net</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">assets
        applicable to common</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">shareholders
        resulting from</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">investment
        operations</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.96</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.90</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">2.06</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.20</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 Face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">1.26</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><B><FONT size=1 face="sans-serif">Dividends
          to Common</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Shareholders
          from:</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Net
        Investment Income:</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.42</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 Face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.93</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 Face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.98</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 Face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.93</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 Face=sans-serif>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">(0.81</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">)</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><B><FONT size=1 face="sans-serif">Capital
          Share Transactions:</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Common stock
        offering</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">costs
        charged to paid-in</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">capital
        in excess of par</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">(0.02</FONT> </div></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Preferred
        shares offering costs/</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">underwriting
        discounts charged</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">to
        paid-in capital in excess of par</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">(0.10</FONT> </div></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap  style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Total capital
          share transactions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">(0.12</FONT> </div></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Net
        asset value, end of period</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;15.12</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.58</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.61</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;13.53</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">&#36;14.66</FONT> </div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Market
        price, end of period</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;16.18</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.62</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.76</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;13.27</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">&#36;14.78</FONT> </div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=1 face="sans-serif">Total
          Investment Return </FONT></B><FONT size=1 face="sans-serif">(1)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">13.83%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">5.50%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">19.14%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(3.92)%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">4.23%</FONT> </div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><B><FONT size=1 face="sans-serif">RATIOS/SUPPLEMENTAL</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<B><FONT size=1 face="sans-serif">DATA:</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Net assets
        applicable to</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">common
        shareholders,</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">end
        of period (000)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;461,168</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;443,379</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;441,596</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;407,659</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">&#36;439,970</FONT> </div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Ratio of expenses
        to average</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">net
        assets, including</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">interest
        expense (2)(3)(5)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">2.88%</FONT></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">2.02%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.36%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.60%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">1.10%</FONT> </div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Ratio of expenses
        to average</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">net
        assets, excluding</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">interest
        expense (2)(3)(4)(5)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.02%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.06%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.06%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.07%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">0.97%</FONT> </div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Ratio of net
        investment income</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">to
        average net assets (2)(5)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">7.34%</FONT></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">7.24%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">7.37%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">8.05%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">6.51%</FONT> </div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Preferred
        shares asset</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">coverage
        per share</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;69,330</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;67,620</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;67,451</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;64,191</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">&#36;67,301</FONT> </div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Portfolio
        turnover</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">6%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">12%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">5%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">20%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">39%</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">44 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.06</FONT><FONT size=1 face="sans-serif"> </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 align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT color="#003893" size=2 face="sans-serif">PIMCO California Municipal Income Fund II </FONT><FONT size=2 face="sans-serif">Financial Highlights</FONT></B></P>
<div style="border-bottom:3px solid #000000">&nbsp;</div>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">*</FONT></TD>
        <TD>
<P align="justify"><FONT size=1 face="sans-serif">Commencement of operations.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">**</FONT></TD>
        <TD>
<P align="justify"><FONT size=1 face="sans-serif">Initial public offering price of &#36;15.00 per share less underwriting discount of &#36;0.675 per share.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD><FONT size=1 face="sans-serif">#</FONT></TD>
  <TD><FONT size=1 face="sans-serif"> Annualized.</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Total investment return is calculated assuming a purchase of a share of common stock at the current market price on the first day of each period and a sale of a share of common stock at the current
market price on the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund&#146;s dividend reinvestment plan. Total investment return does not
reflect brokerage commissions or sales charges. Total investment return for a period of less than one year is not annualized.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(2)</FONT></TD>
        <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(3)</FONT></TD>
        <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank. (See note 1(i) in Notes to Financial Statements).</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(4)</FONT></TD>
        <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Interest expense relates to the liability for floating rate notes issued in connection with inverse floater transactions.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(5)</FONT></TD>
        <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">During the periods indicated above, the Investment Manager waived a portion of its investment management fee. The effect of such waivers relative to the average net assets of common shareholders was
0.23% (annualized), 0.24%, 0.24%, 0.24% and 0.23% (annualized) for the six months ended November 30, 2006, for the years ended May 31, 2006, May 31, 2005, May 31, 2004 and for the period June 28, 2002 (commencement of operations) through May 31,
2003, respectively.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="right">
<B><FONT size=1 face="sans-serif">See accompanying notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">45</FONT></B></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:3px solid #000000"> <b><font color="#003893" size=2 face="sans-serif">PIMCO
      New York Municipal Income Fund II </font><font size=2 face="sans-serif">Financial
      Highlights</font></b><br>
    <font size=1 face="sans-serif">For a share of common stock outstanding throughout
    each period:</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=right nowrap><div align="center"><FONT size=1 face="sans-serif">Six Months</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><div align="center"><FONT size=1 face="sans-serif">For the
        period</FONT> </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left nowrap><div align="center"><FONT size=1 face="sans-serif">ended</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><div align="center"><FONT size=1 face="sans-serif">June 28,
        2002*</FONT> </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><div align="center"><FONT size=1 face="sans-serif">November
        30, 2006</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="8" align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">Year
    ended May 31,</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><div align="center"><FONT size=1 face="sans-serif">through</FONT> </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(unaudited)</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">2006</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">2005</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">2004</FONT> </div></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">May
        31, 2003</FONT> </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Net asset
        value, beginning</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">of
        period</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.66</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.62</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;13.54</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.45</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">&#36;14.33</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">**</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><B><FONT size=1 face="sans-serif">Investment
          Operations:</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Net
        investment income</FONT> </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.54</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.07</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.07</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.06</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">0.86</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Net realized
        and unrealized</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">gain
        (loss) on investments,</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">futures
        contracts, options</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">written,
        swaps and foreign</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">currency
        transactions</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.53</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.11</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.12</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.97</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">0.28</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap  style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Total from
          investment operations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.07</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.18</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">2.19</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.09</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">1.14</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><B><FONT size=1 face="sans-serif">Dividends
          on Preferred</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Shares
          from:</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Net
        Investment Income:</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.14</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.23</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.13</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.07</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">(0.08</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">)</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Net increase
        in net assets</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">applicable
        to common</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">shareholders
        resulting from</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">investment
        operations</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.93</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.95</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">2.06</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">0.02</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">1.06</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><B><FONT size=1 face="sans-serif">Dividends
          to Common</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Shareholders
          from:</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Net
        Investment Income:</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.40</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.91</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.98</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(0.93</FONT> </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face=sans-serif>)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">(0.81</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">)</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><B><FONT size=1 face="sans-serif">Capital
          Share Transactions:</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Common stock
        offering costs</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">charged
        to paid-in capital</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">in
        excess of par</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">(0.03</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">)</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Preferred
        shares offering costs/</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">underwriting
        discounts</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">charged
        to paid-in capital in</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">excess
        of par</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">(0.10</FONT> </div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">)</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Total capital
          share transactions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#151;</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">(0.13</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">)</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Net
        asset value, end of period</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;15.19</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.66</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.62</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;13.54</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">&#36;14.45</FONT> </div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Market
        price, end of period</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;15.74</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.14</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;14.80</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;13.05</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">&#36;14.71</FONT> </div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=1 face="sans-serif">Total
          Investment Return </FONT></B><FONT size=1 face="sans-serif">(1)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">14.32%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.65%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">21.45%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">(5.15)%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">3.76%</FONT> </div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><B><FONT size=1 face="sans-serif">RATIOS/SUPPLEMENTAL</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<B><FONT size=1 face="sans-serif">DATA:</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Net assets
        applicable to</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">common
        shareholders,</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">end
        of period (000)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;160,019</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;154,088</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;152,812</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;140,958</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">&#36;149,606</FONT> </div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Ratio of expenses
        to average</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">net
        assets, including</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">interest
        expense (2)(3)(5)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">2.20%</FONT></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.89%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.25%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.16%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">1.02%</FONT></div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Ratio of expenses
        to average</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap><div align="left"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap><div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap>&nbsp; &nbsp;<FONT size=1 face="sans-serif">net
        assets, excluding</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap><div align="left"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap><div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">interest
        expense (2)(3)(4)(5)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.15%</FONT></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.13%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.14%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1.15%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">1.02%</FONT></div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Ratio of net
        investment income</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap><div align="left"></div></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap><div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">to
        average net assets (2)(5)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">7.17%</FONT></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">7.29%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">7.53%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">7.58%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">6.41%</FONT> </div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">#</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap><FONT size=1 face="sans-serif">Preferred
        shares asset</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="right"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=1 face="sans-serif">coverage
        per share</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;69,440</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;67,785</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;67,439</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&#36;64,148</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">&#36;66,552</FONT> </div></TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Portfolio
        turnover</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">4%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">26%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">11%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">14%</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">27%</FONT> </div></TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">46 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.06</FONT><FONT size=1 face="sans-serif"> </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="justify">
<B><FONT color="#003893" size=2 face="sans-serif">PIMCO New York Municipal Income Fund II </FONT><FONT size=2 face="sans-serif">Financial Highlights</FONT></B></P>
<div style="border-bottom:3px solid #000000">&nbsp;</div>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">*</FONT></TD>
        <TD>
<P align="justify"><FONT size=1 face="sans-serif">Commencement of operations.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">**</FONT></TD>
        <TD>
<P align="justify"><FONT size=1 face="sans-serif">Initial public offering price of &#36;15.00 per share less underwriting discount of &#36;0.675 per share.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD><FONT size=1 face="sans-serif">#</FONT></TD>
  <TD><FONT size=1 face="sans-serif">Annualized</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Total investment return is calculated assuming a purchase of a share of common stock at the current market price on the first day of each period and a sale of a share of common stock at the current
market price on the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund&#146;s dividend reinvestment plan. Total investment return does not
reflect brokerage commissions or sales charges. Total investment return for a period of less than one year is not annualized.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(2)</FONT></TD>
        <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(3)</FONT></TD>
        <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank. (See note 1(i) in Notes to Financial Statements).</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(4)</FONT></TD>
        <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Interest expense relates to the liability for floating rate notes issued in connection with inverse floater transactions.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(5)</FONT></TD>
        <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">During the periods indicated above, the Investment Manager waived a portion of its investment management fee. The effect of such waivers relative to the average net assets of common shareholders was
0.24% (annualized), 0.24%, 0.24%, 0.24% and 0.23% (annualized) for the six months ended November 30, 2006, for the years ended May 31, 2006, May 31, 2005, May 31, 2004 and for the period June 28, 2002 (commencement of operations) through May 31,
2003, respectively.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="right">
<B><FONT size=1 face="sans-serif">See accompanying notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">47</FONT></B></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=18% align=left nowrap>
<B><FONT color="#003893" size=2 face="sans-serif">PIMCO Municipal Income Funds II&nbsp;</FONT></B>
        </TD>
        <TD width=82% align=left nowrap>
<B><FONT size=2 face="sans-serif">Matters Relating to the Trustees</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Consideration of the Investment</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Management and Portfolio Management</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Agreements </FONT></B><FONT size=1 face="sans-serif">(unaudited)</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">The Investment Company Act of 1940 requires that both the full Board of Trustees (the &#147;Trustees&#148;) and a majority of the non-interested (&#147;Independent&#148;) Trustees, voting separately, approve the
Funds&#146; Management Agreements (the &#147;Advisory Agreements&#148;) with the Investment Manager and Portfolio Management Agreements (the &#147;Sub-Advisory Agreements&#148;, and together with the Advisory Agreements, the &#147;Agreements&#148;)
between the Investment Manager and the Sub-Adviser. The Trustees met on June 20 and 21, 2006 (the &#147;contract review meeting&#148;) for the specific purpose of considering whether to approve the Advisory Agreements and the Sub-Advisory
Agreements. The Independent Trustees were assisted in their evaluation of the Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Fund management during the contract review
meeting (the &#147;Meeting&#148;).</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Based on their evaluation of factors that they deemed to be material, including those factors described below, the Board of Trustees, including a majority of the Independent Trustees, concluded that the Fund&#146;s
Advisory Agreements and the Sub-Advisory Agreements should be approved for a one-year period commencing July 1, 2006.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">In connection with their deliberations regarding the continuation of the Agreements, the Trustees, including the Independent Trustees, considered such information and factors as they believed, in light of the legal
advice furnished to them and their own business judgment, to be relevant. As described below, the Trustees considered the nature, quality, and extent of the various investment management, administrative and other services performed by the Investment
Manager and the Sub-Adviser under the Agreements.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">In connection with the Meeting, the Trustees received and relied upon materials provided by the Investment Manager which included, among other items: (i) information provided by Lipper Inc. on the total return
investment performance (based on net assets) of the Funds for various time periods and the investment performance of a group of funds with substantially similar investment classifications/objectives, (ii) information provided by Lipper Inc. on the
Funds&#146; management fees and other expenses and the management fees and other expenses of comparable funds identified by Lipper Inc., (iii) information regarding the investment performance and management fees of comparable portfolios of other
clients of the Sub-Adviser, including institutional separate account and other clients, (iv) an estimate of the profitability to the Investment Manager from its relationship with the Funds for the twelve months ended March 31, 2006, (v) descriptions
of various functions performed by the Investment Manager and the Sub-Adviser for the Funds, such as portfolio management, compliance monitoring and portfolio trading practices, and (vi) information regarding the overall organization of the
Investment Manager and the Sub-Adviser, including information regarding senior management, portfolio managers and other personnel providing investment management, administrative and other services to the Funds.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees&#146; conclusions as to the continuation Agreements were based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that
figured particularly in the Trustees&#146; deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">As part of their review, the Trustees examined the Investment Manager&#146;s and the Sub-Adviser&#146;s abilities to provide high quality investment management and other services to the Funds. The Trustees considered
the investment philosophy and research and decision-making processes of the Sub-Adviser; the experience of key advisory personnel of the Sub-Adviser responsible for portfolio management of the Funds; the ability of the Investment Manager and the
Sub-Adviser to attract and retain capable personnel; the capability and integrity of the senior management and staff of the Investment Manager and the Sub-Adviser; and the level of skill required to manage the Funds. In addition, the Trustees
reviewed the quality of the Investment Manager&#146;s and the Sub-Adviser&#146;s services with respect to regulatory compliance and compliance with the investment policies of the Funds; the nature and quality of certain administrative services the
Investment Manager is responsible for providing to the Funds; and conditions that might affect the Investment Manager&#146;s or the Sub-Adviser&#146;s ability to provide high quality services to the Funds in the future under the Agreements,
including each organization&#146;s respective business reputation, financial condition and operational stability. Based on the foregoing, the Trustees concluded that the Sub-Adviser&#146;s investment process, research capabilities and philosophy
were well suited to the Funds given their investment objectives and policies, and that the Investment Manager and the Sub-Adviser would be able to continue to meet any reasonably foreseeable obligations under the Agreements.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Based on information provided by Lipper Inc., the Trustees also reviewed each Fund&#146;s total return investment performance as well as the performance of comparable funds identified by Lipper Inc. In the course of
their deliberations, the Trustees took into account information provided by the Investment Manager in connection with the Meeting, as well as during</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">48 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.06</FONT><FONT size=1 face="sans-serif"></FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=18% align=left nowrap>
<B><FONT color="#003893" size=2 face="sans-serif">PIMCO Municipal Income Funds II</FONT></B>
&nbsp;  </TD>
        <TD width=82% align=left nowrap>
<B><FONT size=2 face="sans-serif">Matters Relating to the Trustees</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Consideration of the Investment</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Management and Portfolio Management</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Agreements </FONT></B><FONT size=1 face="sans-serif">(unaudited) (continued)</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">investment review meetings conducted with portfolio management personnel during the course of the year regarding each the Fund&#146;s performance.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">In assessing the reasonableness of each Fund&#146;s fees under the Agreements, the Trustees considered, among other information, the Fund&#146;s management fee and the total expense ratio as a percentage of average net
assets attributable to common shares and the management fee and total expense ratios of comparable funds identified by Lipper Inc.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">For each of the Funds, the Trustees specifically took note of how each Fund compared to its Lipper Inc. peers as to performance and management fee expenses. The Trustees noted that while the Funds are not charged a
separate administration fee, it was not clear whether the peer funds in the Lipper Inc. categories were charged such a fee by their investment managers. Thus, the Trustees, at the recommendation of the Investment Manager, considered the total
expenses of the Funds comparatively to the total expenses of the peer funds, recognizing that the fees for management and administrative services would be subsumed within the total expense ratio.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees noted that Municipal II had outperformed its peer median and average group for the one-year and three-year periods ended April 30, 2006. The Trustees also noted that Municipal II&#146;s expense ratio
(after taking into account waivers) was below the median and average for its peer group.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees noted that California Municipal II outperformed its peer median and average group for the one-year and three-year periods ended April 30, 2006. The Trustees also noted that California Municipal II&#146;s
expense ratio (after taking into account waivers) including the effect of preferred shares was significantly below the average and median for its peer group and excluding the effect of preferred shares was slightly above the average and median for
its peer group.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees noted that New York Municipal II outperformed its peer median and average group for the one-year and three-year periods ended April 30, 2006. The Trustees also noted that New York Municipal II&#146;s
expense ratio (after taking into account waivers) including the effect of preferred shares was significantly below the average and median for its peer group and excluding the effect of preferred shares was slightly above the average and median for
its peer group.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreements, that they were satisfied with the Investment Manager&#146;s and the
Sub-Adviser&#146;s responses and efforts relating to investment performance and the comparative positioning of each Fund with respect to the management fee paid to the Investment Manager.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees also considered the management fees charged by the Sub-Adviser to other clients, including institutional separate accounts with investment strategies similar to those of the Funds. Regarding the
institutional separate accounts, they noted that the management fees paid by the Funds are generally higher than the fees paid by these clients of the Sub-Adviser, but were advised that the administrative burden for the Investment Manager and the
Sub-Adviser with respect to the Funds are also relatively higher, due in part to the more extensive regulatory regime to which the Funds are subject in comparison to institutional separate accounts. The Trustees noted that the management fees paid
by the Funds are generally higher than the fees paid by the open-end funds but were advised that there are additional portfolio management challenge in managing the Funds, such as the use of leverage and meeting a regular dividend.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees also took into account that the Funds have preferred shares outstanding, which increases the amount of fees received by the Investment Manager and the Sub-Adviser under the Agreements (because the fees are
calculated based on the Fund&#146;s total managed assets, including assets attributable to preferred shares and other forms of leverage outstanding). In this regard, the Trustees took into account that the Investment Manager and the Sub-Adviser have
a financial incentive for the Funds to continue to have preferred shares outstanding, which may create a conflict of interest between the Investment Manager and the Sub-Adviser, on one hand, and the Fund&#146;s common shareholders, on the other. In
this regard, the Trustees considered information provided by the Investment Manager and the Sub-Adviser indicating that each Fund&#146;s use of leverage through preferred shares continues to be appropriate and in the interests of the Fund&#146;s
common shareholders.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Based on a profitability analysis provided by the Investment Manager, the Trustees also considered the estimated profitability of the Investment Manager from its relationship with each Fund and determined that such
profitability was not excessive.</FONT></P>
<P align="right">
<FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">49</FONT></B></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=18% align=left nowrap>
<B><FONT color="#003893" size=2 face="sans-serif">PIMCO Municipal Income Funds II&nbsp;</FONT></B>
        </TD>
        <TD width=82% align=left nowrap>
<B><FONT size=2 face="sans-serif">Matters Relating to the Trustees</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Consideration of the Investment</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Management and Portfolio Management</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Agreements </FONT></B><FONT size=1 face="sans-serif">(unaudited) (continued)</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">The Trustees also took into account that, as closed-end investment companies, the Funds do not currently intend to raise additional assets, so the assets of the Funds will grow (if at all) only through the investment
performance of each Fund. Therefore, the Trustees did not consider potential economies of scale as a principal factor in assessing the fee rates payable under the Agreements.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Additionally, the Trustees considered so-called &#147;fall-out benefits&#148; to the Investment Manager and the Sub-Adviser, such as reputational value derived from serving as Investment Manager and Sub-Adviser to the
Funds.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the Agreements, that the fees payable under the Agreements represent
reasonable compensation in light of the nature and quality of the services being provided by the Investment Manager and Sub-Adviser to the Funds.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">50 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.06</FONT><FONT size=1 face="sans-serif"></FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=18% align=left nowrap>
<B><FONT color="#003893" size=2 face="sans-serif">PIMCO Municipal Income Funds II</FONT></B>
&nbsp;  </TD>
        <TD width=82% align=left nowrap>
<B><FONT size=2 face="sans-serif">Annual Shareholder Meetings</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Results/Corporate Changes </FONT></B><FONT size=1 face="sans-serif">(unaudited)</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><U><FONT size=2 face="sans-serif">Annual Shareholder Meetings Results:<br>
</FONT></U></B><FONT size=1 face="sans-serif">The Funds held their annual meetings of shareholders on December 20, 2006. Common/Preferred shareholders of each fund voted to re-elect both Robert E. Connor and Hans W. Kertess* as Class I Trustees and elect William
B. Ogden IV as Class I Trustee to serve until 2009.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">The resulting vote count is indicated below:</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=6>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Withheld</FONT>
        </TD>
    <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Affirmative</FONT>
        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Authority</FONT>
        </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<U><FONT size=1 face="sans-serif">Municipal II</FONT></U>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Re-election of Robert E. Connor</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">51,909,255</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">749,519</FONT>
        </TD>
    <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Re-election of Hans W. Kertess*</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">18,470</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">175</FONT>
        </TD>
    <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Election of William B. Ogden IV</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">51,952,770</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">706,004</FONT>
        </TD>
    <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=6>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<U><FONT size=1 face="sans-serif">California Municipal II</FONT></U>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Re-election of Robert E. Connor</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">26,458,623</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">227,141</FONT>
        </TD>
    <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Re-election of Hans W. Kertess*</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">7,848</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">4</FONT>
        </TD>
    <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Election of William B. Ogden IV</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">26,475,675</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">210,089</FONT>
        </TD>
    <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=6>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<U><FONT size=1 face="sans-serif">New York Municipal II</FONT></U>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Re-election of Robert E. Connor</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">9,104,152</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">186,534</FONT>
        </TD>
    <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Re-election of Hans W. Kertess*</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">1,669</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">28</FONT>
        </TD>
    <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Election of William B. Ogden IV</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">9,095,503</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">195,183</FONT>
        </TD>
    <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">Messrs. Paul Belica, Jack J. Dalessandro, John C. Maney and R. Peter Sullivan III continue to serve as Trustees of the Funds.</FONT></P>
<div style="border-bottom:1px solid #000000; width:130px">&nbsp;</div>

<P align="justify"><FONT size=1 face="sans-serif">* Preferred Shares Trustee</FONT></P>
<div style="border-bottom:2px solid #000000">&nbsp;</div>
<P align="justify"><B><U><FONT size=2 face="sans-serif">Corporate changes:<br>
</FONT></U></B><FONT size=1 face="sans-serif">On
    September 12, 2006, the Fund&#146;s Board of Trustees appointed William B. Ogden IV as a class I Trustee. On October 10, 2006, David C. Flattum, an interested Trustee, resigned. On December 12, 2006, the Fund&#146;s
Board of Trustees appointed John C. Maney, as a Class III (interested) Trustee.</FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="right"><FONT size=1 face="sans-serif">11.30.06 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Semi-Annual Report </FONT><B><FONT size=1 face="sans-serif">51</FONT></B></P>
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<P align="center">
<FONT size=2 face="sans-serif">[This page intentionally left blank.]</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div align="justify">
<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 nowrap>
<FONT size=1 face="sans-serif">Hans W. Kertess</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Brian S. Shlissel</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trustee, Chairman of the Board of Trustees</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">President &amp; Chief Executive Officer</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Paul Belica</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Lawrence G. Altadonna</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trustee</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Treasurer, Principal Financial &amp; Accounting Officer</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Robert E. Connor</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Thomas J. Fuccillo</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trustee</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Vice President, Secretary &amp; Chief Legal Officer</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">John J. Dalessandro II</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Youse E. Guia</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trustee</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Chief Compliance Officer</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">John C. Maney</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Kathleen Chapman</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trustee</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Assistant Secretary</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">William B. Ogden IV</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">William Healey</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trustee</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Assistant Secretary</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">R. Peter Sullivan III</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Richard Kirk</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trustee</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Assistant Secretary</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Lagan Srivastava</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Assistant Secretary</FONT>
        </TD>
</TR>
</TABLE><BR>
<P align="justify">
<B><FONT size=4 face="sans-serif">Investment Manager</FONT></B><BR>
<FONT size=1 face="sans-serif">Allianz Global Investors Fund Management LLC</FONT><BR>
<FONT size=1 face="sans-serif">1345 Avenue of the Americas</FONT><BR>
<FONT size=1 face="sans-serif">New York, NY 10105</FONT><BR>
<B><FONT size=4 face="sans-serif"><br>
Sub-Adviser</FONT></B><BR>
<FONT size=1 face="sans-serif">Pacific Investment Management Company LLC</FONT><BR>
<FONT size=1 face="sans-serif">840 Newport Center Drive</FONT><BR>
<FONT size=1 face="sans-serif">Newport Beach, CA 92660</FONT><BR>
<B><FONT size=4 face="sans-serif"><br>
Custodian &amp; Accounting Agent</FONT></B><BR>
<FONT size=1 face="sans-serif">State Street Bank &amp; Trust Co.</FONT><BR>
<FONT size=1 face="sans-serif">225 Franklin Street</FONT><BR>
<FONT size=1 face="sans-serif">Boston, MA 02110</FONT><BR>
<B><FONT size=4 face="sans-serif"><br>
Transfer Agent, Dividend Paying Agent and Registrar</FONT></B><BR>
<FONT size=1 face="sans-serif">PFPC Inc.</FONT><BR>
<FONT size=1 face="sans-serif">P.O. Box 43027</FONT><BR>
<FONT size=1 face="sans-serif">Providence, RI 02940-3027</FONT><BR>
<B><FONT size=4 face="sans-serif"><br>
Independent Registered Public Accounting Firm</FONT></B><BR>
<FONT size=1 face="sans-serif">PricewaterhouseCoopers LLP</FONT><BR>
<FONT size=1 face="sans-serif">300 Madison Avenue</FONT><BR>
<FONT size=1 face="sans-serif">New York, NY 10017</FONT><BR>
<B><FONT size=4 face="sans-serif"><br>
Legal Counsel</FONT></B><BR>
<FONT size=1 face="sans-serif">Ropes &amp; Gray LLP</FONT><BR>
<FONT size=1 face="sans-serif">One International Place</FONT><BR>
<FONT size=1 face="sans-serif">Boston, MA 02210-2624</FONT></P>
<P align="justify">
<I><FONT size=1 face="sans-serif">This report, including the financial information herein, is transmitted to the shareholders of PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II
for their information. It is not a prospectus, circular or representation intended for use in the purchase of shares of the Funds or any securities mentioned in this report.</FONT></I></P>
<P align="justify">
<I><FONT size=1 face="sans-serif">The financial information included herein is taken from the records of the Funds without examination by an independent registered public accounting firm, who did not express an opinion hereon.</FONT></I></P>
<P align="justify">
<I><FONT size=1 face="sans-serif">Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that from time to time the Fund may purchase shares of its common stock in the open market.</FONT></I></P>
<P align="justify">
<I><FONT size=1 face="sans-serif">The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (&#147;SEC&#148;) for the first and third quarter of its fiscal year on Form N-Q. The Funds&#146; Form N-Qs
are available on the SEC&#146;s website at www.sec.gov, and may be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800)
SEC-0330.</FONT></I></P>
<P align="justify">
<I><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, 2006 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 website at sec.gov. </FONT></I></P>
<P align="justify"><I><FONT size=1 face="sans-serif">Information on the Funds
      is available at www.allianzinvestors.com/closedendfunds or by calling the
      Funds&#146; shareholder servicing
  agent at (800) 331-1710.</FONT></I></P>
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</p>
<p>&nbsp;</p>
<p><BR>

</p>

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<BR><BR>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 2.</FONT></td>
    <td><p><FONT size=2 face="serif">CODE OF ETHICS</FONT></p>
      <p>
        <FONT size=2 face="serif">Not required in this filing.</FONT></p></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 3. </FONT></td>
    <td><P><FONT size=2 face="serif">AUDIT COMMITTEE FINANCIAL EXPERT</FONT></P>
    <FONT size=2 face="serif">Not required in this filing</FONT></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 4. </FONT></td>
    <td valign="top">      <P> <FONT size=2 face="serif">PRINCIPAL ACCOUNTANT FEES AND SERVICES</FONT></P>
    <FONT size=2 face="serif">Not required in this filing</FONT></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 5.</FONT></td>
    <td><P><FONT size=2 face="serif">AUDIT COMMITTEE OF LISTED REGISTRANT</FONT></P>
    <FONT size=2 face="serif">Not required in this filing</FONT></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 6.</FONT></td>
    <td><P><FONT size=2 face="serif">SCHEDULE OF INVESTMENTS </FONT></P>
      <P><FONT size=2 face="serif">Schedule of Investments is included as part
    of the report to shareholders filed under Item 1 of this form.</FONT><FONT face="serif"> </FONT></P></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 7.</FONT></td>
    <td><P><FONT size=2 face="serif">DISCLOSURE OF PROXY VOTING POLICIES AND
          PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</FONT><FONT face="serif"> </FONT></P>
    <FONT size=2 face="serif">Not required in this filing</FONT></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 8.</FONT></td>
    <td><P><FONT size=2 face="serif">PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT
          INVESTMENT COMPANIES</FONT><FONT face="serif"> </FONT></P>
    <FONT size=2 face="serif">Not required in this filing</FONT></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 9.</FONT></td>
    <td>      <P> <FONT size=2 face="serif"> PURCHASES OF EQUITY SECURITIES BY CLOSED-END
    MANAGEMENT INVESTMENT COMPANY AND AFFILIATED COMPANIES.</FONT></P></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr></table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=14% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
    <TD width=12% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
    <TD width=9% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
    <TD width=19% align=center> <font size="2" face="Times New Roman, Times, serif"><B>Total
          Number</B>&nbsp; </font></TD>
    <TD width=25% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
    <TD width=12% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
    <TD width=9% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
    <TD width=19% align=center> <font size="2" face="Times New Roman, Times, serif"><B>of
          Shares Purchased</B>&nbsp; </font></TD>
    <TD width=25% align=center> <font size="2" face="Times New Roman, Times, serif"><B>Maximum
          Number of</B>&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
    <TD width=12% align=center> <font size="2" face="Times New Roman, Times, serif"><B>Total
          Number</B>&nbsp; </font></TD>
    <TD width=9% align=center> <font size="2" face="Times New Roman, Times, serif"><B>Average</B>&nbsp; </font></TD>
    <TD width=19% align=center> <font size="2" face="Times New Roman, Times, serif"><B>as
          Part of Publicly</B>&nbsp; </font></TD>
    <TD width=25% align=center> <font size="2" face="Times New Roman, Times, serif"><B>Shares
          that May yet Be</B>&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </TD>
    <TD width=12% align=center> <font size="2" face="Times New Roman, Times, serif"><B>of
          Shares</B>&nbsp; </font></TD>
    <TD width=9% align=center> <font size="2" face="Times New Roman, Times, serif"><B>Price
          Paid</B>&nbsp; </font></TD>
    <TD width=19% align=center> <font size="2" face="Times New Roman, Times, serif"><B>Announced
          Plans or</B>&nbsp; </font></TD>
    <TD width=25% align=center> <font size="2" face="Times New Roman, Times, serif"><B>Purchased
          Under the Plans</B>&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=center> <font size="2" face="Times New Roman, Times, serif"><B><U>Period</U></B>&nbsp; </font></TD>
    <TD width=12% align=center> <font size="2" face="Times New Roman, Times, serif"><B><U>Purchased</U></B>&nbsp; </font></TD>
    <TD width=9% align=center> <font size="2" face="Times New Roman, Times, serif"><B><U>Per
            Share</U></B>&nbsp; </font></TD>
    <TD width=19% align=center> <font size="2" face="Times New Roman, Times, serif"><B><u>Programs</u></B><u>&nbsp; </u></font></TD>
    <TD width=25% align=center> <font size="2" face="Times New Roman, Times, serif"><B><U>or
            Programs</U></B>&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left> <FONT size=2 face="Times New Roman, Times, serif">July
        2006&nbsp; </FONT></TD>
    <TD width=12% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
    <TD width=9% align=center><FONT size=2 face="Times New Roman, Times, serif">14.41&nbsp; </FONT></TD>
    <TD width=19% align=center><FONT size=2 face="Times New Roman, Times, serif">4,797&nbsp; </FONT></TD>
    <TD width=25% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left> <FONT size=2 face="Times New Roman, Times, serif">August
        2006&nbsp; </FONT></TD>
    <TD width=12% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
    <TD width=9% align=center><FONT size=2 face="Times New Roman, Times, serif">14.65&nbsp; </FONT></TD>
    <TD width=19% align=center><FONT size=2 face="Times New Roman, Times, serif">4,726&nbsp; </FONT></TD>
    <TD width=25% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left> <FONT size=2 face="Times New Roman, Times, serif">September
        2006&nbsp; </FONT></TD>
    <TD width=12% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
    <TD width=9% align=center><FONT size=2 face="Times New Roman, Times, serif">14.92&nbsp; </FONT></TD>
    <TD width=19% align=center><FONT size=2 face="Times New Roman, Times, serif">4,597&nbsp; </FONT></TD>
    <TD width=25% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left> <FONT size=2 face="Times New Roman, Times, serif">October
        2006&nbsp; </FONT></TD>
    <TD width=12% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
    <TD width=9% align=center><FONT size=2 face="Times New Roman, Times, serif">14.98&nbsp; </FONT></TD>
    <TD width=19% align=center><FONT size=2 face="Times New Roman, Times, serif">4,777&nbsp; </FONT></TD>
    <TD width=25% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=14% align=left> <FONT size=2 face="Times New Roman, Times, serif">November
        2006&nbsp; </FONT></TD>
    <TD width=12% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
    <TD width=9% align=center><FONT size=2 face="Times New Roman, Times, serif">15.13&nbsp; </FONT></TD>
    <TD width=19% align=center><FONT size=2 face="Times New Roman, Times, serif">4,979&nbsp; </FONT></TD>
    <TD width=25% align=center> <FONT size=2 face="Times New Roman, Times, serif">N/A&nbsp; </FONT></TD>
  </TR>
</TABLE>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
<tr>
  <td valign="top">&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 10. </FONT></td>
    <td>      <P> <FONT size=2 face="serif">SUBMISSION OF MATTERS TO A VOTE OF SECURITY
    HOLDERS</FONT></P></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top"> <FONT size=2 face="serif">There have been no material changes to the
        procedures by which shareholders may recommend nominees to the Fund&#146;s
        Board of Trustees since the Fund last provided disclosure in response
        to this item. The Nominating Committee Charter governing the affairs
        of the Nominating Committee of the Board is posted on the Allianz Global Investors
    website at www.allianzinvestors.com.</FONT><FONT face="serif">&nbsp; </FONT></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 11. </FONT></td>
    <td><FONT size=2 face="serif">CONTROLS AND PROCEDURES</FONT></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><P><FONT size=2 face="serif">(a) The registrant&#146;s President and
          Chief Executive Officer and Principal Financial Officer have concluded
          that the registrant&#146;s disclosure controls and procedures (as defined
          in Rule 30a-2(c) under the Investment Company Act of 1940, as amended
          are effective based on their evaluation of these controls and procedures
          as of a date within 90 days of the filing date of this document.</FONT><FONT face="serif"> </FONT></P>      <P> <FONT size=2 face="serif">(b)  In December 2006,  subsequent to
     the Registrant&#146;s fiscal half year, the principal executive and
financial officers became aware of matters relating to the Registrant&#146;s
purchase of certain inverse floating rate obligations that required enhancements
to certain controls. The Registrant&#146;s management determined that controls
relating to the review and analysis of the relevant contractual terms and
conditions of transfers of securities in connection with the purchase of certain
inverse floating rate obligations were not effective in identifying whether
these transfers qualified for sale accounting under the provisions of Statement
of Financial Accounting Standards No. 140 (&#147;SFAS 140&#148;). The Registrant&#146;s management has
taken such further actions as are necessary to revise its controls and
procedures in order to increase the effectiveness of these controls and
procedures in identifying such transactions that require accounting treatment under SFAS 140.</FONT><FONT face="serif"> </FONT></P></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">ITEM 12.</FONT></td>
    <td><FONT size=2 face="serif">EXHIBITS</FONT></td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">(a) (1)</FONT></td>
    <td> <FONT size=2 face="serif">Exhibit 99.Cert. - Certification pursuant
        to Section 302 of the Sarbanes-Oxley
    Act of 2002</FONT>&nbsp; </td>
  </tr>
  <tr>
    <td width="8%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top"><FONT size=2 face="serif">(b)</FONT>&nbsp; </td>
    <td> <FONT size=2 face="serif">Exhibit 99.906 Cert. - Certification pursuant
    to Section 906 of the Sarbanes- Oxley Act of 2002</FONT> </td>
  </tr>
</table>
<FONT size=2 face="serif"> </FONT><BR>
<P><FONT size=2 face="serif"> </FONT><BR>
</P>
<BR>

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<P align="left" style="page-break-before:always"></P><PAGE><BR>


<FONT size=2 face="serif">Signature</FONT><BR>
<P>
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</FONT><FONT face="serif"> </FONT></P>
<FONT size=2 face="serif">PIMCO New York Municipal Income Fund II</FONT><BR>
<P>
<FONT size=2 face="serif">By /s/ Brian S. </FONT><FONT size=1 face="serif"> </FONT><FONT size=2 face="serif">Shlissel</FONT><FONT face="serif"> <br>
</FONT><FONT size=2 face="serif">Brian
S. Shlissel, President &amp; Chief Executive Officer</FONT></P>
<FONT size=2 face="serif">Date: May 22, 2007</FONT><BR>
<P>
<FONT size=2 face="serif">By /s/ Lawrence G. </FONT><FONT size=1 face="serif"> </FONT><FONT size=2 face="serif">Altadonna</FONT><FONT face="serif"> <br>
</FONT><FONT size=2 face="serif">Lawrence
G. Altadonna, Treasurer, Principal Financial &amp; Accounting Officer</FONT></P>
<FONT size=2 face="serif">Date: May 22, 2007</FONT><BR>
<P>
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on
the dates indicated.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">By /s/ Brian S. </FONT><FONT size=1 face="serif"> </FONT><FONT size=2 face="serif">Shlissel</FONT><FONT face="serif"> <br>
</FONT><FONT size=2 face="serif">Brian
S. Shlissel, President &amp; Chief Executive Officer</FONT><FONT face="serif"> </FONT></P>
<FONT size=2 face="serif">Date: May 22, 2007</FONT><BR>
<P>
<FONT size=2 face="serif">By /s/ Lawrence G. </FONT><FONT size=1 face="serif"> </FONT><FONT size=2 face="serif">Altadonna</FONT><FONT face="serif"> <br>
</FONT><FONT size=2 face="serif">Lawrence
G. Altadonna, Treasurer, Principal Financial &amp; Accounting Officer</FONT></P>
<FONT size=2 face="serif">Date: May 22, 2007</FONT><br>
<br>
<BR>

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>13
<FILENAME>c48531_ex99-302cert.htm
<TEXT>

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<div align="right">
  <p><B><FONT size=2 face="serif">Exhibit 99.CERT</FONT></B></p>
  <p align="center">    <FONT size=2 face="serif">FORM N-CSR CERTIFICATION</FONT></p>
  <p align="left">    <FONT size=2 face="serif">I, Brian S. Shlissel, certify that:</FONT>      </p>
</div>
<P>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of the PIMCO New York Municipal Income Fund II; </FONT></P>
<P>
<FONT size=2 face="serif">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT size=2 face="serif">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition,
results of operations, changes in net assets, and cash flows (if the financial
statements are required to include a statement of cash flows) of the registrant
as of, and for, the periods presented in this report;</FONT></P>
<P>
<FONT size=2 face="serif">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed
such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in
which this report is being prepared;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed
such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed
in this report any change in the registrant&#146;s internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to materially
affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>
<P>
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s
auditors and the audit committee of the registrant&#146;s board of directors
(or persons performing the equivalent functions):
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize, and report financial information; and </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting. </FONT></P>
<FONT size=2 face="serif">Dated: May 22, 2007</FONT><BR>
<FONT size=2 face="serif"><br>
<u>/s/ Brian S.</u></FONT>
<u><FONT size=2 face="serif">Shlissel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></u><FONT size=2 face="serif"> </FONT><BR>
<FONT size=2 face="serif">Brian S. Shlissel </FONT><BR>
<FONT size=2 face="serif">President &amp; Chief Executive Officer</FONT><br>
<br>
<BR>

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<center>
  <p><BR>


      <FONT size=2 face="serif">FORM N-CSR CERTIFICATION</FONT></p>
  <p align="left"><FONT size=2 face="serif">I, Lawrence G. Altadonna, certify that:</FONT>    </p>
</center>
<P>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on the Form N-CSR of the PIMCO New York Municipal Income Fund II; </FONT></P>
<P>
<FONT size=2 face="serif">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, the report does not contain any untrue statement of a material
fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the report; </FONT></P>
<P>
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based
on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition,
results of operations, changes in net assets, and cash flows (if the financial
statements are required to include a statement of cash flows) of the registrant
as of, and for, the periods in this report;</FONT></P>
<P>
<FONT size=2 face="serif">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant&#146;s other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and  internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
for the registrant and have: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designed
such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in
which this report is being prepared;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designed
such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed
in this report any change in the registrant&#146;s internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to materially
affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>
<P>
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s
auditors and the audit committee of the registrant&#146;s board of directors
(or persons performing the equivalent functions):
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize, and report financial information; and </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting. </FONT></P>
<FONT size=2 face="serif">Dated: May 22, 2007</FONT><BR>
<FONT size=2 face="serif"><br>
<u>/s/ Lawrence G. Altadonna &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT>

<BR>
<FONT size=2 face="serif">Lawrence G. Altadonna &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><BR>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer</FONT><BR>

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<TYPE>EX-99.906CERT
<SEQUENCE>14
<FILENAME>c48531_ex99-906cert.htm
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<div align="right"><B><FONT size=2 face="serif">Exhibit 99.906CERT</FONT></B><BR>
</div>
<P>
<FONT size=2 face="serif">Pursuant to 18 U.S.C ss. 1350, the undersigned officer
of PIMCO New York Municipal Income Fund II (the &#147;Registrant&#148;), hereby
certifies, to the best of his knowledge, that</FONT><FONT face="serif"> </FONT>&nbsp;&nbsp;&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Registrant&#146;s
          report on Form N-CSR for the period ended November 30, 2006 (the &#147;Report&#148;)
          fully complies with the requirements of Section 13(a) or 15(d), as
          applicable, of the Securities Exchange Act of 1934, as amended, and
          that</FONT><FONT face="serif"> </FONT></P>
      <P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information
          contained in the Report fairly presents, in all material respects,
    the financial condition and results of operations of the Registrant.</FONT><FONT face="serif"> </FONT></P></td>
  </tr>
</table>
<FONT size=2 face="serif"><br>
Dated: May 22, 2007<br>
</FONT><FONT face="serif"> </FONT><BR>
<FONT size=2 face="serif"><u>/s/ Brian S. Shlissel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT>   <BR>
<FONT size=2 face="serif"><br>
Brian S. Shlissel</FONT><FONT face="serif"> </FONT><BR>
<FONT size=2 face="serif">President &amp; Chief Executive Officer</FONT><BR>
<P>
<FONT size=2 face="serif">A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the version of this written
statement required by Section 906, has been provided to the PIMCO New York Municipal Income Fund II, and will be retained by the PIMCO New York Municipal Income Fund II, and furnished to the Securities and Exchange Commission or its staff upon
request.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">This certification is being furnished solely pursuant to 18 U.S.C. ss 1350 and is not being filed as part of the Report or as a separate disclosure document.</FONT><FONT face="serif"> </FONT></P>

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<P>
<FONT size=2 face="serif">Pursuant to 18 U.S.C ss. 1350, the undersigned officer
of PIMCO New York Municipal Income Fund II (the &#147;Registrant&#148;), hereby
certifies, to the best of his knowledge, that</FONT><FONT face="serif"> </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Registrant&#146;s
          report on Form N-CSR for the period ended November 30, 2006 (the &#147;Report&#148;)
          fully complies with the requirements of Section 13(a) or 15(d), as
          applicable, of the Securities Exchange Act of 1934, as amended, and
          that</FONT><FONT face="serif"> </FONT></P>
      <P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information
          contained in the Report fairly presents, in all material respects,
    the financial condition and results of operations of the Registrant.</FONT><FONT face="serif"> </FONT></P></td>
  </tr>
</table>
<FONT size=2 face="serif"><br>
Dated: May 22, 2007</FONT><FONT face="serif"> </FONT><BR>
<U><FONT size=2 face="serif"><br>
/s/ Lawrence G. Altadonna</FONT></U><BR>
<FONT size=2 face="serif"><br>
Lawrence G. Altadonna</FONT><FONT face="serif"> </FONT><BR>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer</FONT><FONT face="serif"> </FONT><BR>
<P>
<FONT size=2 face="serif">A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the version of this written
statement required by Section 906, has been provided to the PIMCO New York Municipal Income Fund II, and will be retained by the PIMCO New York Municipal Income Fund II, and furnished to the Securities and Exchange Commission or its staff upon
request.</FONT><FONT face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">This certification is being furnished solely pursuant to 18 U.S.C. ss 1350 and is not being filed as part of the Report or as a separate disclosure document.</FONT><FONT face="serif"> </FONT></P>

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