Common Share Market Price/NAV Performance: Commencement of Operations (6/28/02) to 11/30/05	Market Price/NAV:
	Market Price	$15.26
	NAV	$14.46
	Premium to NAV	5.53%
	Market Price Yield(3)	6.63%
	Moody's Ratings (as a % of total investments)

(1) Inclusive of net assets attributable to Preferred Shares outstanding.

(2) Past performance is no guarantee of future results. 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’s dividend reinvestment plan. Total return does not reflect broker commissions or sales charges. Total return for a period of greater than one year represents the average annual total return. Total return for a period of less than one year is not annualized.

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.

(3) Market Price Yield is determined by dividing the annualized current monthly per share dividend payable to common shareholders by the market price per common share at November 30, 2005.

2 PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.05

PIMCO California Municipal Income Fund II Performance & Statistics
November 30, 2005 (unaudited)

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Symbol:	Primary Investments:	Inception Date:
PCK	Municipal fixed-income	June 28, 2002
	securities, the interest from
Objective:	which is exempt from federal	Total Net Assets (1):
To provide current income	and California State income	$696.0 million
exempt from federal and	tax.
California State income tax.		Portfolio Manager:
		Mark McCray

Total Return(2):	Market Price	Net Asset Value (“NAV”)
Six Months	8.41%	1.76%
1 Year	18.72%	9.29%
Commencement of Operations (6/28/02) to 11/30/05	7.79%	6.92%

Common Share Market Price/NAV Performance: Commencement of Operations (6/28/02) to 11/30/05	Market Price/NAV:
	Market Price	$15.48
	NAV	$14.38
	Premium to NAV	7.65%
	Market Price Yield(3)	6.30%
	Moody's Ratings (as a % of total investments)

(1) Inclusive of net assets attributable to Preferred Shares outstanding.

(2) Past performance is no guarantee of future results. 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’s dividend reinvestment plan. Total return does not reflect broker commissions or sales charges. Total return for a period of greater than one year represents the average annual total return. Total return for a period of less than one year is not annualized.

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.

(3) Market Price Yield is determined by dividing the annualized current monthly per share dividend payable to common shareholders by the market price per common share at November 30, 2005.

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 3

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PIMCO New York Municipal Income Fund II Performance & Statistics
November 30, 2005 (unaudited)

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Symbol:	Primary Investments:	Inception Date:
PNI	Municipal fixed-income	June 28, 2002
	securities, the interest from
Objective:	which is exempt from federal,	Total Net Assets (1):
To provide current income	New York State and New York	$240.6 million
exempt from federal, New York	City income tax.
State and New York City income		Portfolio Manager:
tax.		Mark McCray

Total Return(2):	Market Price	Net Asset Value (“NAV”)
Six Months	7.82%	1.55%
1 Year	15.39%	10.15%
Commencement of Operations (6/28/02) to 11/30/05	7.68%	6.85%

Common Share Market Price/NAV Performance: Commencement of Operations (6/28/02) to 11/30/05	Market Price/NAV:
	Market Price	$15.44
	NAV	$14.36
	Premium to NAV	7.52%
	Market Price Yield(3)	6.31%
	Moody's Ratings (as a % of total investments)

(1) Inclusive of net assets attributable to Preferred Shares outstanding.

(2) Past performance is no guarantee of future results. 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’s dividend reinvestment plan. Total return does not reflect broker commissions or sales charges. Total return for a period of greater than one year represents the average annual total return. Total return for a period of less than one year is not annualized.

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.

(3) Market Price Yield is determined by dividing the annualized current monthly per share dividend payable to common shareholders by the market price per common share at November 30, 2005.

4 PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.05

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PIMCO Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

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Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)			Value
MUNICIPAL BONDS & NOTES—90.3%
		Alabama—3.9%
$10,000		Birmingham Baptist Medical Centers Special Care Fac.
		Financing Auth. Rev., 5.00%, 11/15/30, Ser. A	Baa1/BAA1		$	9,694,800
		Birmingham Waterworks & Sewer Board Rev., Ser. B (MBIA),
1,145		5.00%, 1/1/27	Aaa/AAA			1,179,316
10,000		5.00%, 1/1/37	Aaa/AAA			10,226,700
15,000		Daphne Special Care Facs. Financing Auth. Rev.,
		zero coupon, 8/15/28, (Pre-refunded @ $100, 8/15/08) (b)	Aaa/AAA			13,350,750
1,750		Huntsville Health Care Auth. Rev., 5.75%, 6/1/32, Ser. B	A2/NR			1,863,680
16,580		Jefferson Cnty. Sewer Rev., 4.75%, 2/1/38, Ser. B (FGIC)
		(Pre-refunded @ $100, 8/1/12) (b)	Aaa/AAA			17,668,477
						53,983,723
		Alaska—0.3%
3,550		State Housing Finance Corp. Rev., 5.25%, 6/1/32, Ser. C (MBIA)	Aaa/AAA			3,577,619
		Arizona—0.1%
1,300		Health Fac. Auth. Hospital System Rev., 5.75%, 12/1/32	NR/BBB			1,357,473
		California—2.3%
9,610		Alameda Corridor Transportation Auth. Rev.,
		zero coupon, 10/1/16, Ser. A (AMBAC)	Aaa/AAA			5,974,825
		Golden State Tobacco Securitization Corp.,
		Tobacco Settlement Rev., Ser. 2003-A-1
3,300		6.25%, 6/1/33	Baa3/BBB			3,582,909
9,000		6.75%, 6/1/39	Baa3/BBB			10,051,110
1,000		Rancho Cucamonga Community Facs. Dist., Special Tax,
		6.30%, 9/1/23, Ser. A	NR/NR			1,059,290
4,000		Southern California Public Power Auth., Transmission Project Rev.,
		zero coupon, 7/1/13	Aa3/A+			2,913,440
		University of California Rev.,
4,430		4.75%, 5/15/37, Ser. C (MBIA)	AAA/AAA			4,394,117
2,900		4.75%, 5/15/38, Ser. B	Aa3/AA-			2,858,356
						30,834,047
		Colorado—4.9%
30,000		Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A	Aaa/NR			13,397,400
5,000		Denver City & Cnty., CP, 5.50%, 12/1/25, Ser. B (AMBAC)
		(Pre-refunded @ $101, 12/1/10) (b)	Aaa/AAA			5,493,750
		Health Fac. Auth. Rev.,
25,000		Catholic Health Initiatives, 5.50%, 3/1/32	Aa2/AA			26,851,000
18,305		Exempla, Inc., 5.625%, 1/1/33, Ser. A	A1/A-			19,045,071
6,500		Retirement Fac. Rev., Liberty Height, zero coupon, 7/15/22	Aaa/AAA			2,932,280
						67,719,501
		District of Columbia—1.3%
17,500		Washington D.C. Convention Center Auth. Tax Rev.,
		4.75%, 10/1/28 (AMBAC)	Aaa/AAA			17,512,600

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 5

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PIMCO Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

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Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)			Value
		Florida—3.6%
$ 6,520		Brevard Cnty. Health Facs. Auth. Rev., 5.00%, 4/1/34 (d)	A2/A		$	6,451,344
8,000		Highlands Cnty. Health Facs. Auth. Rev., Adventist/Sunbelt,
		6.00%, 11/15/31, Ser. A	A2/A+			8,633,200
2,335		Hillsborough Cnty. Industrial Dev. Auth., Pollution Control Rev.,
		Tampa Electric Co. Project, 5.50%, 10/1/23	Baa2/BBB-			2,433,093
635		Hillsborough Cnty. Industrial Dev. Rev., Health Fac. Project,
		5.625%, 8/15/23, Ser. A	Baa2/BBB			651,637
7,135		Jacksonville Health Facs. Auth. Rev., 5.25%, 11/15/32, Ser. A	Aa2/AA			7,397,283
11,500		Lakeland Hospital System Rev., Regional Health System,
		5.50%, 11/15/32	A1/NR			12,111,570
3,000		Leesburg Hospital Rev., Leesburg Regional Medical
		Center Project, 5.50%, 7/1/32	A3/A-			3,093,180
		Orange Cnty. Health Fac. Auth. Rev., Adventist Health System,
2,550		5.625%, 11/15/32	A2/A+			2,705,219
5,000		6.25%, 11/15/24	A2/A+			5,557,650
1,500		Winter Springs Water & Sewer Rev., zero coupon, 10/1/29 (FGIC)	Aaa/AAA			463,620
						49,497,796
		Georgia—0.7%
4,000		Atlanta Water & Wastewater Rev., 5.00%, 11/1/39, Ser. A (MBIA)	Aaa/AAA			4,074,400
1,500		Grantor Trust Gov’t, CP, 4.75%, 6/1/28, Ser. A (MBIA)	Aaa/AAA			1,529,205
9,600		Richmond Cnty. Dev. Auth. Rev., zero coupon, 12/1/21	Aaa/NR			4,503,840
						10,107,445
		Hawaii—1.4%
19,170		Honolulu City & Cnty. Wastewater System Rev.,
		First Board Resolution, 4.75%, 7/1/28 (FGIC)	Aaa/NR			19,373,394
		Illinois—19.2%
		Central Lake Cnty. Water Agcy. Rev., Ser. A (AMBAC),
3,610		5.125%, 5/1/28	Aaa/NR			3,759,887
8,150		5.125%, 5/1/32	Aaa/NR			8,439,325
5,050		Chicago, GO, 5.125%, 1/1/29, Ser. A (FGIC),	Aaa/AAA			5,212,863
		Chicago, Lake Shore East, Special Assessment,
3,162		6.625%, 12/1/22	NR/NR			3,415,118
6,700		6.75%, 12/1/32	NR/NR			7,243,772
5,110		Chicago, Neighborhoods Alive 21 Project, GO,
		5.00%, 1/1/33 (AMBAC)	Aaa/AAA			5,249,810
		Chicago Board of Education School Reform, GO (FGIC),
15,535		zero coupon, 12/1/16, Ser. A	Aaa/AAA			9,547,034
5,000		zero coupon, 12/1/28, Ser. A	Aaa/AAA			1,603,000
4,500		zero coupon, 12/1/31	Aaa/AAA			1,215,630
		Chicago City Colleges, GO (FGIC),
32,670		zero coupon, 1/1/37	Aaa/AAA			6,894,677
29,145		zero coupon, 1/1/38	Aaa/AAA			5,831,914
32,670		zero coupon, 1/1/39	Aaa/AAA			6,217,428
7,000		Chicago Midway Airport Rev., 5.00%, 1/1/31, Ser. B (MBIA)	Aaa/AAA			7,160,090
5,000		Cicero, GO, 5.25%, 12/1/31 (MBIA)	Aaa/AAA			5,269,850
		Dev. Finance Auth. Retirement Housing Rev., Regency Park,
10,000		zero coupon, 7/15/23	NR/AAA			4,256,000
134,650		zero coupon, 7/15/25	NR/AAA			51,513,050

6 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05

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PIMCO Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

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Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)			Value
$20,100		Health Facs. Auth. Rev., Elmurst Memorial Healthcare,
		5.625%, 1/1/28	A2/NR		$	21,022,389
5,000		Illinois Health Facs. Auth., Condell Medical Center Rev.,
		5.50%, 5/15/32	Baa2/BAA2			5,105,750
1,000		McHenry & Kane Cnty. Community Consolidated School
		Dist. 158, GO, zero coupon, 1/1/12 (FGIC)	Aaa/AAA			784,370
		Metropolitan Pier & Exposition Auth. Rev., (MBIA),
60,000		zero coupon, 12/15/30	Aaa/AAA			17,733,000
50,000		zero coupon, 12/15/33	Aaa/AAA			12,595,500
2,460		zero coupon, 6/15/38	Aaa/AAA			493,501
4,500		Schaumburg, GO, 5.00%, 12/1/41, Ser. B (FGIC)	Aaa/AAA			4,627,935
10,000		State, GO, 5.00%, 3/1/34, Ser. A	Aa3/AA			10,243,500
68,470		State Sports Facs. Auth. Rev., zero coupon, 6/15/30 (AMBAC)	Aaa/AAA			57,286,110
						262,721,503
		Indiana—0.5%
		Brownsburg 1999 School Building Corp. Rev.,
1,000		5.00%, 9/15/2, Ser. A (FSA) (Pre-refunded @ $100, 9/15/13) (b)	Aaa/AAA			1,082,900
2,000		5.25%, 3/15/25	Aaa/AAA			2,199,240
4,125		Fort Wayne Pollution Control Rev., 6.20%, 10/15/25	B1/BB-			3,281,603
500		State Bank Rev., Hendricks, 5.25%, 4/1/30, Ser. D (AMBAC)	Aaa/AAA			521,800
						7,085,543
		Iowa—3.7%
46,000		Tobacco Settlement Auth. of Iowa Rev.,
		zero coupon, 6/1/34, Ser. B	Baa3/BBB			41,366,880
8,850		Tobacco Settlement Auth. Rev.,
		5.60%, 6/1/35, Ser. B (Pre-refunded @ $101, 6/1/11) (b)	Baa3/AAA			9,727,566
						51,094,446
		Kansas—0.2%
2,800		Univ. of Kansas, Hospital Auth. Health Facs. Rev., 5.625%, 9/1/32	NR/A-			2,972,788
		Kentucky—0.8%
		Economic Dev. Finance Auth. Hospital Facs. Rev.,
2,500		Catholic Healthcare Partners, 5.25%, 10/1/30	Aa3/AA-			2,579,300
7,855		St. Luke’s Hospital, 6.00%, 10/1/19	A3/A			8,791,787
						11,371,087
		Louisiana—4.3%
20,400		Public Facs. Auth. Rev., Ochsner Clinic Foundation,
		5.50%, 5/15/32, Ser. B	A3/NR			20,523,012
36,395		Tobacco Settlement Financing Corp. Rev.,
		5.875%, 5/15/39, Ser. 2001 B	Baa3/BBB			38,089,187
						58,612,199
		Maryland—0.1%
1,000		State Health & Higher Educational Fac. Auth. Rev.,
		Adventist Healthcare, 5.75%, 1/1/25, Ser. A	Baa2/NR			1,055,390

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 7

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PIMCO Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

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Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)			Value
		Massachusetts—3.0%
$ 1,300		Bay Transportation Auth. Rev., General Transportation System,
		4.75%, 3/1/21, Ser. A (MBIA)	Aaa/AAA		$	1,331,382
		State College Building Auth. Project Rev., Ser. B (XLCA),
5,560		5.50%, 5/1/28	Aaa/AAA			6,330,894
7,645		5.50%, 5/1/33	Aaa/AAA			8,684,338
5,000		5.50%, 5/1/39	Aaa/AAA			5,735,650
4,295		State Turnpike Auth. Rev., 4.75%, 1/1/34, Ser. A (AMBAC)	Aaa/AAA			4,313,769
		State Water Res. Auth. Rev.,
2,300		4.75%, 12/1/21, Ser. B (MBIA)	Aaa/AAA			2,350,324
12,050		4.75%, 8/1/37, Ser. A (FSA)	Aaa/AAA			12,070,123
						40,816,480
		Michigan—2.6%
		Detroit City School Dist., GO,
8,500		5.00%, 5/1/32, Ser. A (FGIC) (Pre-refunded @ $100, 5/1/13) (b)	Aaa/AAA			9,175,495
1,750		5.125%, 5/1/31, Ser. A (FSA)	Aaa/AAA			1,896,195
2,500		Detroit Water Supply System Rev., 5.00%, 7/1/30, Ser. A (FGIC)	Aaa/AAA			2,564,625
5,000		State Hospital Finance Auth. Rev., Ascension Health,
		5.25%, 11/15/26, Ser. B	Aa2/AA			5,180,450
		Oakwood Group, Ser. A,
13,500		5.75%, 4/1/32	A2/A			14,163,930
1,925		6.00%, 4/1/22	A2/A			2,083,331
						35,064,026
		Mississippi—0.3%
3,605		Business Finance Corp., Pollution Control Rev., 5.875%, 4/1/22	Ba1/BBB-			3,650,567
1,000		Dev. Bank Special Obligation, Projects & Equipment
		Acquisitions Rev., 5.00%, 7/1/24 (AMBAC)	Aaa/AAA			1,082,200
						4,732,767
		Missouri—0.2%
1,000		Hanley Road & North of Folk Ave. Transportation Dist. Rev.,
		5.00%, 10/1/25	NR/NR			990,010
1,500		St. Louis Parking Facs. Rev., Downtown Parking Fac.,
		6.00%, 2/1/28	NR/NR			1,515,210
						2,505,220
		Nevada—1.8%
3,400		Clark Cnty., GO, 5.00%, 6/1/31 (FGIC)	Aaa/AAA			3,480,206
		Reno Transportation Project Rev. (AMBAC),
3,960		5.125%, 6/1/27	Aaa/AAA			4,106,956
2,000		5.125%, 6/1/32	Aaa/AAA			2,067,380
3,500		5.125%, 6/1/37	Aaa/AAA			3,613,960
7,570		5.25%, 6/1/41	Aaa/AAA			7,804,746
3,290		Truckee Meadows Water Auth. Rev., 5.125%, 7/1/30, Ser. A (FSA)	Aaa/AAA			3,408,275
						24,481,523
		New Hampshire—0.2%
3,000		Health & Education Fac. Auth. Hospital Rev.,
		Catholic Medical Center, 6.125%, 7/1/32	Baa1/BBB+			3,114,690

8 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05

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PIMCO Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

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Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)			Value
		New Jersey—2.5%
		Camden Cnty. Improvement Auth. Rev., Cooper Health System,
$       20		5.875%, 2/15/15	Baa3/BBB		$	20,718
40		6.00%, 2/15/27	Baa3/BBB			40,622
		Economic Dev. Auth., Kapkowski Rd. Landfill,
4,000		5.75%, 10/1/21	Baa3/NR			4,301,520
11,405		5.75%, 4/1/31	Baa3/NR			12,034,100
		Economic Dev. Auth. Rev., Arbor Glen,
525		6.00%, 5/15/28	NR/NR			527,635
225		6.00%, 5/15/28, Ser. A (Pre-refunded @ $102, 5/15/09) (b)	NR/NR			247,477
3,500		State Educational Fac. Auth. Rev., 6.00%, 7/1/25, Ser. D	NR/NR			3,713,710
		Tobacco Settlement Financing Corp. Rev.,
1,285		6.00%, 6/1/37	Baa3/BBB			1,328,857
3,095		6.125%, 6/1/42	Baa3/BBB			3,213,012
6,150		6.25%, 6/1/43	Baa3/BBB			6,677,240
2,500		6.75%, 6/1/39	Baa3/BBB			2,791,975
						34,896,866
		New Mexico—0.4%
5,000		Farmington Pollution Control Rev., 5.80%, 4/1/22	Baa2/BBB			5,066,600
		New York—5.3%
		Metropolitan Transportation Auth. Rev.,
10,600		5.00%, 11/15/30, Ser. A (FSA)	Aaa/AAA			10,931,992
10,000		5.25%, 11/15/32, Ser. B	A2/A			10,516,500
		New York City Municipal Water Finance Auth.,
		Water & Sewer System Rev.,
4,750		5.00%, 6/15/37, Ser. D	Aa2/AA+			4,876,730
7,000		5.00%, 6/15/39, Ser. A	Aa2/AA+			7,160,860
30,000		New York State Dormitory Auth. Rev., 5.00%, 3/15/35, Ser. F (d)	AA/AA			30,804,600
6,700		State Dormitory Auth. Rev., Sloan-Kettering Center Memorial,
		5.00%, 7/1/34, Ser. 1	Aa2/AA			6,848,003
2,000		State Environmental Facs. Corp. Rev., 5.00%, 6/15/28	Aaa/AAA			2,073,560
						73,212,245
		Ohio—0.6%
7,500		Lorain Cnty. Hospital Rev., Catholic Healthcare, 5.375%, 10/1/30	Aa3/AA-			7,769,925
		Oklahoma—0.5%
6,500		Tulsa Cnty. Industrial Auth. Rev., Legacy Apartments,
		4.90%, 11/20/46 (FHA-GNMA)	Aaa/NR			6,565,455
		Pennsylvania—2.5%
		Allegheny Cnty. Hospital Dev. Auth. Rev., Ser. B,
550		9.25%, 11/15/15	B1/B+			656,662
1,000		9.25%, 11/15/22	B1/B+			1,189,090
5,700		9.25%, 11/15/30	B1/B+			6,752,562
4,500		Cumberland Cnty. Auth. Retirement Community Rev.,
		Wesley Affiliated Services, 7.25%, 1/1/35, Ser. A	NR/NR			4,820,670
		Montgomery Cnty. Higher Education & Health Auth. Hospital Rev.,
		Abington Memorial Hospital, Ser. A,
5,000		5.125%, 6/1/27	NR/A			5,132,800
3,750		5.125%, 6/1/32	NR/A			3,832,987

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 9

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PIMCO Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

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Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)			Value
$   3,000		Philadelphia, GO, 5.25%, 9/15/25 (FSA)	Aaa/AAA		$	3,135,960
5,000		Philadelphia Auth. Industrial Dev. Lease Rev.,
		5.25%, 10/1/30, Ser. B (FSA)	Aaa/AAA			5,194,050
500		Pittsburgh & Allegheny Cnty. Public Auditorium Auth. Rev.,
		5.00%, 2/1/29 (AMBAC)	Aaa/AAA			508,475
2,500		Radnor Township School Dist., GO, 5.00%, 2/15/35, Ser. B (FSA)	Aaa/NR			2,603,150
						33,826,406
		Puerto Rico—0.3%
4,200		Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN	A3/A-			4,309,788
		Rhode Island—4.7%
62,000		Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42, Ser. A	Baa3/BBB			64,269,200
		South Carolina—5.7%
27,745		Greenville Cnty. School Dist. Rev.,
		Building Equity Sooner Tomorrow, 5.50%, 12/1/28	Aa3/AA-			29,630,550
18,120		Jobs Economic Dev. Auth. Rev., Bon Secours Health System,
		5.625%, 11/15/30	A3/A-			18,734,087
		Lexington Cnty., Health Services Dist. Hospital Rev.,
15,000		5.50%, 11/1/32	A2/A			15,784,050
3,500		5.50%, 5/1/37	A2/A			3,680,005
5,000		5.75%, 11/1/28	A2/A			5,377,250
3,250		Tobacco Settlement Rev. Management Auth.,
		6.375%, 5/15/28, Ser. B	Baa3/BBB			3,416,790
1,180		Transportation Infrastructure Rev., 5.00%, 10/1/29, Ser. A
		(AMBAC) (Pre-refunded @ $100, 10/1/11) (b)	Aaa/NR			1,266,022
						77,888,754
		Tennessee—0.3%
3,750		Knox Cnty. Health Educational & Housing Facs. Board
		Hospital Facs. Rev., 5.25%, 10/1/30	Aa3/AA-			3,877,763
		Texas—10.4%
1,000		Arlington Independent School Dist., GO,
		5.00%, 2/15/24, (PSF-GTD)	Aaa/NR			1,032,070
4,480		Aubrey Independent School Dist., GO, 5.50%, 2/15/33 (PSF-GTD)	Aaa/NR			4,839,251
6,500		Brazos Cnty. Health Facs. Dev. Corp.,
		Franciscan Services Corp. Rev., 5.375%, 1/1/32	NR/A-			6,668,675
2,700		Comal Cnty. Health Facs., McKenna Memorial Hospital Project Rev.,
		6.25%, 2/1/32	Baa3/BBB-			2,867,373
5,000		Dallas Area Rapid Transit Rev., 5.00%, 12/1/31 (AMBAC)	Aaa/AAA			5,108,900
20,000		Frisco Independent School Dist., GO,
		zero coupon, 8/15/34 (PSF-GTD)	Aaa/NR			4,584,600
		Harris Cnty.,
19,750		GO, 5.125%, 8/15/31, (Pre-refunded @ $100, 8/15/12) (b)	Aa1/AA+			21,307,090
5,250		Health Facs. Dev. Corp. Rev., St. Luke’s Episcopal Hospital,
		5.375%, 2/15/26, Ser. A (Pre-refunded @ $100, 8/15/11) (b)	NR/AA-			5,711,528
25,000		Senior Lien Toll Road Rev., 5.00%, 8/15/30 (FSA)	Aaa/AAA			25,655,750
7,500		Keller Independent School Dist., GO, 4.875%, 8/15/31 (PSF-GTD)	Aaa/AAA			7,558,725
3,170		Little Elm Independent School Dist., GO,
		5.30%, 8/15/29, Ser. A (PSF-GTD)	NR/AAA			3,356,428

10 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05

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PIMCO Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

---

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)			Value
$    6,250		North Dallas Thruway Auth. Rev., 4.75%, 1/1/29 (FGIC)	Aaa/AAA		$	6,272,812
5,000		Quinlan Independent School Dist., GO, 5.10%, 2/15/32 (PSF-GTD)	Aaa/NR			5,157,550
14,000		State Affordable Housing Corp. Multifamily Housing Rev.,
		Amern. Hsg. Foundation, 5.40%, 9/1/22, Ser. A (MBIA)	Aaa/AAA			14,070,000
		State Turnpike Auth. Central Turnpike System Rev., Ser. A (AMBAC)
10,000		zero coupon, 8/15/19	Aaa/AAA			5,357,200
8,880		5.00%, 8/15/42	Aaa/AAA			9,025,810
		State Water Financial Assistance, GO,
3,250		5.00%, 8/1/36	Aa1/AA			3,329,235
1,650		5.25%, 8/1/35	Aa1/AA			1,724,481
8,000		Wichita Falls Water & Sewer Rev., 5.00%, 8/1/27 (AMBAC)	Aaa/AAA			8,201,360
						141,828,838
		Virginia—0.5%
		Fredericksburg Industrial Dev. Medicorp Health System Rev., Ser. B,
4,000		5.25%, 6/15/27	A3/NR			4,095,280
2,500		5.125%, 6/15/33	A3/NR			2,532,450
						6,627,730
		Washington—0.4%
5,000		Tacoma Sewer Rev., 5.00%, 12/1/31, Ser. A (FGIC)	Aaa/AAA			5,111,500
		Wisconsin—0.8%
		Badger Tobacco Asset Securitization Corp.,
1,125		6.00%, 6/1/17	Baa3/BBB			1,175,918
8,550		6.125%, 6/1/27	Baa3/BBB			8,971,258
1,000		State Health & Educational Facs. Auth. Rev.,
		Froedert & Community Health Oblig., 5.375%, 10/1/30	NR/AA-			1,030,110
						11,177,286
		Total Municipal Bonds & Notes (cost—$1,153,407,211)				1,236,019,616
VARIABLE RATE NOTES (c)(e)(f)—9.2%
		Alabama—1.1%
3,600		Birmingham Waterworks & Sewer Board Rev.,
		13.10%, 1/1/33, Ser. 947 (MBIA)	Aaa/NR			4,531,860
6,675		Jefferson Cnty. Sewer Rev., 9.77%, 2/1/36, Ser. 352 (FGIC)	Aaa/NR			8,083,158
2,100		Montgomery Special Care Fac., Financing Auth. Rev.,
		8.99%, 11/15/29, Ser. 435 (MBIA)	Aaa/NR			2,264,493
						14,879,511
		Colorado—0.2%
2,812		Denver City & Cnty. Airport Rev., 10.13%, 11/15/25, Ser. 425 (FSA)	Aaa/NR			3,164,962
		Florida—1.0%
2,830		Highlands Cnty. Health Facs. Auth. Rev., Adventist,
		5.00%, 11/15/31, Ser. C	A2/A+			2,851,989
2,228		Orange Cnty. School Board, CP, 10.07%, 8/1/24, Ser. 328 (MBIA)	Aaa/NR			2,619,807
4,051		State Governmental Utilities Auth. Rev., 10.07%,
		10/1/29, Ser. 327 (AMBAC)	Aaa/NR			4,578,357
3,340		Sumter Landing Community Dev. Dist. Rev.,
		7.791%, 10/1/35, Ser. 1208 (MBIA)(a)(d)	AAA/AAA			3,183,154
						13,233,307

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 11

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PIMCO Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

---

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)			Value
		Illinois—1.0%
		Chicago, GO,
$   4,450		6.93%, 1/1/28, Ser. 332 (MBIA)	Aaa/NR		$	4,727,947
3,300		10.65%, 1/1/40, Ser. 426 (FGIC)	Aaa/NR			4,027,089
1,932		Cook Cnty., GO, 8.99%, 11/15/28, Ser. 403 (FGIC)	Aaa/NR			2,133,643
2,000		State, GO, 13.10%, 4/1/27, Ser. 783 (FSA)	Aaa/NR			2,548,700
						13,437,379
		Louisiana—0.3%
4,000		Tobacco Settlement Financing Corp. Rev., 8.160%, 5/15/39	NR/NR			4,372,400
		Massachusetts—2.0%
2,100		Boston Water & Sewer Community Rev.,
		9.01%, 11/1/28, Ser. 434 (FGIC)	Aaa/NR			2,269,113
2,420		State, GO, 12.24%, 11/1/30, Ser. 785 (FGIC-TCRS)	Aaa/NR			3,358,379
		State Turnpike Auth. Rev.,
11,049		9.01%, 1/1/37, Ser. 334 (MBIA)	Aaa/NR			11,591,838
4,500		9.01%, 1/1/37, Ser. 489 (MBIA)	NR/AAA			4,721,085
5,667		11.88%, 1/1/39, Ser. 335 (AMBAC)	Aaa/NR			6,196,901
						28,137,316
		Nevada—0.3%
3,300		State, GO, 8.94%, 5/15/28, Ser. 344 (FGIC)	Aaa/NR			3,486,054
		New York—0.3%
3,335		Liberty Dev. Corp. Rev., 9.177%, 10/1/35, Ser. 1207 (a)	Aa3/AA3			4,418,108
		Ohio—0.2%
1,975		Hamilton Cnty. Sales Tax Rev., 10.16%, 12/1/27, Ser. 356 (MBIA)	Aaa/NR			2,229,854
		Pennsylvania—0.7%
3,050		Philadelphia Auth. Industrial Dev. Rev., Doubletree, 6.50%, 10/1/27	NR/NR			3,187,647
		Philadelphia School Dist., GO (MBIA),
4,016		8.15%, 4/1/27, Ser. 496	NR/AAA			4,096,332
1,670		10.51%, 4/1/27, Ser. 345	Aaa/NR			1,720,434
						9,004,413
		Texas—1.4%
3,075		Denton Utility System Rev., 10.63%, 12/1/29, Ser. 428 (MBIA)	Aaa/NR			3,461,097
1,650		Houston Airport System Rev., 8.87%, 7/1/25, Ser. 404 (FGIC)	Aaa/NR			1,745,320
		Houston Water & Sewer System Rev.,
2,750		10.13%, 12/1/28, Ser. 427 (FSA)	Aaa/NR			3,371,830
3,838		11.13%, 12/1/30, Ser. 495 (FGIC)	NR/AAA			4,941,165
2,000		Sabine River Auth. Rev., 5.20%, 5/1/28	Baa2/BBB-			2,005,000
3,345		State, GO, 7.66%, 4/1/35, Ser. 1147	NR/NR			3,404,441
						18,928,853
		Utah—0.6%
8,830		Utah Transit Auth. Rev., 10.62%, 6/15/35, Ser. 1197 (FSA)	AAA/AAA			8,829,558
		Washington—0.1%
1,820		Central Puget Sound Regional Transit Auth. Sales Tax & Motor Rev.,
		10.51%, 2/1/28, Ser. 360 (FGIC)	Aaa/NR			1,869,049
		Total Variable Rate Notes (cost—$111,203,290)				125,990,764

12 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05

---

PIMCO Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

---

Principal
Amount
(000)				Value
U.S. TREASURY BILLS (h)—0.6%
$   8,095		3.29%-3.65%,12/1/05-12/15/05 (cost—$8,085,403)	$	8,085,403
OPTIONS PURCHASED (i)—0.0%
Contracts		Put Options—0.0%
805		U.S. Treasury Notes 5 yr. Futures, Chicago Board of Trade,
		strike price $100.50, expires 2/24/06 (cost—$15,194)		12,578
		Total Investments before options written (cost—$1,272,711,098)—100.1%		1,370,108,361
OPTIONS WRITTEN (i)—(0.1)%
		Call Options—(0.0)%
1,270		U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
		strike price $111, expires 2/24/06		(277,813)
		Put Options—(0.1)%
1,270		U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
		strike price $107, expires 2/24/06		(615,156)
		Total Options Written (premiums received—$875,779)		(892,969)
		Total Investments net of options written (cost—$1,271,835,319)—100.0%	$	1,369,215,392

See accompanying notes to Financial Statements | 11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 13

---

PIMCO California Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

---

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)			Value
CALIFORNIA MUNICIPAL BONDS & NOTES—86.1%
$    2,000		ABC Unified School Dist., GO, zero coupon, 8/1/23, Ser. B (FGIC)	Aaa/AAA		$	865,620
1,000		Alpine Union School Dist., GO, zero coupon, 8/1/24, Ser. B (FSA)	Aaa/AAA			424,970
8,115		Anaheim City School Dist., GO,
		5.00%, 8/1/26, (FGIC)(Pre-refunded @$101, 8/1/11) (b)	Aaa/AAA			8,831,473
		Association of Bay Area Governments Finance Auth. Rev.,
		Odd Fellows Home,
5,300		5.20%, 11/15/22	NR/A			5,512,636
26,000		5.35%, 11/15/32	NR/A			26,959,660
23,000		Bakersfield, CP, zero coupon, 4/15/21	NR/AAA			11,249,990
1,945		Bay Area Govt. Assoc., Improvement Board
		Act of 1915 Special Assessment, 6.30%, 9/2/25	NR/NR			2,041,822
2,000		Lease Rev., 5.00%, 7/1/32, Ser. 2002-1 (AMBAC)	Aaa/AAA			2,060,360
1,085		Capistrano Unified School Dist., Community Fac. Dist.,
		Special Tax, 5.70%, 9/1/20,
		(Pre-refunded @ $102, 9/1/09) (b)	NR/NR			1,192,599
1,100		Cathedral City Cove Improvements Dist. 04-02,
		Special Assessment, 5.00%, 9/2/30	NR/NR			1,078,935
2,300		Ceres Unified School Dist., GO, zero coupon, 8/1/27 (FGIC)	Aaa/AAA			689,356
		Chula Vista, Special Tax,
1,160		6.05%, 9/1/25, (Pre-refunded @ $102, 9/1/10) (b)	NR/NR			1,309,930
2,500		6.10%, 9/1/32, (Pre-refunded @ $102, 9/1/10) (b)	NR/NR			2,828,525
1,825		6.15%, 9/1/26	NR/NR			1,925,813
4,380		6.20%, 9/1/33	NR/NR			4,630,010
		Clovis Unified School Dist., GO, Ser. B (FGIC),
2,000		zero coupon, 8/1/23	Aaa/AAA			865,620
3,535		zero coupon, 8/1/25	Aaa/AAA			1,370,307
2,500		zero coupon, 8/1/27	Aaa/AAA			865,275
1,410		Community College Financing Auth. Lease Rev.,
		5.00%, 8/1/27, Ser. A (AMBAC)	Aaa/AAA			1,461,620
		Corona-Norco Unified School Dist., Public
		Financing Auth., Special Tax, Ser. A,
210		5.55%, 9/1/15	NR/NR			211,976
305		5.65%, 9/1/16	NR/NR			308,032
160		5.75%, 9/1/17	NR/NR			162,122
530		6.00%, 9/1/20	NR/NR			539,036
1,000		6.00%, 9/1/25	NR/NR			1,014,810
4,150		6.10%, 9/1/32	NR/NR			4,225,115
1,110		Special Tax, 5.10%, 9/1/25 (AMBAC)	Aaa/AAA			1,146,963
2,800		Cotati Redev. Agcy., Tax Allocation, 5.00%, 9/1/31,
		Ser. A (MBIA)	Aaa/AAA			2,847,264
3,000		Dinuba Financing Auth. Lease Rev., 5.10%, 8/1/32 (MBIA)	Aaa/AAA			3,090,810
3,475		Educational Facs. Auth. Rev., Loyola Marymount Univ.,
		zero coupon, 10/1/34 (MBIA)	Aaa/NR			800,292
4,520		Elk Grove Unified School Dist., Community Facs. Dist. No. 1,
		Special Tax, 4.75%, 12/1/33 (MBIA)	Aaa/AAA			4,485,377

14 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05

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PIMCO California Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

---

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)			Value
		Empire Union School Dist., Special Tax, (AMBAC),
$     1,560		zero coupon, 10/1/30	Aaa/AAA		$	443,680
1,265		zero coupon, 10/1/32	Aaa/AAA			320,058
1,000		Escondido Union School Dist., GO, zero coupon, 8/1/27 (FSA)	Aaa/AAA			346,110
2,440		Eureka Union School Dist., GO, zero coupon, 8/1/27 (FSA)	Aaa/AAA			844,508
		Foothill Eastern Corridor Agcy. Toll Road Rev.,
7,100		zero coupon, 1/1/25, Ser. A	Aaa/AAA			2,921,792
3,270		zero coupon, 1/1/26, Ser. A	Aaa/AAA			1,266,961
1,500		zero coupon, 1/15/27 (MBIA-IBC)	Aaa/AAA			1,345,470
3,780		zero coupon, 1/1/28, Ser. A	Aaa/AAA			1,309,770
17,860		zero coupon, 1/1/30, Ser. A	Aaa/AAA			5,543,030
400		Franklin-McKinley School Dist., GO, 5.00%, 8/1/27,
		Ser. B (FSA)	Aaa/AAA			415,960
1,440		Fremont Community Facs. Dist. No. 1, Special Tax,
		5.30%, 9/1/30	NR/NR			1,443,139
		Golden State Tobacco Securitization Corp.,
		Tobacco Settlement Rev., Ser. 2003-A-1,
11,700		6.25%, 6/1/33	Baa3/BBB			12,703,041
36,200		6.75%, 6/1/39	Baa3/BBB			40,427,798
		Health Facs. Finance Auth. Rev. (CA Mtg. Ins.),
5,500		5.125%, 1/1/22	NR/A			5,750,140
3,875		5.25%, 1/1/26	NR/A			4,027,830
2,115		5.375%, 11/1/20	NR/A			2,241,900
4,000		Adventist Health System, 5.00%, 3/1/33	NR/A			4,002,080
565		Catholic Healthcare West, 5.00%, 7/1/28, Ser. A	A3/A-			565,893
1,750		Huntington Beach Community Facs. Dist., Special Tax,
		6.30%, 9/1/32	NR/NR			1,797,058
		Industry Urban Dev. Agcy., Tax Allocation (MBIA),
1,045		Transportation Dist. 2, 4.75%, 5/1/21	Aaa/AAA			1,067,959
1,035		Transportation Dist. 3, 4.75%, 5/1/21	Aaa/AAA			1,057,739
200		Infrastructure & Economic Dev. Bank Rev.,
		Bay Area Toll Bridges,
		5.00%, 7/1/36 (AMBAC)	Aaa/AAA			206,610
7,000		Irvine Improvement Board Act 1915, Special Assessment,
		5.70%, 9/2/26	NR/NR			7,144,410
1,900		Jurupa Unified School Dist., GO, zero coupon, 5/1/27 (FGIC)	Aaa/AAA			657,609
2,450		Kings Canyon JT Unified School Dist., GO,
		zero coupon, 8/1/27 (FGIC)	Aaa/AAA			847,969
5,300		Livermore-Amador Valley Water Management Agcy. Rev.,
		5.00%, 8/1/31, Ser. A (AMBAC)	Aaa/AAA			5,428,048
5,935		Long Beach Unified School Dist., GO, 5.00%, 8/1/27,
		Ser. C (MBIA)	Aaa/NR			6,113,287
		Los Angeles, CP (MBIA),
9,895		5.00%, 2/1/27	Aaa/AAA			10,195,412
2,685		5.00%, 10/1/27, Ser. AU	Aaa/AAA			2,774,088
7,200		Los Angeles, Wastewater System Rev.,
		5.00%, 6/1/30, Ser. A (FGIC)	Aaa/AAA			7,421,040

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 15

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PIMCO California Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

---

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)*			Value
$     1,000		Manhattan Beach Unified School Dist., GO,
		zero coupon, 9/1/25 (FGIC)	Aaa/AAA		$	386,090
7,295		Manteca Redev. Agcy., Tax Allocation, 5.00%, 10/1/32 (FSA)	Aaa/AAA			7,520,197
		Manteca Unified School Dist., Special Tax (MBIA),
2,365		zero coupon, 9/1/25	Aaa/AAA			904,352
5,330		5.00%, 9/1/29, Ser. C	Aaa/AAA			5,458,186
4,000		Merced Cnty., CP, Juvenile Justice Correctional Fac.,
		5.00%, 6/1/32 (AMBAC)	Aaa/NR			4,095,640
		Modesto Elementary School Dist. Stanislaus Cnty., GO,
		Ser. A (FGIC),
2,615		zero coupon, 8/1/23	Aaa/AAA			1,122,096
2,705		zero coupon, 8/1/24	Aaa/AAA			1,098,365
2,000		zero coupon, 5/1/27	Aaa/AAA			693,460
2,150		Modesto High School Dist. Stanislaus Cnty., GO,
		zero coupon, 8/1/26, Ser. A (FGIC)	Aaa/AAA			787,824
1,000		Modesto Public Financing Auth. Lease Rev.,
		5.00%, 9/1/29 (AMBAC)	Aaa/AAA			1,030,950
2,385		Monrovia Financing Auth. Lease Rev., Hillside
		Wilderness Preserve,
		5.125%, 12/1/31 (AMBAC)	Aaa/AAA			2,492,397
		Montebello Unified School Dist., GO,
1,500		zero coupon, 8/1/24 (FGIC)	Aaa/AAA			614,640
1,485		zero coupon, 8/1/24 (FSA)	Aaa/AAA			608,494
2,830		zero coupon, 8/1/25 (FGIC)	Aaa/AAA			1,097,021
2,775		zero coupon, 8/1/27 (FGIC)	Aaa/AAA			960,455
4,700		Moreno Valley Unified School Dist. Community Facs. Dist.,
		Special Tax, 5.20%, 9/1/36 (d)	NR/NR			4,678,145
2,400		Morgan Hill Unified School Dist., GO,
		zero coupon, 8/1/23 (FGIC)	Aaa/AAA			1,038,744
1,500		Mountain View-Whisman School Dist., GO,
		5.00%, 6/1/27, Ser. D (MBIA)	Aaa/AAA			1,558,830
1,800		Murrieta Redev. Agcy., Tax Allocation, 5.00%, 8/1/32 (MBIA)	Aaa/AAA			1,854,720
3,245		Newark Unified School Dist., GO, zero coupon,
		8/1/26, Ser. D (FSA)	Aaa/AAA			1,189,065
		Oakland Redev. Agcy., Tax Allocation,
1,395		5.25%, 9/1/27	NR/A-			1,426,053
2,185		5.25%, 9/1/33	NR/A-			2,226,974
1,000		Orange Cnty. Community Facs. Dist., Special Tax,
		No. 01-1-Ladera Ranch,
		6.00%, 8/15/25, Ser. A (Pre-refunded @ $101, 8/15/10)(b)	NR/NR			1,117,640
12,000		Orange Cnty. Sanitation Dist., CP, 5.25%, 2/1/30 (FGIC)	Aaa/AAA			12,656,160
		Palmdale Community Redev. Agcy., Tax Allocation (AMBAC),
1,230		zero coupon, 12/1/30	Aaa/AAA			351,140
1,230		zero coupon, 12/1/31	Aaa/AAA			331,436
1,225		zero coupon, 12/1/32	Aaa/AAA			311,371
1,750		Paramount Unified School Dist., GO, zero coupon,
		9/1/23, Ser. B (FSA)	Aaa/AAA			747,915

16 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05

---

PIMCO California Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

---

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)			Value
		Perris Public Financing Auth. Rev., Tax Allocation,
$     1,190		4.75%, 10/1/23, Ser. B (MBIA)	Aaa/AAA		$	1,217,489
780		5.375%, 10/1/20, Ser. C	NR/BBB			806,224
1,800		5.625%, 10/1/31, Ser. C	NR/BBB			1,878,012
10,150		Placer Union High School Dist., GO, zero coupon, 8/1/33 (FSA)	Aaa/AAA			2,480,660
		Poway Unified School Dist., Special Tax,
		Community FACS Dist. No. 10-Area-D,
1,000		5.65%, 9/1/25	NR/NR			1,017,740
2,200		5.70%, 9/1/32	NR/NR			2,234,496
		Community FACS Dist. No. 6,
2,700		5.125%, 9/1/28	NR/NR			2,711,097
1,500		5.50%, 9/1/25	NR/NR			1,527,900
3,000		5.60%, 9/1/33	NR/NR			3,054,150
		Community FACS Dist. No. 6-Area-A,
1,000		6.05%, 9/1/25	NR/NR			1,049,190
5,500		6.125%, 9/1/33	NR/NR			5,763,010
2,300		Community FACS Dist. No. 6-Area-B, 5.125%, 9/1/28	NR/NR			2,309,453
2,000		Rancho Cucamonga Community Facs. Dist., Special Tax,
		6.375%, 9/1/31, Ser. A	NR/NR			2,115,660
1,500		Richmond Wastewater Rev., zero coupon, 8/1/30 (FGIC)	Aaa/AAA			435,435
		Riverside Unified School Dist., Community Facs.
		Dist. No. 15 Special Tax, Ser. A,
1,000		5.15%, 9/1/25	NR/NR			1,003,720
1,000		5.25%, 9/1/30	NR/NR			1,003,700
1,000		5.25%, 9/1/35	NR/NR			1,001,430
3,510		Riverside, CP, 5.00%, 9/1/33 (AMBAC)	Aaa/AAA			3,604,910
		Rocklin Unified School Dist., GO (FGIC),
5,000		zero coupon, 8/1/24	Aaa/AAA			2,048,800
4,000		zero coupon, 8/1/25	Aaa/AAA			1,550,560
4,000		zero coupon, 8/1/26	Aaa/AAA			1,465,720
4,500		zero coupon, 8/1/27	Aaa/AAA			1,557,495
		Roseville Redev. Agcy., Tax Allocation (MBIA),
3,730		5.00%, 9/1/27	Aaa/AAA			3,868,719
3,365		5.00%, 9/1/32	Aaa/AAA			3,468,070
2,155		5.00%, 9/1/33	Aaa/AAA			2,219,435
4,500		Sacramento City Financing Auth. Rev.,
		5.00%, 12/1/32, Ser. A (FSA)
		(Prerefunded @ $100, 12/1/12) (b)	Aaa/AAA			4,891,995
4,730		North Natomas CFD No. 2, 6.25%, 9/1/23, Ser. A	NR/NR			4,873,934
12,490		Sacramento Cnty. Airport System Rev., 5.00%, 7/1/32,
		Ser. A (FSA)	Aaa/AAA			12,791,509
		San Diego Cnty. Water Auth. Water Rev., CP, Ser. A (MBIA),
8,285		5.00%, 5/1/28	Aaa/AAA			8,564,205
8,000		5.00%, 5/1/29	Aaa/AAA			8,259,360
1,000		San Diego Public Facs. Financing Auth. Lease Rev.,
		5.00%, 5/15/29, Ser. A (FGIC)	Aaa/AAA			1,029,830
1,500		Fire & Life Safety Facs., 5.00%, 4/1/32 (MBIA)	Aaa/AAA			1,534,980

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 17

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PIMCO California Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

---

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)			Value
$ 14,000		San Diego Public Facs. Financing Auth. Water Rev.,
		5.00%, 8/1/32, (MBIA)	Aaa/AAA		$	14,381,780
		San Francisco City & Cnty. Airport Community, Int’l
		Airport Rev., (MBIA),
5,585		4.50%, 5/1/28, Ser. 2	Aaa/AAA			5,423,482
20,300		5.00%, 5/1/32, Ser. 28B	Aaa/AAA			20,779,080
10,405		San Joaquin Hills Transportation Corridor Agcy. Toll Road Rev.,
		zero coupon, 1/1/25	Aaa/AAA			4,242,223
10,190		San Jose, Libraries & Parks, GO, 5.125%, 9/1/31	Aa1/AA+			10,555,210
		San Juan Unified School Dist., GO (FSA),
1,770		zero coupon, 8/1/23	Aaa/AAA			766,074
6,105		zero coupon, 8/1/26	Aaa/AAA			2,237,055
4,835		San Mateo Foster City School Dist., GO,
		5.10%, 8/1/31 (FGIC) (Pre-refunded @ $101, 8/1/11) (b)	Aaa/AAA			5,286,589
2,300		San Mateo Union High School Dist., GO,
		zero coupon, 9/1/20 (FGIC)	Aaa/AAA			1,163,087
1,730		San Rafael City High School Dist., GO,
		5.00%, 8/1/27, Ser. B (FSA)	Aaa/AAA			1,786,208
3,280		San Rafael Elementary School Dist., GO,
		5.00%, 8/1/27, Ser. B (FSA)	Aaa/AAA			3,386,567
		Santa Clara Unified School Dist., GO (MBIA),
2,755		5.00%, 7/1/25	Aaa/AAA			2,861,123
2,895		5.00%, 7/1/26	Aaa/AAA			3,001,478
3,040		5.00%, 7/1/27	Aaa/AAA			3,137,766
1,260		Santa Cruz Cnty., Rev., 5.25%, 8/1/32	A3/NR			1,306,922
		Santa Margarita Water Dist., Special Tax,
2,000		6.00%, 9/1/30	NR/NR			2,112,560
3,000		6.25%, 9/1/29	NR/NR			3,176,040
2,000		Santa Monica Community College Dist., GO,
		zero coupon, 8/1/26, Ser. C (MBIA)	Aaa/AAA			706,740
		Saugus Hart School Facs. Financing Auth., Special Tax,
		Community Facs. Dist. 00-1,
1,140		6.10%, 9/1/32	NR/NR			1,164,727
2,260		6.125%, 9/1/33	NR/NR			2,308,974
1,000		Shasta Union High School Dist., GO, zero coupon, 8/1/24 (FGIC)	Aaa/AAA			409,760
2,745		South Tahoe JT Powers Parking Financing Auth. Rev.,
		7.00%, 12/1/27, Ser. A	NR/NR			2,687,767
1,800		Southern Mono Health Care Dist., GO,
		zero coupon, 8/1/26 (MBIA)	Aaa/AAA			646,416
900		State Department of Water Resources Rev., Central VY Project,
		5.00%, 12/1/25, Ser. AC (MBIA)	Aaa/AAA			941,769
20,000		State Economic Recovery Rev., 5.00%, 7/1/11, Ser. A (MBIA)	Aaa/AAA			21,485,400
9,605		State Public Works Board Lease Rev.,
		UCLA Replacement Hospital,
		5.00%, 10/1/22, Ser. A (FSA)	Aaa/AAA			9,986,799
1,710		State Univ. Rev., 5.00%, 11/1/33, Ser. A (AMBAC)	Aaa/AAA			1,757,128

18 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05

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PIMCO California Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

---

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)			Value
		Statewide Community Dev. Auth. Rev.,
$  3,555		Bentley School, 6.75%, 7/1/32 (a)	NR/NR		$	3,880,816
9,700		Health Fac., Jewish Home, 5.50%, 11/15/33 (CA ST Mtg.)	NR/A			10,288,402
2,770		Kaiser Permanente, 5.50%, 11/1/32, Ser. A	A3/A+			2,895,924
3,000		Live Oak School, 6.75%, 10/1/30	NR/NR			3,146,340
1,170		Wildwood Elementary School, CP, 6.10%, 11/1/15 (a)	NR/NR			1,171,556
1,775		Statewide Financing Auth. Tobacco Settlement Rev.,
		5.625%, 5/1/29	Baa3/NR			1,836,060
7,750		Tamalpais Union High School Dist., GO, 5.00%, 8/1/27 (FSA)	Aaa/AAA			8,024,350
		Tobacco Securitization Agcy. Rev.,
4,500		Alameda Cnty., 6.00%, 6/1/42	Baa3/NR			4,691,070
		Fresno Cnty.,
4,175		5.625%, 6/1/23	Baa3/BBB			4,218,545
10,000		6.00%, 6/1/35	Baa3/BBB			10,469,400
1,800		Stanislaus Fdg., 5.875%, 6/1/43, Ser. A	Baa3/NR			1,864,170
995		Tracy Community Facs. Dist., Special Tax,
		No. 99-2 South Macarthur Area,
		6.00%, 9/1/27	NR/NR			1,010,313
6,250		University Rev., 5.00%, 5/15/11, Ser. A (AMBAC)	Aaa/AAA			6,727,000
10,000		Ventura Cnty. Community College Dist., GO,
		5.00%, 8/1/27, Ser. A (MBIA)	Aaa/AAA			10,399,000
1,555		Ventura Unified School Dist., GO, 5.00%, 8/1/32, Ser. F (FSA)	Aaa/AAA			1,606,424
2,000		Vernon Electric System Rev., Malburg Generating Station,
		5.50%, 4/1/33, (Pre-refunded @ $100, 4/1/08) (b)	Aaa/NR			2,104,820
		Victor Elementary School Dist., GO, Ser. A (FGIC),
1,125		zero coupon, 8/1/24	Aaa/AAA			460,980
2,410		zero coupon, 8/1/26	Aaa/AAA			883,096
1,000		Vista Unified School Dist., GO, zero coupon,
		8/1/26, Ser. A (FSA)	Aaa/AAA			366,430
		West Contra Costa University School Dist., GO, Ser. A (MBIA),
2,740		5.00%, 8/1/26	Aaa/AAA			2,825,817
2,690		5.00%, 8/1/28	Aaa/AAA			2,767,391
1,890		5.00%, 8/1/31	Aaa/AAA			1,936,362
3,375		Westlands Water Dist. Rev., CP, 5.00%, 9/1/34 (MBIA)	Aaa/AAA			3,466,260
2,000		William S. Hart JT School Financing Auth. Rev.,
		5.625%, 9/1/34	NR/BBB+			2,096,220
2,110		Yuba City Unified School Dist., GO, zero coupon,
		9/1/25 (FGIC)	Aaa/AAA			806,843
		Total California Municipal Bonds & Notes (cost—$562,858,987)				594,966,268
OTHER MUNICIPAL BONDS & NOTES—4.6%
		Iowa—2.1%
16,100		Tobacco Settlement Auth. of Iowa Rev.,
		zero coupon, 6/1/34, Ser. B	Baa3/BBB			14,478,408
		New York—0.5%
3,250		State Dormitory Auth. Rev., Hospital, 6.25%, 8/15/15 (FHA)	Aa2/AAA			3,724,793

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 19

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PIMCO California Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

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Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)		Value
		Puerto Rico—0.7%
$  2,000		Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN	A3/A-		$      2,052,280
2,505		Public Building Auth. Rev., Government Facs.,
		5.00%, 7/1/36, Ser. I (GTD)	Baa2/BBB		2,481,653
					4,533,933
		Tennessee—1.3%
8,535		Memphis Electric System Rev., 5.00%, 12/1/16,
		Ser. A (MBIA)	Aaa/AAA		9,035,919
		Total Other Municipal Bonds & Notes (cost—$31,461,180)			31,773,053
CALIFORNIA VARIABLE RATE NOTES (c)(e)(f)—6.0%
2,500		Coronado Community Dev. Agcy., Tax Allocation,
		9.951%, 9/1/35 (AMBAC)	NA/AAA		2,515,400
4,238		Los Angeles Dept. of Water & Power, Waterworks Rev.,
		10.72%, 7/1/41, Ser. 754 (FGIC-TCRS)	Aaa/NR		4,728,711
1,875		Modesto Public Financing Auth. Lease Rev.,
		10.22%, 9/1/29, Ser. 354 (AMBAC)	Aaa/NR		2,107,125
4,952		Oakland, GO, 10.22%, 1/15/32, Ser. 756 (FGIC)	Aaa/NR		5,548,601
1,944		San Diego Unified School Dist., GO, 10.22%, 7/1/27,
		Ser. 758 (FGIC)	Aaa/NR		2,486,609
3,743		San Jose, GO, 10.22%, 9/1/32, Ser. 760 (MBIA)	Aaa/NR		4,242,798
2,288		San Jose Unified School Dist. Santa Clara Cnty., GO,
		10.22%, 8/1/27, Ser. 761 (FSA)	Aaa/NR		2,611,410
10,000		Statewide Financing Auth. Rev., 8.420%, 5/1/37	NR/NR		10,927,600
		University Rev.,
1,375		9.22%, 5/15/35, Ser. 1119 (FSA)	NR/AAA		1,331,715
1,250		9.444%, 5/15/35, (FGIC)	Aaa/AA2		1,226,300
2,500		10.22%, 9/1/28, Ser. 762 (FGIC)	Aaa/NR		2,880,225
1,130		10.74%, 5/15/38, Ser. 1198	AA-/AA-		1,048,866
		Total California Variable Rate Notes (cost—$37,832,956)			41,655,360
OTHER VARIABLE RATE NOTES (f)—2.5%
		Puerto Rico—2.5%
11,000		Public Building Auth. Rev., Government Facs.,
		5.00%, 7/1/36, Ser. J (AMBAC-GTD)	Aaa/AAA		11,754,380
5,300		Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A	Baa3/BBB-		5,732,268
		Total Other Variable Rate Notes (cost—$17,474,047)			17,486,648
CALIFORNIA VARIABLE RATE DEMAND NOTES (f)(g)—0.2%
1,400		State, GO, 3.00%, 12/1/05 (cost—$1,400,000)	A-1+/A-1+		1,400,000
U.S. TREASURY BILLS (h)—0.7%
4,405		3.29%-3.65%,12/1/05-12/15/05 (cost—$4,399,675)			4,399,675
		Total Investments before options written (cost—$655,426,845)—100.1%			691,681,004

20 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05

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PIMCO California Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

---

Contracts					Value
OPTIONS WRITTEN (i)—(0.1)%
		Call Options—(0.0)%
678		U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
		strike price $111, expires 2/24/06		$	(148,313)
		Put Options—(0.1)%
678		U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
		strike price $107, expires 2/24/06			(328,406)
		Total Options Written (premiums received—$467,139)			(476,719)
		Total Investments net of options written (cost—$654,959,706)—100.0%		$	691,204,285

See accompanying notes to Financial Statements | 11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 21

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PIMCO New York Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

---

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)			Value
NEW YORK MUNICIPAL BONDS & NOTES—83.6%
		Buffalo Municipal Water Finance Auth., Water System Rev.,
		Ser. B (FSA) (Pre-refunded @ $100, 7/1/12) (b)
$      250		5.00%, 7/1/27	Aaa/AAA		$	270,620
1,000		5.125%, 7/1/32	Aaa/AAA			1,089,740
10,000		Erie Cnty. Tobacco Asset Securitization Corp. Rev.,
		6.50%, 7/15/32, (Pre-refunded @ $101, 7/15/10) (b)	Ba1/AAA			11,315,500
3,075		Liberty Dev. Corp. Rev., Goldman Sachs Headquarters,
		5.25%, 10/1/35	Aa3/A+			3,408,053
		Metropolitan Transportation Auth. Rev.,
1,850		5.00%, 11/15/30, Ser. A (FSA)	Aaa/AAA			1,907,942
10,000		5.25%, 11/15/31, Ser. E	A2/A			10,473,200
7,000		Metropolitan Transportation Auth. Service Contract Rev.,
		5.35%, 7/1/31, Ser. B	A2/AAA			7,375,760
		New York City, GO,
4,000		5.00%, 3/1/33, Ser. I	A1/A+			4,062,800
5,000		5.00%, 6/1/33, Ser. O	A1/A+			5,098,400
		New York City Health & Hospital Corp. Rev., Ser. A
1,100		5.375%, 2/15/26	A2/BBB+			1,136,443
2,000		5.45%, 2/15/26	A2/BBB+			2,084,020
		New York City Industrial Dev. Agcy. Rev.,
1,000		Eger Harbor, 4.95%,11/20/32 (GNMA)	NR/AA+			1,007,170
1,500		Staten Island Univ. Hospital, 5.00%, 7/1/27	Aa2/NR			1,562,550
1,235		United Jewish Appeal Fed., 6.45%, 7/1/32	B2/NR			1,260,565
3,055		New York City Municipal Water Finance Auth.,
		Water & Sewer System Rev.,
		4.75%, 6/15/25, Ser. D (MBIA-IBC)	Aaa/AAA			3,084,572
10,000		New York City Transitional Finance Auth. Rev.,
		5.00%, 11/1/27, Ser. B	Aa1/AAA			10,347,500
3,600		Port Auth. New York & New Jersey Rev.,
		5.00%, 4/15/32, Ser. 125 (FSA)	Aaa/AAA			3,745,800
		Sachem Central School Dist. of Holbrook, GO (MBIA),
3,445		5.00%, 6/15/28	Aaa/AAA			3,589,656
2,895		5.00%, 6/15/29	Aaa/AAA			3,001,478
7,500		State Dormitory Auth. Lease Rev., State Univ. Dormitory Facs.,
		5.00%, 7/1/32, (Pre-refunded @ $100, 7/1/12) (b)	A1/AA-			8,118,600
		State Dormitory Auth. Rev.,
2,600		Catholic Health of Long Island, 5.10%, 7/1/34	Baa1/BBB			2,637,752
4,315		Court Facs. Lease, 5.50%, 5/15/32 (AMBAC)	Aaa/AAA			4,978,172
2,000		Kaleida Health Hospital, 5.05%, 2/15/25 (FHA)	NR/AAA			2,074,560
5,300		Lenox Hill Hospital, 5.50%, 7/1/30	Ba2/NR			5,215,571
1,400		Long Island Univ., 5.25%, 9/1/28 (Radian)	Baa3/AA			1,455,356
1,500		Memorial Sloan-Kettering Center, 5.00%, 7/1/34, Ser. 1	Aa2/AA			1,533,135
8,850		North General Hospital, 5.00%, 2/15/25	NR/AA-			9,080,542
3,225		NY & Presbyterian Hospital Rev., 4.75%, 8/1/27 (AMBAC-FHA)	Aaa/AAA			3,257,508
5,000		Saint Barnabas Hospital, 5.00%, 2/1/31, Ser. A (AMBAC-FHA)	Aaa/AAA			5,124,750
8,600		State Personal Income Tax, 5.00%, 3/15/32,
		(Pre-refunded @ $100, 3/15/13) (b)	A1/AA			9,301,416

22 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05

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PIMCO New York Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

---

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)			Value
$   1,250		Student Housing Corp., 5.125%, 7/1/34 (FGIC)	Aaa/AAA		$	1,315,000
4,270		Teachers College, 5.00%, 7/1/32 (MBIA)	Aaa/NR			4,402,413
2,000		Yeshiva Univ., 5.125%, 7/1/34 (AMBAC)	Aaa/NR			2,104,000
2,000		State Environmental Facs. Corp.,
		State Clean Water & Drinking Rev., 5.125%, 6/15/31	Aaa/AAA			2,090,700
5,000		State Municipal Board Bank Agcy. Special School Purpose Rev.,
		5.00%, 6/1/23, Ser. C	NR/A+			5,141,400
		State Urban Dev. Corp. Rev.,
6,100		5.00%, 3/15/33, Ser. C-1 (Pre-refunded @ $100, 3/15/13) (b)	A1/AA			6,597,516
4,000		5.00%, 3/15/35, Ser. B	AA/AA			4,107,280
		Tobacco Settlement Asset Backed, Inc. Rev., Ser. 1,
25,000		5.75%, 7/15/32	Baa3/BBB			25,591,000
10,000		6.375%, 7/15/39	Baa3/BBB			10,471,400
		Triborough Bridge & Tunnel Auth. Rev. (FGIC-TCRS),
710		5.00%, 1/1/32	NR/NR			730,555
3,990		5.00%, 1/1/32, (Pre-refunded @ $100, 1/1/12) (b)	NR/NR			4,303,414
2,000		Warren & Washington Counties Industrial Dev. Agcy. Fac. Rev.,
		Glens Falls Hospital, 5.00%, 12/1/35, Ser. A (FSA)	Aaa/AAA			2,055,660
750		Westchester Cnty. Industrial Dev. Agcy. Continuing
		Care Retirement Rev., Kendal on Hudson, 6.50%, 1/1/34	NR/NR			785,370
		Total New York Municipal Bonds & Notes (cost—$189,163,357)				198,294,839
OTHER MUNICIPAL BONDS & NOTES—5.0%
		California—1.6%
		Alameda Unified School Dist., Alameda Cnty., GO, Ser. A (FSA),
3,500		zero coupon, 8/1/24	Aaa/AAA			1,447,285
3,000		zero coupon, 8/1/25	Aaa/AAA			1,174,140
3,130		Covina Valley Unified School Dist., GO,
		zero coupon, 6/1/25, Ser. B (FGIC)	Aaa/AAA			1,223,110
						3,844,535
		Colorado—0.0%
210		Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A	Aaa/NR			93,782
		Puerto Rico—3.4%
5,675		Children’s Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43	Baa3/BBB			5,768,183
1,500		Commonwealth Highway & Transportation Auth. Rev.,
		5.25%, 7/1/38, Ser. D (Pre-refunded @ $100, 7/1/12) (b)	Baa2/AAA			1,631,760
750		Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN	A3/A-			769,605
						8,169,548
		Total Other Municipal Bonds & Notes (cost—$11,362,663)				12,107,865

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 23

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PIMCO New York Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

---

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)			Value
NEW YORK VARIABLE RATE NOTES (c)(e)(f)—10.0%
$   6,994		Long Island Power Auth. Electric System Rev.,
		11.13%, 12/1/26, Ser. 339 (MBIA-IBC)	Aaa/NR		$	8,278,098
1,030		Mortgage Agcy. Rev., 9.15%, 10/1/27, Ser. 1199	Aa1/AA1			1,061,848
		New York City Municipal Water Finance Auth.,
		Water & Sewer System Rev.,
1,250		10.315%, 6/15/32	NR/NR			1,358,800
3,750		10.815%, 6/15/34	NR/NR			4,300,800
1,950		New York City Trust for Cultural Resources Rev.,
		10.301%, 2/1/34 (FGIC)	NR/NR			2,207,459
2,475		State Dormitory Auth. Rev., 10.099%, 5/15/31 (AMBAC)	NR/AAA			3,615,282
1,250		State Dormitory Auth. Rev., Drivers,
		10.004%, 6/1/13, Ser. 93 (Radian)	Aa3/NR			1,396,600
1,300		State Urban Dev. Corp. Rev., 12.94%, 3/15/35	NR/AA			1,469,390
		Total New York Variable Rate Notes (cost—$23,321,263)				23,688,277
OTHER VARIABLE RATE NOTES (f)—0.9%
		Puerto Rico—0.9%
1,900		Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A
		(cost—$2,028,662)	Baa3/BBB-			2,054,964
U.S. TREASURY BILLS (h)—0.6%
1,315		3.32%-3.65%,12/1/05-12/15/05 (cost—$1,313,268)				1,313,268
		Total Investments before options written (cost—$227,189,213)—100.1%				237,459,213
OPTIONS WRITTEN (i)—(0.1)%
Contracts		Call Options—(0.0)%
195		U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
		strike price $111, expires 2/24/06				(42,656)
		Put Options—(0.1)%
195		U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
		strike price $107, expires 2/24/06				(94,453)
		Total Options Written (premiums received—$134,137)				(137,109)
		Total Investments net of options written (cost—$227,055,076)—100.0%			$	237,322,104

24 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05

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PIMCO New York Municipal Income Fund II Schedule of Investments
November 30, 2005 (unaudited)

---

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Footnotes

(a)	Illiquid security.
(b)	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.
(c)	144A Security — 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.
(d)	When-Issued or delayed-delivery security. To be settled/delivered after November 30, 2005.
(e)	Residual Interest/Tax Exempt Municipal Bonds — The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index.
(f)	Variable Rate Notes — instruments whose interest rates change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on November 30, 2005.
(g)	Maturity date shown is date of next put.
(h)	All or partial amount segregated as collateral for futures contracts, when-issued or delayed-delivery securities.
(i)	Non-income producing.

Glossary:
AMBAC — insured by American Municipal Bond Assurance Corp.
CA Mtg. Ins. — insured by California Mortgage Insurance
CA St. Mtg. — insured by California State Mortgage
CP — Certificates of Participation
FGIC — insured by Financial Guaranty Insurance Co.
FHA — insured by Federal Housing Administration
FSA — insured by Financial Security Assurance, Inc.
GNMA — insured by Government National Mortgage Association
GO — General Obligation Bond
GTD — Guaranteed.
IBC — Insurance Bond Certificate
MBIA — insured by Municipal Bond Investors Assurance
NR — Not Rated
PSF — Public School Fund
Radian — insured by Radian Guaranty, Inc.
TCRS — Temporary Custodian Receipts
XLCA — insured by XL Capital Assurance

 

See accompanying notes to Financial Statements | 11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 25

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PIMCO Municipal Income Fund II Statements of Assets and Liabilities
November 30, 2005 (unaudited)

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							California				New York
			Municipal II				Municipal II				Municipal II
Assets:
Investments, at value (cost–$1,272,711,098, $655,426,845
and $227,189,213, respectively)			$1,370,108,361				$691,681,004				$237,459,213
Cash			9,097,965				2,578,292				72,936
Interest receivable			17,574,202				9,492,146				4,161,946
Receivable for variation margin on futures contracts			260,002				81,786				21,107
Receivable for investments sold			85,000				160,000				—
Prepaid expenses			48,417				36,643				17,189
Total Assets			1,397,173,947				704,029,871				241,732,391
Liabilities:
Payable for investments purchased			40,367,149				4,678,145				—
Dividends payable to common and preferred shareholders			5,068,932				2,523,270				882,599
Options written, at value (premiums received–
$875,779, $467,139, and $134,137)			892,969				476,719				137,109
Investment management fees payable			553,617				285,225				98,796
Accrued expenses			108,031				61,122				34,223
Total Liabilities			46,990,698				8,024,481				1,152,727
Preferred shares ($25,000 net asset and liquidation
value per share applicable to an aggregate of
20,200, 10,400 and 3,600 shares issued and
outstanding, respectively)			505,000,000				260,000,000				90,000,000
Net Assets Applicable to Common Shareholders			$845,183,249				$436,005,390				$150,579,664
Composition of Net Assets Applicable to
Common Shareholders:
Common Stock:
Par value ($0.00001 per share)			$585				$303				$105
Paid-in-capital in excess of par			831,138,693				430,851,550				148,911,247
Undistributed (dividends in excess of) net investment income			1,441,885				(196,848	)			(536,304	)
Accumulated net realized loss on investments			(92,068,323	)			(32,198,732	)			(9,050,646	)
Net unrealized appreciation of investments, futures
contracts and options written			104,670,409				37,549,117				11,255,262
Net Assets Applicable to Common Shareholders			$845,183,249				$436,005,390				$150,579,664
Common Shares Outstanding			58,461,164				30,326,329				10,489,475
Net Asset Value Per Common Share			$14.46				$14.38				$14.36

26 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05 | See accompanying notes to Financial Statements

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PIMCO Municipal Income Fund II Statements of Operations
November 30, 2005 (unaudited)

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							California				New York
			Municipal II				Municipal II				Municipal II
Investment Income:
Interest			$35,709,974				$17,769,476				$6,463,626
Expenses:
Investment management fees			4,450,309				2,291,756				793,154
Auction agent fees and commissions			644,985				337,545				117,582
Custodian and accounting agent fees			85,759				68,252				38,626
Reports to shareholders			39,856				14,945				11,108
Trustees’ fees and expenses			33,489				20,123				8,326
Audit and tax services			30,718				22,480				16,582
New York Stock Exchange listing fees			25,592				13,306				11,763
Transfer agent fees			18,107				18,751				19,879
Legal fees			14,186				6,318				2,928
Insurance expense			13,424				7,363				3,333
Miscellaneous			7,686				6,375				5,896
Investor relations			6,711				3,294				1,820
Total expenses			5,370,822				2,810,508				1,030,997
Less: investment management fees waived			(1,026,994	)			(528,867	)			(183,035	)
custody credits earned on cash balances			(46,102	)			(12,542	)			(4,729	)
Net expenses			4,297,726				2,269,099				843,233
Net Investment Income			31,412,248				15,500,377				5,620,393
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			(1,098,506	)			(445,823	)			(267,302	)
Futures contracts			(22,485,209	)			(8,173,851	)			(2,221,149	)
Options written			3,750,036				2,849,957				917,120
Net change in unrealized appreciation/depreciation of:
Investments			(22,035,707	)			(7,956,298	)			(3,606,413	)
Futures contracts			24,628,836				7,989,726				2,682,421
Options written			909,949				557,800				196,217
Net realized and change in unrealized loss on investments,
futures contracts and options written			(16,330,601	)			(5,178,489	)			(2,299,106	)
Net Increase in Net Assets Resulting from
Investment Operations			15,081,647				10,321,888				3,321,287
Dividends on Preferred Shares from
Net Investment Income			(5,905,565	)			(2,636,715	)			(1,008,784	)
Net Increase in Net Assets Applicable to Common
Shareholders Resulting from Investment Operations			$9,176,082				$7,685,173				$2,312,503

See accompanying notes to Financial Statements | 11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 27

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PIMCO Municipal Income Funds II	Statements of Changes in Net Assets
	Applicable to Common Shareholders

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		Municipal II
		Six Months ended
		November 30, 2005				Year ended
		(unaudited)				May 31, 2005
Investment Operations:
Net investment income			$31,412,248				$64,807,639
Net realized loss on investments, futures contracts and options written			(19,833,679	)			(56,492,627	)
Net change in unrealized appreciation/depreciation of investments, futures
contracts and options written			3,503,078				104,781,470
Net increase in net assets resulting from investment operations			15,081,647				113,096,482
Dividends on Preferred Shares from Net Investment Income			(5,905,565	)			(8,269,559	)
Net increase in net assets applicable to common shareholders
resulting from investment operations			9,176,082				104,826,923
Dividends on Common Shareholders from Net Investment Income			(29,548,776	)			(58,819,603	)
Capital Share Transactions:
Reinvestment of dividends and distributions			3,265,958				3,612,366
Total increase (decrease) in net assets applicable to common shareholders			(17,106,736	)			49,619,686
Net Assets Applicable to Common Shareholders:
Beginning of period			862,289,985				812,670,299
End of period (including undistributed (dividends in excess of) net investment
income of $1,441,885 and $5,483,978; $(196,848) and $1,703,352;
$(536,304) and $(41,926); respectively)			$845,183,249				$862,289,985
Common Shares Issued in Reinvestment of Dividends:			221,020				247,531

28 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05 | See accompanying notes to Financial Statements

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	California Municipal II								New York Municipal II
Six Months ended								Six Months ended
November 30, 2005				Year ended				November 30, 2005				Year ended
(unaudited)				May 31, 2005				(unaudited)				May 31, 2005
	$15,500,377				$31,511,574				$5,620,393				$11,114,342
	(5,769,717	)			(15,854,430	)			(1,571,331	)			(3,938,025	)
	591,228				50,065,774				(727,775	)			15,598,114
	10,321,888				65,722,918				3,321,287				22,774,431
	(2,636,715	)			(3,645,115	)			(1,008,784	)			(1,342,842	)
	7,685,173				62,077,803				2,312,503				21,431,589
	(14,763,862	)			(29,434,247	)			(5,105,987	)			(10,169,499	)
	1,488,301				1,293,066				561,014				592,411
	(5,590,388	)			33,936,622				(2,232,470	)			11,854,501
	441,595,778				407,659,156				152,812,134				140,957,633
	$436,005,390				$441,595,778				$150,579,664				$152,812,134
	101,546				91,921				37,941				41,816

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 29

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PIMCO Municipal Income Funds II Notes to Financial Statements
November 30, 2005 (unaudited)

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1. Organization and Significant Accounting Policies
PIMCO Municipal Income Fund II (“Municipal II”), PIMCO California Municipal Income Fund II (“California Municipal II”) and PIMCO New York Municipal Income Fund II (“New York Municipal II”) collectively referred to as the “Funds” or “PIMCO Municipal Income Funds II”, were organized as Massachusetts business trusts on March 29, 2002. Prior to commencing operations on June 28, 2002, the Funds had no operations other than matters relating to their organization and registration as closed-end management investment companies registered under the Investment Company Act of 1940 and the rules and regulations thereunder, as amended. Allianz Global Investors Fund Management LLC (the “Investment Manager”), serves as the Funds’ investment manager and is an indirect wholly-owned subsidiary of Allianz Global Investors of America L.P. (“Allianz Global”). Allianz Global is an indirect, majority-owned subsidiary of Allianz AG.

Municipal II invests substantially all of its assets in a portfolio of municipal bonds, the interest from which is exempt from federal income taxes. California Municipal II invests substantially all of its assets in municipal bonds which pay interest that is exempt from federal and California state income taxes. New York Municipal II invests substantially all of its assets in municipal bonds which pay interest that is exempt from federal, New York State and New York City income taxes. The Funds will seek to avoid bonds generating interest income which could potentially subject individuals to alternative minimum tax. The issuers’ abilities to meet their obligations may be affected by economic and political developments in a specific state or region.

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.

In the normal course of business the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds based upon events that have not yet been asserted. However, the Funds expect the risk of any loss to be remote.

The following is a summary of significant accounting policies consistently followed by the Funds:

(a) Valuation of Investments
Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotations are not readily available or if a development/event occurs that may significantly impact the value of a security may be fair-valued, in good faith, pursuant to guidelines established by the Board of Trustees. The Funds’ investments are valued daily using prices supplied by an independent pricing service or dealer quotations, or are valued at the last sale price on the exchange that is the primary market for such securities, or the last quoted bid price for those securities for which the over-the-counter market is the primary market or for listed securities in which there were no sales. The independent pricing service uses information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded options and futures are valued at the settlement price determined by the relevant exchange. Short-term investments maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily until settlement at the forward settlement value. The prices used by the Funds to value securities may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements. The Funds’ net asset values are determined daily as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the New York Stock Exchange on each day the exchange is open for business.

(b) Investment Transactions and Investment Income
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.

(c) Federal Income Taxes
The Funds intend to distribute all of their taxable income and to comply with the other requirements of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no provision for U.S. federal income taxes is required. In addition, by distributing substantially all of their taxable ordinary income and long-term capital gains, if any, during each calendar year, the Funds intend not to be subject to U.S. federal excise tax.

30 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05

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PIMCO Municipal Income Funds II Notes to Financial Statements
November 30, 2005 (unaudited)

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1. Organization and Significant Accounting Policies (continued)

(d) Dividends and Distributions—Common Stock
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 “book-tax” differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal income tax treatment; temporary differences do not require reclassification. To the extent dividends and/or distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as dividends and/or distributions of paid-in capital in excess of par.

(e) Futures Contracts
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 “initial margin” 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 “variation margin” 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.

(f) Option Transactions
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.

When an option is written, the premium received is recorded as an asset with an equal liability which is subsequently adjusted to the current market value of the option written. These liabilities are reflected as options written in the Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a call option written by the Funds is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written by the Funds is exercised, the premium reduces the cost basis of the security. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Funds purchasing a security at a price different from the current market value.

(g) Residual Interest Municipal Bonds (“RIBS”)/Residual Interest Tax Exempt Bonds (“RITES”)
The Funds invest in RIBS and RITES whose interest rates bear an inverse relationship to the interest rate on another security or the value of an index. RIBS and RITES are created by dividing the income stream provided by the underlying bonds to create two securities, one short-term and one long-term. The interest rate on the short-term component is reset by an index or auction process normally every seven to 35 days. After income is paid on the short-term securities at current rates, the residual income from the underlying bond(s) goes to the long-term securities. Therefore, rising short-term interest rates result in lower income for the longer-term portion, and visa versa. The longer-term bonds may be more volatile and less liquid than other municipal bonds of comparable maturity. Investments in RIBS and RITES typically will involve greater risk than an investment in a fixed-rate bond The Funds may also invest in RIBS and RITES for the purpose of increasing their leverage.

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 31

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PIMCO Municipal Income Funds II Notes to Financial Statements
November 30, 2005 (unaudited)

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1. Organization and Significant Accounting Policies (continued)

(h) When-Issued/Delayed-Delivery Transactions
The Funds may purchase or sell securities on a when-issued or delayed-delivery basis. The transactions involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Funds will set aside and maintain until the settlement date in a designated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a realized gain or loss. When a security on a delayed-delivery basis is sold, the Fund does not participate in future gains and losses with respect to the security.

(i) Custody Credits Earned on Cash Balances
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.

2. Investment Manager/Sub-Adviser
Each Fund has entered into an Investment Management Agreement (the “Agreements”) with the Investment Manager. Subject to the supervision by each Fund’s Board of Trustees, the Investment Manager is responsible for managing, either directly or through others selected by it, the Fund’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’s average daily net assets, inclusive of net assets attributable to any preferred shares that may be outstanding. In order to reduce each Fund’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’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.

The Investment Manager has retained its affiliate, Pacific Investment Management Company LLC (the “Sub-Adviser”) to manage each Fund’s investments. Subject to the supervision of the Investment Manager, the Sub-Adviser makes all investment decisions for the Funds. The Investment Manager, not the Funds, pays a portion of the fees it receives to the Sub-Adviser in return for its services, at the maximum annual rate of 0.50% of each Funds average daily net assets, inclusive of net assets attributable to any preferred shares that may be outstanding. The Sub-Adviser has contractually agreed to waive a portion of the fees it is entitled to receive from the Investment Manager, such that the Sub-Adviser will receive 0.26% of each Fund’s average daily net assets, including net assets attributable to any preferred shares that may be outstanding, from the commencement of the Funds’ operations through June 30, 2007, and will receive an increasing amount not to exceed 0.50% of each Fund’s average daily net assets, including net assets attributable to any preferred shares that may be outstanding thereafter through June 30, 2009.

3. Investments in Securities

(a) For the period ended November 30, 2005, purchases and sales of investments, other than short-term securities, were:

			California		New York
	Municipal II		Municipal II		Municipal II
Purchases	$243,326,595		$77,222,783		$50,715,742
Sales	204,222,360		80,006,802		41,223,066

 

32 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05

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PIMCO Municipal Income Funds II Notes to Financial Statements
November 30, 2005 (unaudited)

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3. Investments in Securities (continued)

(b) Futures contracts outstanding at November 30, 2005:

					Notional						Unrealized
					Value			Expiration			Appreciation
Fund		Type			(000)			Date			(Depreciation)
Municipal II	Long:	U.S. Treasury Notes 5 yr. Futures		$	518,900			3/22/06			$	(1,699,391	)
	Short:	U.S. Treasury Notes 10 yr. Futures			(32,300	)		12/20/05				819,484
		U.S. Treasury Bond Futures			(263,700	)		12/20/05				7,751,656
		U.S. Treasury Notes 10 yr. Futures			(14,500	)		3/22/06				9,743
		U.S. Treasury Bond Futures			(119,100	)		3/22/06				408,844
											$	7,290,336
California Municipal II
	Long:	U.S. Treasury Notes 5 yr. Futures		$	43,300			3/22/06			$	(182,219	)
	Short:	U.S.Treasury Bond Futures			(57,700	)		12/20/05				1,417,695
		U.S. Treasury Bond Futures			(17,000	)		3/22/06				69,062
											$	1,304,538
New York Municipal II
	Long:	U.S. Treasury Notes 5 yr. Futures		$	23,300			3/22/06			$	(40,250	)
	Short:	U.S. Treasury Bond Futures			(19,600	)		12/20/05				1,004,922
		U.S. Treasury Bond Futures			(5,800	)		3/22/06				23,562
											$	988,234
(c) Transactions in options written for the six months ended November 30, 2005:
								Contracts			Premiums
Municipal II:
Options outstanding, May 31, 2005								2,365			$	2,248,095
Options written								7,712				2,377,720
Options expired								(7,537	)			(3,750,036	)
Options outstanding, November 30, 2005								2,540			$	875,779
California Municipal II:
Options outstanding, May 31, 2005								2,391			$	1,913,573
Options written								4,637				1,403,523
Options expired								(5,672	)			(2,849,957	)
Options outstanding, November 30, 2005								1,356			$	467,139
New York Municipal II:
Options outstanding, May 31, 2005								813			$	677,170
Options written								1,242				374,087
Options expired								(1,665	)			(917,120	)
Options outstanding, November 30, 2005								390			$	134,137

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 33

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PIMCO Municipal Income Funds II Notes to Financial Statements
November 30, 2005 (unaudited)

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4. Income Tax Information

The cost of investments for federal income tax purposes and gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2005 were:

					Gross			Gross			Net
		Cost of			Unrealized			Unrealized			Unrealized
		Investments			Appreciation			Depreciation			Appreciation
Municipal II		$	1,272,711,098		$	98,771,471		$	1,374,208		$	97,397,263
California Municipal II			655,426,845			36,674,587			420,428			36,254,159
New York Municipal II			227,189,213			11,727,823			1,457,823			10,270,000

5. Auction Preferred Shares
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 $25,000 per share plus accrued dividends.

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 $25,000 per share plus accrued dividends.

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 $25,000 per share, plus accrued dividends.

Dividends are accumulated daily at an annual rate set through auction procedures. Distributions of net realized capital gains, if any, are paid annually.

For the six months ended November 30, 2005, the annualized dividend rates ranged from:

		High			Low			November 30, 2005
Municipal II:
Series A		2.70	%		1.60	%		2.30	%
Series B		2.78	%		2.00	%		2.78	%
Series C		2.76	%		1.86	%		2.75	%
Series D		2.80	%		2.00	%		2.80	%
Series E		2.85	%		2.00	%		2.85	%
California Municipal II:
Series A		2.60	%		0.75	%		2.34	%
Series B		2.55	%		1.40	%		2.16	%
Series C		2.70	%		0.90	%		2.70	%
Series D		2.60	%		1.50	%		1.69	%
Series E		2.80	%		1.60	%		2.80	%
New York Municipal II:
Series A		2.70	%		1.60	%		2.70	%
Series B		2.80	%		1.80	%		2.80	%

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.

34 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05

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PIMCO Municipal Income Funds II Notes to Financial Statements
November 30, 2005 (unaudited)

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6. Subsequent Common Dividend Declarations
On December 1, 2005, the following dividends were declared to common shareholders payable December 30, 2005 to shareholders of record on December 16, 2005:

	Municipal II	$0.084375 per common share
	California Municipal II	$0.08125 per common share
	New York Municipal II	$0.08125 per common share
On January 3, 2006 the following dividends were declared to common shareholders payable February 1, 2006 to shareholders of record on January 13, 2006:
	Municipal II	$0.084375 per common share
	California Municipal II	$0.08125 per common share
	New York Municipal II	$0.08125 per common share

7. Legal Proceedings
In June and September 2004, the Investment Manager, certain of its affiliates (Allianz Global Investors Distributors LLC and PEA Capital LLC) and Allianz Global, agreed to settle, without admitting or denying the allegations, claims brought by the Securities and Exchange Commission (the “Commission”), 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 “market timing” arrangement in certain open-end funds sub-advised by PEA Capital. Two settlements (with the Commission and California) related to the alleged use of cash and fund portfolio commissions to finance “shelf-space” arrangements with broker-dealers for open-end funds. The Investment Manager and its affiliates agreed to pay a total of $68 million to settle the claims related to market timing and $20.6 million to settle the claims related to shelf space. The settling parties also agreed to make certain corporate governance changes. None of the settlements allege that any inappropriate activity took place with respect to the Funds.

Since February 2004, the Investment Manager and certain of its affiliates and their employees have been named as defendants in a number of pending lawsuits concerning “market timing,” and “revenue sharing/shelf space/directed brokerage,” which allege the same or similar conduct underlying the regulatory settlements discussed above. The market timing lawsuits have been consolidated in a Multi-District Litigation in the United States District Court for the District of Maryland, and the revenue sharing/shelf space/directed brokerage lawsuits have been consolidated in the United States District Court for the District of Connecticut. An additional market timing lawsuit filed by the Attorney General of West Virginia against a number of fund companies, including the Investment Manager and two of its affiliates, has also been transferred to the Multi-District Litigation in Maryland. Any potential resolution of these matters may include, but not be limited to, judgments or settlements for damages against the Investment Manager or its affiliates or related injunctions. The Investment Manager believes that other similar lawsuits may be filed in federal or state courts in the future.

Under Section 9(a) of the 1940 Act, if any of the various regulatory proceedings or lawsuits were to result in a court injunction against the Investment Manager, Allianz Global and/or their affiliates, they and their affiliates would, in the absence of exemptive relief granted by the Commission, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Fund. In connection with an inquiry from the Commission concerning the status of the New Jersey settlement referenced above with regard to any implications under Section 9(a), the Investment Manager and certain of its affiliates, including the Investment Adviser, (together, the ‘‘Applicants’’) have sought exemptive relief from the Commission under Section 9(c) of the 1940 Act. The Commission has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the Commission takes final action on their application for a permanent exemptive order. There is no assurance that the Commission will issue a permanent order. If a court injunction were to issue against the Investment Manager or the Affiliates with respect to any of the other matters referenced above, the Investment Manager or the affiliates would, in turn, seek similar exemptive relief under Section 9(c) with respect to that matter, although there is no assurance that such exemptive relief would be granted.

The foregoing speaks only as of the date hereof.

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 35

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PIMCO Municipal Income Funds II Financial Highlights
For a share of common stock outstanding throughout each period:

		Municipal II
		Six Months												For the period
		ended				Year Ended								June 28, 2002*
		November 30, 2005												through
		(unaudited)				May 31, 2005				May 31, 2004				May 31, 2003
Net asset value, beginning of period		$	14.81			$	14.01			$	14.66			$	14.33	**
Investment Operations:
Net investment income			0.54				1.11				1.17				0.93
Net realized and unrealized gain (loss) on
investments, futures contracts and
options written			(0.28	)			0.84				(0.77	)			0.53
Total from investment operations			0.26				1.95				0.40				1.46
Dividends and Distributions on
Preferred Shares from:
Net investment income			(0.10	)			(0.14	)			(0.08	)			(0.08	)
Net realized gains			—				—				—				(0.01	)
Total dividends and distributions on
preferred shares			(0.10	)			(0.14	)			(0.08	)			(0.09	)
Net increase in net assets applicable to
common shareholders resulting from
investment operations			0.16				1.81				0.32				1.37
Dividends and Distributions to Common
Shareholders from:
Net investment income			(0.51	)			(1.01	)			(0.97	)			(0.84	)
Net realized gains			—				—				—				(0.09	)
Total dividends and distributions to common
shareholders			(0.51	)			(1.01	)			(0.97	)			(0.93	)
Capital Share Transactions:
Common stock offering costs charged to
paid-in capital in excess of par			—				—				—				(0.02	)
Preferred shares offering costs/underwriting
discounts charged to paid-in capital in
excess of par			—				—				—				(0.09	)
Total capital share transactions			—				—				—				(0.11	)
Net asset value, end of period		$	14.46			$	14.81			$	14.01			$	14.66
Market price, end of period		$	15.26			$	15.02			$	13.31			$	14.80
Total Investment Return (1)			5.14	%			21.00	%			(3.69	)%			5.19	%
RATIOS/SUPPLEMENTAL DATA:
Net assets applicable to common
shareholders, end of period (000)		$	845,183			$	862,290			$	812,670			$	846,885
Ratio of expenses to average
net assets (2)(3)(5)			1.00	%(4)			1.02	%			1.03	%			0.95	%(4)
Ratio of net investment income to average
net assets (2)(5)			7.28	%(4)			7.71	%			8.16	%			6.99	%(4)
Preferred shares asset coverage per share		$	66,829			$	67,676			$	65,224			$	66,920
Portfolio turnover			15	%			9	%			26	%			27	%

36 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05 See accompanying notes to Financial Statements

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PIMCO Municipal Income Funds II Financial Highlights
For a share of common stock outstanding throughout each period:

*	Commencement of operations.
**	Initial public offering price of $15.00 per share less underwriting discount of $0.675 per share.
(1)	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’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.
(2)	Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders.
(3)	Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank (See note 1(i) in Notes to Financial Statements).
(4)	Annualized.
(5)	During the periods indicated above, the Investment Manager waived a portion of its investment management fee. If such a waiver had not been in effect, the ratio of expenses to average net assets and the ratio of net investment income to average net assets would have been 1.23% (annualized) and 7.05% (annualized), respectively for the six months ended November 30, 2005; 1.26% and 7.47%, respectively for the year ended May 31, 2005; 1.28% and 7.92%, respectively for the year ended May 31, 2004; and 1.18% (annualized) and 6.76% (annualized), respectively for the period June 28, 2002 (commencement of operations) through May 31, 2003.

 

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 37

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PIMCO Municipal Income Funds II Financial Highlights
For a share of common stock outstanding throughout each period:

---

		California Municipal II
		Six Months												For the period
		ended				Year Ended								June 28, 2002*
		November 30, 2005												through
		(unaudited)				May 31, 2005				May 31, 2004				May 31, 2003
Net asset value, beginning of period		$	14.61			$	13.53			$	14.66			$	14.33	**
Investment Operations:
Net investment income			0.52				1.05				1.13				0.87
Net realized and unrealized gain (loss) on
investments, futures contracts and
options written			(0.17	)			1.13				(1.26	)			0.46
Total from investment operations			0.35				2.18				(0.13	)			1.33
Dividends and Distributions on
Preferred Shares from:
Net investment income			(0.09	)			(0.12	)			(0.07	)			(0.07	)
Net increase (decrease) in net assets applicable
to common shareholders resulting from
investment operations			0.26				2.06				(0.20	)			1.26
Dividends and Distributions to Common
Shareholders from:
Net investment income			(0.49	)			(0.98	)			(0.93	)			(0.81	)
Capital Share Transactions:
Common stock offering costs charged to
paid-in capital in excess of par			—				—				—				(0.02	)
Preferred shares offering costs/underwriting
discounts charged to paid-in capital in
excess of par			—				—				—				(0.10	)
Total capital share transactions			—				—				—				(0.12	)
Net asset value, end of period		$	14.38			$	14.61			$	13.53			$	14.66
Market price, end of period		$	15.48			$	14.76			$	13.27			$	14.78
Total Investment Return (1)			8.41	%			19.14	%			(3.92	)%			4.23	%
RATIOS/SUPPLEMENTAL DATA:
Net assets applicable to common
shareholders, end of period (000)		$	436,005			$	441,596			$	407,659			$	439,970
Ratio of expenses to average
net assets (2)(3)(5)			1.02	%(4)			1.06	%			1.07	%			0.97	%(4)
Ratio of net investment income to average
net assets (2)(5)			6.98	%(4)			7.37	%			8.08	%			6.56	%(4)
Preferred shares asset coverage per share		$	66,914			$	67,451			$	64,191			$	67,301
Portfolio turnover			11	%			9	%			43	%			84	%

38 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05 See accompanying notes to Financial Statements

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PIMCO Municipal Income Funds II Financial Highlights
For a share of common stock outstanding throughout each period:

---

*	Commencement of operations.
**	Initial public offering price of $15.00 per share less underwriting discount of $0.675 per share.
(1)	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’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.
(2)	Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders.
(3)	Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank (See note 1(i) in Notes to Financial Statements).
(4)	Annualized.
(5)	During the periods indicated above, the Investment Manager waived a portion of its investment management fee. If such a waiver had not been in effect, the ratio of expenses to average net assets and the ratio of net investment income to average net assets would have been 1.26% (annualized) and 6.74% (annualized), respectively for the six months ended November 30, 2005; 1.30% and 7.13%, respectively for the year ended May 31, 2005; 1.31% and 7.83%, respectively for the year ended May 31, 2004; and 1.20% (annualized) and 6.34% (annualized), respectively for the period June 28, 2002 (commencement of operations) through May 31, 2003.

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 39

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PIMCO Municipal Income Funds II Financial Highlights
For a share of common stock outstanding throughout each period:

---

		New York Municipal II
		Six Months												For the period
		ended				Year Ended								June 28, 2002*
		November 30, 2005												through
		(unaudited)				May 31, 2005				May 31, 2004				May 31, 2003
Net asset value, beginning of period		$	14.62			$	13.54			$	14.45			$	14.33	**
Investment Operations:
Net investment income			0.54				1.07				1.06				0.86
Net realized and unrealized gain (loss) on
investments, futures contracts and
options written			(0.21	)			1.12				(0.97	)			0.28
Total from investment operations			0.33				2.19				0.09				1.14
Dividends and Distributions on
Preferred Shares from:
Net investment income			(0.10	)			(0.13	)			(0.07	)			(0.08	)
Net increase in net assets applicable to
common shareholders resulting from
investment operations			0.23				2.06				0.02				1.06
Dividends and Distributions to Common
Shareholders from:
Net investment income			(0.49	)			(0.98	)			(0.93	)			(0.81	)
Capital Share Transactions:
Common stock offering costs charged to
paid-in capital in excess of par			—				—				—				(0.03	)
Preferred shares offering costs/underwriting
discounts charged to paid-in capital in
excess of par			—				—				—				(0.10	)
Total capital share transactions			—				—				—				(0.13	)
Net asset value, end of period		$	14.36			$	14.62			$	13.54			$	14.45
Market price, end of period		$	15.44			$	14.80			$	13.05			$	14.71
Total Investment Return (1)			7.82	%			21.45	%			(5.15	)%			3.76	%
RATIOS/SUPPLEMENTAL DATA:
Net assets applicable to common
shareholders, end of period (000)		$	150,580			$	152,812			$	140,958			$	149,606
Ratio of expenses to average
net assets (2)(3)(5)			1.10	%(4)			1.14	%			1.15	%			1.02	%(4)
Ratio of net investment income to average
net assets (2)(5)			7.31	%(4)			7.53	%			7.58	%			6.47	%(4)
Preferred shares asset coverage per share		$	66,814			$	67,439			$	64,148			$	66,552
Portfolio turnover			17	%			18	%			18	%			27	%

40 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05 See accompanying notes to Financial Statements

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PIMCO Municipal Income Funds II Financial Highlights
For a share of common stock outstanding throughout each period:

---

*	Commencement of operations.
**	Initial public offering price of $15.00 per share less underwriting discount of $0.675 per share.
(1)	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’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.
(2)	Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders.
(3)	Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank (See note 1(i) in Notes to Financial Statements).
(4)	Annualized.
(5)	During the periods indicated above, the Investment Manager waived a portion of its investment management fee. If such a waiver had not been in effect, the ratio of expenses to average net assets and the ratio of net investment income to average net assets would have been 1.33% (annualized) and 7.08% (annualized), respectively for the six months ended November 30, 2005; 1.38% and 7.29%, respectively for the year ended May 31, 2005; 1.39% and 7.34%, respectively for the year ended May 31, 2004; and 1.25% (annualized) and 6.25% (annualized), respectively for the period June 28, 2002 (commencement of operations), through May 31, 2003.

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 41

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PIMCO Municipal Income Funds II	Matters Relating to the Trustees
	Consideration of the Investment
	Management and Portfolio Management
	Agreements
	(unaudited)

The Investment Company Act of 1940 requires that both the full Board of Trustees (the “Trustees”) and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of the Funds’ Investment Management Agreement with the Investment Manager and Portfolio Management Agreement between the Investment Manager and the Sub-Adviser (together, the “Agreements”). The Trustees consider matters bearing on the Funds and its investment management arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the Trustees met on June 15 and 16, 2005 (the “contract review meeting”) for the specific purpose of considering whether to approve the continuation of the Investment Management Agreement and the Portfolio Management Agreement. The independent Trustees were assisted in their evaluation of the Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from the Funds’ management during the contract review meeting.

Based on their evaluation of factors that they deemed to be material, including those factors described below, the Board of Trustees, including a majority of the independent Trustees, unanimously concluded that the Funds’ Investment Management Agreement and Portfolio Management Agreement should be continued for an additional one-year period.

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.

In connection with their contract review meeting, the Trustees received and relied upon materials provided by the Investment Manager which included, among other items: (i) information provided by Lipper Inc. on the total return investment performance (based on net assets) of each Fund for various time periods and the investment performance of a group of funds with substantially similar investment classifications/objectives, (ii) information provided by Lipper Inc. on the Funds’ management fees and other expenses and the management fees and other expenses of comparable funds identified by Lipper, Inc. (iii) information regarding the investment performance and management fees of comparable portfolios of other clients of the Sub-Adviser, including institutional separate account and other clients, (iv) an estimate of the profitability to the Investment Manager from its relationship with the Funds for the twelve months ended March 31, 2005, (v) descriptions of various functions performed by the Investment Manager and the Sub-Adviser for the Funds, such as compliance monitoring and portfolio trading practices, and (vi) information regarding the overall organization of the Investment Manager and the Sub-Adviser, including information regarding senior management, portfolio managers and other personnel providing investment management, administrative and other services to the Funds.

The Trustees’ conclusions as to the continuation of the Agreements were based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors.

As part of their review, the Trustees examined the Investment Manager’s and Sub-Adviser’s abilities to provide high quality investment management and other services to the Funds. The Trustees considered the investment philosophy and research and decision-making processes of the Sub-Adviser; the experience of key advisory personnel of the Sub-Adviser responsible for portfolio management of the Funds; the ability of the Investment Manager and Sub-Adviser to attract and retain capable personnel; the capability and integrity of the senior management and staff of the Investment Manager and Sub-Adviser; and the level of skill required to manage the Funds. In addition, the Trustees reviewed the quality of the Investment Manager’s and Sub-Adviser’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’s or Sub-Adviser’s ability to provide high quality services to the Funds in the future under the Agreements, including each organization’s respective business reputation, financial condition and operational stability. Based on the foregoing, the Trustees concluded that the Sub-Adviser’s investment process, research capabilities and philosophy were well suited to the Funds given their investment objectives and policies, and that the Investment Manager and Sub-Adviser would be able to meet any reasonably foreseeable obligations under the Agreements.

42 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05

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PIMCO Municipal Income Funds II	Matters Relating to the Trustees
	Consideration of the Investment
	Management and Portfolio Management
	Agreements
	(unaudited) (continued)

Based on information provided by Lipper Inc., the Trustees also reviewed the Funds’ total return investment performance as well as the performance of comparable funds identified by Lipper Inc. In the course of their deliberations, the Trustees took into account information provided by the Investment Manager in connection with the contract review meeting, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Funds’ performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreements, that they were satisfied with the Investment Manager’s and Sub-Adviser’s responses and efforts relating to investment performance.

In assessing the reasonableness of the Funds’ fees under the Agreements, the Trustees considered, among other information, the Funds’ management fees and the total expense ratios as a percentage of average net assets attributable to common shares and the management fee and total expense ratios of comparable funds identified by Lipper Inc.

The Trustees also considered the management fees charged by the Sub-Adviser to other clients, including institutional separate accounts with investment strategies similar to those of the Funds. They noted that the management fee paid by the Funds are generally higher than the fees paid by these clients of the Sub-Adviser, but that the administrative burden for the Investment Manager and the Sub-Adviser with respect to the Funds are also relatively higher, due in part to the more extensive regulatory regime to which the Funds are subject in comparison to institutional accounts. The Trustees noted that the management fee paid by the Funds are generally higher than the fees paid by the open-end funds but were advised that there are additional portfolio management challenges in managing the Funds such as the use of leverage and meeting a regular dividend. The Trustees noted that Municipal II had outperformed its peer group for the one-year and year-to-date periods ended May 31, 2005 in total return. The Trustees also noted that Municipal II’s expense ratio (after taking into account waivers) was below the median and average for its peer group. The Trustees noted that California Municipal II had significantly outperformed its peer group for the one-year and year-to-date periods ended May 31, 2005 in total return. The Trustees also noted that California Municipal II’s expense ratio was below the average and at the median for its peer group. The Trustees noted that New York Municipal II had significantly outperformed its peer group for the one-year and year-to-date periods ended May 31, 2005 in total return. The Trustees also noted that New York Municipal II’s expense ratio was just above the average and median for its peer group.

The Trustees also took into account that the Funds have preferred shares outstanding, which increases the amount of fees received by the Investment Manager and Sub-Adviser under the Agreements (because the fees are calculated based on the Funds’ total managed assets, including assets attributable to preferred shares and other forms of leverage outstanding). In this regard, the Trustees took into account that the Investment Manager and Sub-Adviser have a financial incentive for the Funds to continue to have preferred shares outstanding, which may create a conflict of interest between the Investment Manager and Sub-Adviser, on one hand, and the Funds’ common shareholders, on the other. In this regard, the Trustees considered information provided by the Investment Manager and Sub-Adviser indicating that the Funds’ use of leverage through preferred shares continues to be appropriate and in the interests of each Fund’s common shareholders.

Based on a profitability analysis provided by the Investment Manager, the Trustees also considered the estimated profitability of the Investment Manager from its relationship with the Funds and determined that such profitability was not excessive.

The Trustees also took into account that, as closed-end investment companies, the Funds do not currently intend to raise additional assets, so the assets of the Funds will grow (if at all) only through the investment performance of each Funds. Therefore, the Trustees did not consider potential economies of scale as a principal factor in assessing the fee rates payable under the Agreements.

Additionally, the Trustees considered so-called “fall-out benefits” to the Investment Manager and Sub-Adviser, such as reputational value derived from serving as investment manager and sub-adviser to the Funds.

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.

11.30.05 | PIMCO Municipal Income Funds II Semi-Annual Report 43

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PIMCO Municipal Income Funds II	Annual Shareholder Meetings Results
	(unaudited)

The Funds held their annual meetings of shareholders on December 28, 2005. Common/Preferred shareholders of each fund voted to re-elect both R. Peter Sullivan III and David C. Flattum as Class III Trustees to serve until 2008.

The resulting vote count is indicated below:

		Withheld
	Affirmative	Authority
Municipal II
Re-election of David C. Flattum	52,678,780	528,698
Re-election of R. Peter Sullivan III	52,614,318	593,160
California Municipal II
Re-election of David C. Flattum	27,773,786	186,405
Re-election of R. Peter Sullivan III	27,767,043	193,148
New York Municipal II
Re-election of David C. Flattum	9,733,817	94,619
Re-election of R. Peter Sullivan III	9,735,440	92,996

Messrs. Paul Belica, Robert E Connor, Jack J. Dalessandro* and Hans W. Kertess* continue to serve as Trustees of the Funds.

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* Preferred Shares Trustee

 

44 PIMCO Municipal Income Funds II Semi-Annual Report |11.30.05

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Trustees and Principal Officers

Robert E. Connor	Brian S. Shlissel
Trustee, Chairman of the Board of Trustees	President & Chief Executive Officer
Paul Belica	Mark V. McCray
Trustee	Vice President
John J. Dalessandro II	Lawrence G. Altadonna
Trustee	Treasurer, Principal Financial & Accounting
David C. Flattum	Officer
Trustee	Thomas J. Fuccillo
Hans W. Kertess	Secretary & Chief Legal Officer
Trustee	Youse Guia
R. Peter Sullivan III	Chief Compliance Officer
Trustee

Investment Manager
Allianz Global Investors Fund Management LLC
1345 Avenue of the Americas
New York, NY 10105

Sub-Adviser
Pacific Investment Management Company LLC
840 Newport Center Drive
Newport Beach, CA 92660

Custodian & Accounting Agent
State Street Bank & Trust Co.
801 Pennsylvania
Kansas City, MO 64105-1307

Transfer Agent, Dividend Paying Agent and Registrar
PFPC Inc.
P.O. Box 43027
Providence, RI 02940-3027

Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
300 Madison Avenue
New York, NY 10017

Legal Counsel
Ropes & Gray LLP
One International Place
Boston, MA 02210-2624

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.

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.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that from time to time each Fund may purchase shares of its common stock in the open market.

The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of their fiscal year on Form N-Q. The Funds’ Forms N-Q is available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room located in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The information on Form N-Q is also available on the Funds’ website at www.allianzinvestors.com.

A description of the policies and procedures that the Funds have adopted to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to portfolio securities held during the twelve months ended June 30, 2005 is available (i) without charge, upon request by calling the Funds’ transfer agent at (800) 331-1710; (ii) on the Funds’ website at www.allianzinvestors.com: and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

Information on the Funds is available at www.allianzinvestors.com or by calling the Funds’ transfer agent at (800) 331-1710.

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ITEM 2.	CODE OF ETHICS Not required in this filing.
ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT Not required in this filing
ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES Not required in this filing
ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANT Not required in this filing
ITEM 6.	SCHEDULE OF INVESTMENTS Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES Not required in this filing
ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES Not effective at the time of this filing
ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED COMPANIES.

			Total Number
			of Shares Purchased	Maximum Number of
	Total Number	Average	as Part of Publicly	Shares that May yet Be
	of Shares	Price Paid	Announced Plans or	Purchased Under the Plans
Period	Purchased	Per Share	Programs	or Programs
June 2005	N/A	14.83	34,165	N/A
July 2005	N/A	14.89	37,631	N/A
August 2005	N/A	14.78	38,019	N/A
September 2005	N/A	15.11	36,925	N/A
October 2005	N/A	14.66	36,570	N/A
November 2005	N/A	14.40	37,710	N/A

ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item. The Nominating Committee Charter governing the affairs of the Nominating Committee of the Board is posted on the Allianz Funds website at www.allianzinvestors.com.
ITEM 11.	CONTROLS AND PROCEDURES
(a) The registrant’s President and Chief Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. (b) There were no significant changes in the registrant’s internal controls or in factors that could affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
ITEM 12.	EXHIBITS
(a)(1)	Exhibit 99.302 Cert. - Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(b)	Exhibit 99.906 Cert. - Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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Signature

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.

PIMCO Municipal Income Fund II

By /s/ Brian S. Shlissel
Brian S. Shlissel, President & Chief Executive Officer

Date: February 6, 2006

By /s/ Lawrence G. Altadonna
Lawrence G. Altadonna, Treasurer, Principal Financial & Accounting Officer

Date: February 6, 2006

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.

By /s/ Brian S. Shlissel
Brian S. Shlissel, President & Chief Executive Officer

Date: February 6, 2006

By /s/ Lawrence G. Altadonna
Lawrence G. Altadonna, Treasurer, Principal Financial & Accounting Officer

Date: February 6, 2006

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