UNITED STATES	OMB APPROVAL
	SECURITIES AND EXCHANGE COMMISSION	OMB Number: 3235-0578
	Washington, DC 20549	Expires: February 28, 2006
		Estimated average burden
		hours per response: 20.0

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number: 811-21076

Registrant Name: PIMCO Municipal Income Fund II

Address of Principal Executive Offices: 1345 Avenue of the Americas New York, New York 10105

Name and Address of Agent for Service: Lawrence G. Altadonna – 1345 Avenue of the Americas New York, New York 10105

Registrant’s telephone number, including area code: 212-739-3371

Date of Fiscal Year End: 5/31/05

Date of Reporting Period: 8/31/05

Form N-Q is to be used by the registered management investment company, other than a small business investment company registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b 1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1 -5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

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Item 1. Schedule of Investments

PIMCO Municipal Income Fund II Schedule of Investments
August 31, 2005 (unaudited)
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)		Value*
MUNICIPAL BONDS & NOTES—90.0%
		Alabama—3.3%
		Birmingham Waterworks & Sewer Board Rev., Ser. B (MBIA),
$1,145		5.00%, 1/1/27	Aaa/AAA		$1,206,567
10,000		5.00%, 1/1/37	Aaa/AAA		10,454,200
15,000		Daphne Special Care Facs. Financing Auth. Rev.,
		zero coupon, 8/15/28, (Pre-refunded @ $100, 8/15/08) (a)	Aaa/AAA		13,505,400
1,750		Huntsville Health Care Auth. Rev., 5.75%, 6/1/32, Ser. B	A2/NR		1,899,362
16,580		Jefferson Cnty. Sewer Rev., 4.75%, 2/1/38, Ser. B
		(FGIC) (Pre-refunded @ $100, 8/1/12) (a)	Aaa/AAA		17,999,414
					45,064,943
		Alaska—0.3%
3,550		State Housing Finance Corp. Rev.,
		5.25%, 6/1/32, Ser. C (MBIA)	Aaa/AAA		3,632,040
		Arizona—0.1%
1,300		Health Fac. Auth. Hospital System Rev., 5.75%, 12/1/32	NR/BBB		1,386,736
		California—4.5%
9,610		Alameda Corridor Transportation Auth. Rev.,
		zero coupon, 10/1/16, Ser. A (AMBAC)	Aaa/AAA		6,125,510
		Golden State Tobacco Securitization Corp.,
		Tobacco Settlement Rev., Ser. 2003-A-1,
3,300		6.25%, 6/1/33	Baa3/BBB		3,680,358
9,000		6.75%, 6/1/39	Baa3/BBB		10,392,480
1,000		Rancho Cucamonga Community Facs. Dist., Special Tax,
		6.30%, 9/1/23, Ser. A	NR/NR		1,073,970
4,000		Southern California Public Power Auth., Transmission
		Project Rev., zero coupon, 7/1/13	Aa3+		2,966,360
28,775		State Economic Recovery, GO,
		5.00%, 7/1/11, Ser. A (MBIA)	Aaa/AAA		31,440,141
6,325		University of California Rev.,
		4.75%, 5/15/31, Ser. C (MBIA)	Aaa/AAA		6,515,319
					62,194,138
		Colorado—5.1%
30,000		Dawson Ridge Dist. No. 1, GO,
		zero coupon, 10/1/22, Ser. A	Aaa/NR		14,176,800
5,000		Denver City & Cnty., CP, 5.50%, 12/1/25, Ser. B
		(AMBAC) (Pre-refunded @ $101, 12/1/10) (a)	Aaa/AAA		5,589,900
6,500		Health Fac. Auth., Retirement Fac. Rev., Liberty Height,
		zero coupon, 7/15/22	Aaa/AAA		3,100,240
		Health Fac. Auth. Rev.,
25,000		Catholic Health Initiatives, 5.50%, 3/1/32	Aa2/AA		27,377,750
18,305		Exempla, Inc., 5.625%, 1/1/33, Ser. A	A1/A-		19,423,435
					69,668,125
		District of Columbia—1.3%
17,500		Washington D.C. Convention Center Auth. Tax Rev.,
		4.75%, 10/1/28 (AMBAC)	Aaa/AAA		17,708,600

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PIMCO Municipal Income Fund II Schedule of Investments
August 31, 2005 (unaudited)
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)		Value*
		Florida—3.2%
$8,000		Highlands Cnty. Health Facs. Auth. Rev., Adventist/Sunbelt,
		6.00%, 11/15/31, Ser. A	A2/A+		$8,793,280
2,335		Hillsborough Cnty. Industrial Dev. Auth., Pollution Control
		Rev., Tampa Electric Co. Project, 5.50%, 10/1/23	Baa2/BBB-		2,486,611
635		Hillsborough Cnty. Industrial Dev. Rev., Health Fac. Project,
		5.625%, 8/15/23, Ser. A	Baa2/BBB		661,753
7,135		Jacksonville Health Facs. Auth. Rev.,
		5.25%, 11/15/32, Ser. A	Aa2/AA		7,583,221
11,500		Lakeland Hospital System Rev., Regional Health System,
		5.50%, 11/15/32	A1/NR		12,370,665
3,000		Leesburg Hospital Rev., Lessburg Regional Medical Center
		Project, 5.50%, 7/1/32	A3/A-		3,150,930
		Orange Cnty. Health Fac. Auth. Rev., Adventist Health System,
2,550		5.625%, 11/15/32	A2/A+		2,759,253
5,000		6.25%, 11/15/24	A2/A+		5,683,350
1,500		Winter Springs Water & Sewer Rev.,
		zero coupon, 10/1/29 (FGIC)	Aaa/AAA		493,785
					43,982,848
		Georgia—0.8%
4,000		Atlanta Water & Wastewater Rev.,
		5.00%, 11/1/39, Ser. A (MBIA)	Aaa/AAA		4,172,040
1,500		Grantor Trust Government, CP,
		4.75%, 6/1/28, Ser. A (MBIA)	Aaa/AAA		1,599,465
9,600		Richmond Cnty. Dev. Auth. Rev.,
		zero coupon, 12/1/21	Aaa/NR		4,728,096
					10,499,601
		Hawaii—1.4%
19,170		Honolulu City & Cnty. Wastewater System Rev.,
		First Board Resolution, 4.75%, 7/1/28 (FGIC)	Aaa/NR		19,666,695
		Illinois—19.8%
		Central Lake Cnty. Water Agency Rev., Ser. A (AMBAC),
3,610		5.125%, 5/1/28	Aaa/NR		3,839,488
8,150		5.125%, 5/1/32	Aaa/NR		8,626,693
		Chicago,
5,050		GO, 5.125%, 1/1/29, Ser. A (FGIC)	Aaa/AAA		5,305,985
		Lake Shore East, Special Assessment,
3,162		6.625%, 12/1/22	NR/NR		3,464,097
6,700		6.75%, 12/1/32	NR/NR		7,351,642
		Neighborhoods Alive 21 Project, GO,
5,110		5.00%, 1/1/33 (AMBAC)	Aaa/AAA		5,379,553
		Chicago Board of Education School Reform, GO (FGIC),
15,535		zero coupon, 12/1/16, Ser. A	Aaa/AAA		9,759,708
5,000		zero coupon, 12/1/28, Ser. A	Aaa/AAA		1,718,300
4,500		zero coupon, 12/1/31	Aaa/AAA		1,319,895
		Chicago City Colleges, GO (FGIC),
32,670		zero coupon, 1/1/37	Aaa/AAA		7,672,223
29,145		zero coupon, 1/1/38	Aaa/AAA		6,514,199
32,670		zero coupon, 1/1/39	Aaa/AAA		6,971,451
7,000		Chicago Midway Airport Rev., 5.00%, 1/1/31, Ser. B (MBIA)	Aaa/AAA		7,241,220

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PIMCO Municipal Income Fund II Schedule of Investments
August 31, 2005 (unaudited)
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)		Value*
		Illinois—(continued)
$5,000		Cicero, GO, 5.25%, 12/1/31 (MBIA)	Aaa/AAA		$5,393,850
		Dev. Finance Auth. Retirement Housing Rev., Zero Regency Park,
10,000		zero coupon, 7/15/23	NR/AAA		4,556,700
134,650		zero coupon, 7/15/25	NR/AAA		55,968,619
20,100		Health Facs. Auth. Rev., Elmurst Memorial Healthcare,
		5.625%, 1/1/28	A2/NR		21,456,750
1,000		McHenry & Kane Cnty. Community Consolidated
		School Dist. 158, GO, zero coupon, 1/1/12 (FGIC)	Aaa/AAA		788,780
		Metropolitan Pier & Exposition Auth. Rev., McCormick (MBIA),
60,000		zero coupon, 12/15/30	Aaa/AAA		19,197,000
50,000		zero coupon, 12/15/33	Aaa/AAA		13,858,000
2,460		zero coupon, 6/15/38	Aaa/AAA		552,319
4,500		Schaumburg, GO, 5.00%, 12/1/41, Ser. B (FGIC)	Aaa/AAA		4,751,775
10,000		State, GO, 5.00%, 3/1/34, Ser. A	Aa3/AA		10,529,600
68,470		State Sports Facs. Auth. Rev.,
		zero coupon, 6/15/30 (AMBAC)	Aaa/AAA		58,523,363
					270,741,210
		Indiana—0.9%
		Brownsburg 1999 School Building Corp. Rev., Ser. A (FSA),
1,000		5.00%, 9/15/25	Aaa/AAA		1,058,900
2,000		5.25%, 3/15/25	Aaa/AAA		2,173,000
4,125		Fort Wayne Pollution Control Rev.,
		6.20%, 10/15/25	Ba2/BB		4,177,511
500		State Bank Rev., Hendricks, 5.25%, 4/1/30, Ser. D (AMBAC)	Aaa/AAA		532,510
		Zionsville Community Schools Building Corp. Rev., Ser. A (FSA),
1,450		5.00%, 7/15/27	NR/AAA		1,548,817
2,965		5.00%, 1/15/28	NR/AAA		3,152,240
					12,642,978
		Iowa—0.7%
8,850		Tobacco Settlement Auth. Rev., 5.60%, 6/1/35, Ser. B	Baa3/BBB		9,124,261
		Kansas—0.2%
2,800		Univ. of Kansas, Hospital Auth. Health Facs. Rev.,
		5.625%, 9/1/32	NR/A-		2,983,568
		Kentucky—0.9%
		Economic Dev. Finance Auth. Hospital Facs. Rev.,
2,500		5.25%, 10/1/30	Aa3/AA-		2,629,375
8,210		6.00%, 10/1/19	A3/A		9,131,655
					11,761,030
		Louisiana—4.4%
20,400		Public Facs. Auth. Rev., Ochsner Clinic Foundation,
		5.50%, 5/15/32, Ser. B	A3/NR		21,590,136
36,395		Tobacco Settlement Financing Corp. Rev.,
		5.875%, 5/15/39, Ser. 2001B	Baa3/BBB		38,785,424
					60,375,560

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PIMCO Municipal Income Fund II Schedule of Investments
August 31, 2005 (unaudited)
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)		Value*
		Maryland—0.1%
$1,000		State Health & Higher Educational Fac. Auth. Rev.,
		Adventist Healthcare, 5.75%, 1/1/25, Ser. A	Baa2/NR		$1,079,170
		Massachusetts—3.1%
1,300		Bay Transportation Auth. Rev.,
		4.75%, 3/1/21, Ser. A (MBIA)	Aaa/AAA		1,343,368
		State College Building Auth. Project Rev., Ser. B (XLCA),
5,560		5.50%, 5/1/28	Aaa/AAA		6,636,750
7,645		5.50%, 5/1/33	Aaa/AAA		9,176,140
5,000		5.50%, 5/1/39	Aaa/AAA		6,102,800
4,295		State Turnpike Auth. Rev., 4.75%, 1/1/34, Ser. A (AMBAC)	Aaa/AAA		4,376,992
		State Water Res. Auth. Rev.,
2,300		4.75%, 12/1/21, Ser. B (MBIA)	Aaa/AAA		2,339,376
12,050		4.75%, 8/1/37, Ser. A (FSA)	Aaa/AAA		12,192,792
					42,168,218
		Michigan—2.6%
		Detroit City School Dist., GO, Ser. A (a)
8,500		5.00%, 5/1/32 (FGIC) (Pre-refunded @ $100, 5/1/13)	Aaa/AAA		9,403,210
1,750		5.125%, 5/1/31 (FSA) (Pre-refunded @ $100, 5/1/12)	Aaa/AAA		1,937,093
2,500		Detroit Water Supply System Rev.,
		5.00%, 7/1/30, Ser. A (FGIC)	Aaa/AAA		2,610,025
		State Hospital Finance Auth. Rev.,
5,000		Ascension Health, 5.25%, 11/15/26, Ser. B	Aa2/AA		5,296,400
		Oakwood Obligation Group, Ser. A,
13,500		5.75%, 4/1/32	A2/A		14,455,665
1,925		6.00%, 4/1/22	A2/A		2,130,532
					35,832,925
		Mississippi—0.3%
3,605		Business Finance Corp., Pollution Control Rev.,
		5.875%, 4/1/22	Ba1/BBB-		3,707,058
1,000		Dev. Bank Special Obligation, Projects & Equipment
		Acquisitions Rev., 5.00%, 7/1/24 (AMBAC)	Aaa/AAA		1,134,150
					4,841,208
		Missouri—0.2%
1,000		Hanley Road & North of Folk Ave Transportation District Rev.,
		5.00%, 10/1/25	NR/NR		1,008,850
1,500		St. Louis Parking Facs. Rev., Downtown Parking Facility,
		6.00%, 2/1/28	NR/NR		1,535,055
					2,543,905
		Nevada—1.8%
3,400		Clark Cnty., GO, 5.00%, 6/1/31 (FGIC)	Aaa/AAA		3,540,692
		Reno Transportation Project Rev. (AMBAC),
3,960		5.125%, 6/1/27	Aaa/AAA		4,198,946
2,000		5.125%, 6/1/32	Aaa/AAA		2,108,640
3,500		5.125%, 6/1/37	Aaa/AAA		3,685,920
7,570		5.25%, 6/1/41	Aaa/AAA		7,959,098

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PIMCO Municipal Income Fund II Schedule of Investments
August 31, 2005 (unaudited)
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)		Value*
		Nevada—(continued)
$3,290		Truckee Meadows Water Auth. Rev.,
		5.125%, 7/1/30, Ser. A (FSA)	Aaa/AAA		$3,469,799
					24,963,095
		New Hampshire—0.2%
3,000		Health & Education Fac. Auth. Hospital Rev.,
		6.125%, 7/1/32	Baa1/BBB+		3,171,420
		New Jersey—2.6%
		Camden Cnty. Improvement Auth. Rev., Cooper Health,
20		5.875%, 2/15/15	Baa3/BBB		20,874
40		6.00%, 2/15/27	Baa3/BBB		41,084
		Economic Dev. Auth., Kapkowski Road Landfill Project,
		Special Assessment,
4,000		5.75%, 10/1/21	Baa3/NR		4,402,360
11,405		5.75%, 4/1/31	Baa3/NR		12,431,108
		Economic Dev. Auth. Rev., Arbor Glen,
525		6.00%, 5/15/28	NR/NR		531,242
225		6.00%, 5/15/28, Ser. A (Pre-refunded @ $102, 5/15/09) (a)	NR/NR		251,350
3,500		State Educational Fac. Auth. Rev., Fairleigh
		Dickinson University, 6.00%, 7/1/25, Ser. D	NR/NR		3,801,735
		Tobacco Settlement Financing Corp. Rev.,
1,285		6.00%, 6/1/37	Baa3/BBB		1,378,856
3,095		6.125%, 6/1/42	Baa3/BBB		3,343,157
6,150		6.25%, 6/1/43	Baa3/BBB		6,979,266
2,500		6.75%, 6/1/39	Baa3/BBB		2,922,550
					36,103,582
		New Mexico—0.4%
5,000		Farmington Pollution Control Rev., 5.80%, 4/1/22	Baa2/BBB		5,089,500
		New York—3.2%
		Metropolitan Transportation Auth. Rev.,
10,600		5.00%, 11/15/30, Ser. A (FSA)	Aaa/AAA		11,181,622
10,000		5.25%, 11/15/32, Ser. B	A2/A		10,857,900
		New York City Municipal Water Finance Auth.,
		Water & Sewer System Rev,
4,750		5.00%, 6/15/37, Ser. D	Aa2/AA+		5,059,653
7,000		5.00%, 6/15/39, Ser. A	Aa2/AA+		7,407,050
6,700		State Dormitory Auth. Rev., Sloan-Kettering Center Memorial,
		5.00%, 7/1/34, Ser. 1	Aa2/AA		6,990,177
2,000		State Environmental Facs. Corp. Rev.,
		5.00%, 6/15/28	Aaa/AAA		2,125,520
					43,621,922
		Ohio—0.6%
7,500		Lorain Cnty. Hospital Rev., Catholic Healthcare,
		5.375%, 10/1/30	Aa3/AA-		7,921,275

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PIMCO Municipal Income Fund II Schedule of Investments
August 31, 2005 (unaudited)
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)		Value*
		Pennsylvania—2.5%
		Allegheny Cnty. Hospital Dev. Auth. Rev., Ser. B,
$550		9.25%, 11/15/15	B1/B		$666,991
1,000		9.25%, 11/15/22	B1/B		1,208,090
5,700		9.25%, 11/15/30	B1/B		6,862,230
4,500		Cumberland Cnty. Auth. Retirement Community Rev.,
		7.25%, 1/1/35, Ser. A	NR/NR		4,886,325
		Montgomery Cnty. Higher Education & Health Auth.
		Hospital Rev., Ser. A,
5,000		5.125%, 6/1/27	NR/A		5,245,200
3,750		5.125%, 6/1/32	NR/A		3,911,400
3,000		Philadelphia, GO, 5.25%, 9/15/25 (FSA)	Aaa/AAA		3,198,000
5,000		Philadelphia Auth. Industrial Dev. Lease Rev.,
		5.25%, 10/1/30, Ser. B (FSA)	Aaa/AAA		5,302,400
500		Pittsburgh & Allegheny Cnty. Public Auditorium Auth. Rev.,
		5.00%, 2/1/29 (AMBAC)	Aaa/AAA		516,645
2,500		Radnor Township School Dist., GO, 5.00%, 2/15/35, Ser. B (FSA)	Aaa/NR		2,673,700
					34,470,981
		Puerto Rico—0.3%
4,200		Electric Power Auth. Power Rev., 5.125%, 7/1/29, Ser. NN	A3/A-		4,462,164
		Rhode Island—4.8%
62,000		Tobacco Settlement Financing Corp. Rev.,
		6.25%, 6/1/42, Ser. A	Baa3/BBB		66,307,140
		South Carolina—5.8%
27,745		Greenville Cnty. School Dist. Rev., Building
		Equity Sooner Tomorrow, 5.50%, 12/1/28	Aa3/AA-		30,415,734
18,120		Jobs Economic Dev. Auth. Rev.,
		5.625%, 11/15/30	A3/A-		19,097,574
		Lexington Cnty., Health Services Dist. Hospital Rev.,
15,000		5.50%, 11/1/32	A2/A		16,129,800
3,500		5.50%, 5/1/37	A2/A		3,776,955
5,000		5.75%, 11/1/28	A2/A		5,501,050
3,250		Tobacco Settlement Rev. Management Auth.,
		6.375%, 5/15/28, Ser. B	Baa3/BBB		3,489,882
1,180		Transportation Infrastructure Rev., 5.00%, 10/1/29,
		Ser. A (AMBAC) (Pre-refunded @ $100, 10/1/11) (a)	Aaa/NR		1,292,206
					79,703,201
		Tennessee—2.3%
1,815		Knox Cnty., GO, 5.00%, 2/1/17, Ser. A	Aa2/AA		2,023,870
3,750		Knox Cnty. Health Educational & Housing Facs. Board
		Hospital Facs., Rev., 5.25%, 10/1/30	Aa3/AA-		3,953,400
22,785		Memphis Electric System Rev.,
		5.00%, 12/1/11, Ser. A (MBIA)	Aaa/AAA		24,924,056
					30,901,326
		Texas—10.6%
1,000		Arlington Independent School Dist., GO,
		5.00%, 2/15/24 (PSF-GTD)	Aaa/NR		1,045,580
4,480		Aubrey Independent School Dist., GO,
		5.50%, 2/15/33 (PSF-GTD)	Aaa/NR		4,963,123

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PIMCO Municipal Income Fund II Schedule of Investments
August 31, 2005 (unaudited)
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)		Value*
		Texas—(continued)
$6,500		Brazos Cnty. Health Facs. Dev. Corp., Franciscan
		Services Corp. Rev., 5.375%, 1/1/32	NR/A-		$6,812,455
2,700		Comal Cnty. Health Facs., McKenna Memorial
		Hospital Project Rev., 6.25%, 2/1/32	Baa3/BBB-		2,925,612
5,000		Dallas Area Rapid Transit Rev.,
		5.00%, 12/1/31 (AMBAC)	Aaa/AAA		5,203,200
20,000		Frisco Independent School Dist., GO,
		zero coupon, 8/15/34 (PSF-GTD)	Aaa/NR		4,954,600
19,750		Harris Cnty., GO, 5.125%, 8/15/31,
		(Pre-refunded @ $100, 8/15/12) (a)	Aa1/AA+		21,904,922
5,250		Harris Cnty., Health Facs. Dev. Corp. Rev.,
		5.375%, 2/15/26, Ser. A (Pre-refunded @ $100, 8/15/11) (a)	NR/AA-		5,845,298
25,000		Harris Cnty., Senior Lien Toll Road Rev.,
		5.00%, 8/15/30 (FSA)	Aaa/AAA		26,131,500
7,500		Keller Independent School Dist., GO,
		4.875%, 8/15/31, (PSF-GTD)	Aaa/AAA		7,635,600
3,170		Little Elm Independent School Dist., GO,
		5.30%, 8/15/29, Ser. A (PSF-GTD)	NR/AAA		3,441,225
6,250		North Dallas Thruway Auth. Rev.,
		4.75%, 1/1/29 (FGIC)	Aaa/AAA		6,341,563
5,000		Quinlan Independent School Dist., GO,
		5.10%, 2/15/32, (PSF-GTD)	Aaa/NR		5,254,400
14,000		State Affordable Housing Corp. Multifamily Housing Rev.,
		5.40%, 9/1/22, Ser. A (MBIA)	Aaa/AAA		14,270,340
		State Turnpike Auth. Central Turnpike System Rev., Ser. A (AMBAC),
10,000		zero coupon, 8/15/19	Aaa/AAA		5,488,300
8,880		5.00%, 8/15/42	Aaa/AAA		9,206,251
		State Water Financial Assistance, GO,
3,250		5.00%, 8/1/36	Aa1/AA		3,398,330
1,650		5.25%, 8/1/35	Aa1/AA		1,757,415
8,000		Wichita Falls Water & Sewer Rev.,
		5.00%, 8/1/27 (AMBAC)	Aaa/AAA		8,373,760
					144,953,474
		Virginia—0.5%
		Fredericksburg Industrial Dev. Medicorp Health System Rev., Ser. B,
2,500		5.125%, 6/15/33	A3/NR		2,578,425
4,000		5.25%, 6/15/27	A3/NR		4,175,600
					6,754,025
		Washington—0.4%
5,000		Tacoma Sewer Rev., 5.00%, 12/1/31, Ser. A (FGIC)	Aaa/AAA		5,206,000
		Wisconsin—0.8%
		Badger Tobacco Asset Securitization Corp. Rev.,
1,125		6.00%, 6/1/17	Baa3/BBB		1,205,167
8,635		6.125%, 6/1/27	Baa3/BBB		9,275,890
1,000		State Health & Educational Facs. Auth. Rev.,
		5.375%, 10/1/30	NR/AA-		1,049,980
					11,531,037
		Total Municipal Bonds & Notes (cost—$1,113,418,883)			1,233,057,901

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PIMCO Municipal Income Fund II Schedule of Investments
August 31, 2005 (unaudited)
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)		Value*
VARIABLE RATE NOTES (b)(c)(d)—8.4%
		Alabama—1.1%
$3,600		Birmingham Waterworks & Sewer Board Rev.,
		15.295%, 1/1/33, Ser. 947 (MBIA)	Aaa/NR		$4,872,960
6,675		Jefferson Cnty. Sewer Rev.,
		11.06%, 2/1/36, Ser. 352 (FGIC)	Aaa/NR		8,409,699
2,100		Montgomery Special Care Fac., Financing Auth. Rev.,
		10.27%, 11/15/29, Ser. 435 (MBIA)	Aaa/NR		2,349,900
					15,632,559
		Colorado—0.2%
2,812		Denver City & Cnty. Airport Rev.,
		11.78%, 11/15/25, Ser. 425 (FSA)	Aaa/NR		3,296,588
		Florida—0.6%
2,227		Orange Cnty. School Board, CP,
		11.72%, 8/1/24, Ser. 328 (MBIA)	Aaa/NR		2,761,833
4,052		State Governmental Utilities Auth. Rev.,
		11.72%, 10/1/29, Ser. 327 (AMBAC)	Aaa/NR		4,810,751
					7,572,584
		Illinois—1.0%
		Chicago, GO,
4,450		7.48%, 1/1/28, Ser. 332 (MBIA)	Aaa/NR		4,999,842
3,300		11.94%, 1/1/40, Ser. 426 (FGIC)	Aaa/NR		4,237,959
1,932		Cook Cnty., GO, 10.27%, 11/15/28, Ser. 403 (FGIC)	Aaa/NR		2,287,024
2,000		State, GO, 15.30%, 4/1/27, Ser. 783 (FSA)	Aaa/NR		2,787,500
					14,312,325
		Louisiana—0.3%
4,000		Tobacco Settlement Financing Corp. Rev.,
		8.194%, 5/15/39	NR/NR		4,525,440
		Massachusetts—2.2%
2,100		Boston Water & Sewer Community Rev.,
		10.29%, 11/1/28, Ser. 434 (FGIC)	Aaa/NR		2,424,093
2,420		State, GO, 14.19%, 11/1/30, Ser. 785 (FGIC-TCRS)	Aaa/NR		3,568,338
		State Turnpike Auth. Rev.,
11,049		10.29%, 1/1/37, Ser. 334 (MBIA)	Aaa/NR		12,257,982
4,500		10.29%, 1/1/37, Ser. 489 (MBIA)	NR/AAA		4,992,390
5,667		14.08%, 1/1/39, Ser. 335 (AMBAC)	Aaa/NR		6,651,208
					29,894,011
		Nevada—0.3%
3,300		State, GO, 10.22%, 5/15/28, Ser. 344 (FGIC)	Aaa/NR		3,595,779
		New Mexico—0.1%
800		State Finance Auth., Transportation Rev.,
		14.034%, 6/15/12, Ser. 949 (AMBAC)	Aaa/NR		1,181,280
		Ohio—0.2%
1,975		Hamilton Cnty. Sales Tax Rev.,
		11.81%, 12/1/27, Ser. 356 (MBIA)	Aaa/NR		2,321,415

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PIMCO Municipal Income Fund II Schedule of Investments
August 31, 2005 (unaudited)
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)		Value*
		Pennsylvania—0.7%
$3,050		Philadelphia Auth. Industrial Dev. Rev., Doubletree,
		6.50%, 10/1/27	NR/NR		$3,160,806
		Philadelphia School Dist., GO (MBIA),
4,016		9.44%, 4/1/27, Ser. 496	NR/AAA		4,265,625
1,670		12.72%, 4/1/27, Ser. 345	Aaa/NR		1,826,062
					9,252,493
		Tennessee—0.3%
2,400		Memphis Electric System Rev.,
		14.045%, 12/1/11, Ser. 880 (MBIA)	Aaa/NR		3,526,560
		Texas—1.3%
3,075		Denton Utility System Rev.,
		12.28%, 12/1/29, Ser. 428 (MBIA)	Aaa/NR		3,581,391
1,650		Houston Airport System Rev.,
		10.15%, 7/1/25, Ser. 404 (FGIC)	Aaa/NR		1,802,344
		Houston Water & Sewer System Rev.,
2,750		11.78%, 12/1/28, Ser. 427 (FSA)	Aaa/NR		3,559,600
3,838		12.78%, 12/1/30, Ser. 495 (FGIC)	NR/AAA		5,257,529
3,345		State, GO, 8.759%, 4/1/35, Ser. 1147	NR/NR		3,671,706
					17,872,570
		Washington—0.1%
1,820		Central Puget Sound Regional Transit Auth. Sales
		Tax & Motor Rev., 12.72%, 2/1/28, Ser. 360 (FGIC)	Aaa/NR		2,028,390
		Total Variable Rate Notes (cost—$94,583,433)			115,011,994
VARIABLE RATE DEMAND NOTES (d)(e)—0.9%
		Kansas—0.1%
1,735		State Department of Transportation Highway Rev.,
		2.27%, 9/7/05, Ser. D	VMIG1/A-1+		1,735,000
		Massachusetts—0.2%
2,850		Commonwealth of Massachusetts, GO,
		2.37%, 9/7/05, Ser. A	VMIG1/A-1+		2,850,000
		Michigan—0.3%
3,500		University of Michigan Rev., 2.49%, 9/1/05	VMIG1/A-1+		3,500,000
		Pennsylvania—0.2%
2,000		Univ. of Pittsburgh Rev., University Capital,
		2.45%, 9/7/05, Ser. A	VMIG1/A-1+		2,000,000
		South Dakota—0.1%
2,000		South Dakota Housing Dev. Auth. Rev.,
		2.27%, 9/7/05, Ser. D	VMIG1/A-1+		2,000,000
		Total Variable Rate Demand Notes (cost—$12,084,889)			12,085,000

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PIMCO Municipal Income Fund II Schedule of Investments
August 31, 2005 (unaudited)
Principal
Amount
(000)					Value*
U.S. TREASURY BILLS (f)—0.9%
$11,675		2.93%-3.45%, 9/1/05-12/1/05 (cost—$11,660,341)			$11,659,371
		Total Investments before options written (cost—$1,231,747,546)-100.2%			1,371,814,266
OPTIONS WRITTEN (g)—(0.2)%
Contracts
		Call Options—(0.2)%
		U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
676		strike price $112, expires 8/26/05			(10,562	)
925		strike price $112, expires 11/22/05			(1,040,625	)
1,239		strike price $113, expires 11/22/05			(851,813	)
					(1,903,000	)
		Put Options—(0.0)%
		U.S. Treasury Notes 5 yr. Futures, Chicago Board of Trade,
1,637		strike price $105.50, expires 11/22/05			(102,312	)
1,371		strike price $106, expires 11/22/05			(128,531	)
					(230,843	)
		Total Options Written (premiums received—$2,397,556)			(2,133,843	)
		Total Investments net of options written (cost—$1,229,349,990)-100.0%			$1,369,680,423

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Other Investments:
Futures contracts outstanding at August 31, 2005:
		Notional		Unrealized
		Amount	Expiration	Appreciation
	Type	(000)	Date	(Depreciation)
Long:	U.S. Treasury 5 Year Note	$297,600	12/20/05	$3,583,250
Short:	U.S. Treasury 10 Year Bond	45,600	9/21/05	(98,250	)
	U.S. Treasury 10 Year Bond	1,200	12/20/05	(17,062	)
	U.S. Treasury 20 Year Bond	164,300	9/21/05	(2,951,750	)
	U.S. Treasury 20 Year Bond	30,500	12/20/05	(104,844	)
				$411,344

*	Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotations are not readily available or if a development/event occurs that may significantly impact the value of a security, may be fair-valued, in good faith, pursuant to guidelines established by the Board of Trustees. The Fund’s investments are valued daily by an independent pricing service. The independent pricing service uses information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded options and futures, are valued at the settlement price determined by the relevant exchange. Short-term investments maturing in 60 days or less are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. The prices used by the Fund to value securities may differ from the value that would be realized if the securities were sold. The Fund’s net asset value is determined daily at the close of regular trading (normally 4:00 p.m. Eastern time) on the New York Stock Exchange.
(a)	Pre-refunded bonds — 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.
(b)	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.
(c)	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.
(d)	Variable Rate Notes — Instruments whose interest rates change on a specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). The rate shown is the rate in effect August 31, 2005.
(e)	Maturity date shown is date of next call.
(f)	All or partial amount segregated as initial margin on futures contracts.
(g)	Non-income producing.

Glossary:

AMBAC — insured by American Municipal Bond Assurance Corp.
CP — Certificates of Participation
FGIC — insured by Financial Guaranty Insurance Co.
FSA — insured by Financial Security Assurance, Inc.
GO — General Obligation Bond
GTD — Guaranteed
MBIA — insured by Municipal Bond Investors Assurance
NR — Not Rated
PSF — Public School Fund
TCRS — Temporary Custodian Receipts
XLCA — insured by XL Capital Assurance

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Item 2. 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 3. Exhibits

(a)   Exhibit 99CERT– Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

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SIGNATURES

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.

Registrant: PIMCO Municipal Income Fund II

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

Date: October 21, 2005

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

Date: October 21, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dated indicated.

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

Date: October 21, 2005

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

Date: October 21, 2005

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