Edgar Filing: PIMCO CALIFORNIA MUNICIPAL INCOME FUND II

OMB APPROVAL
OMB Number: 3235-0570
Expires: January 31, 2014
Estimated average burden
hours per response 20.6

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811-21077


PIMCO California Municipal Income Fund II

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York	10105

(Address of principal executive offices)	(Zip code)

Lawrence G. Altadonna - 1345 Avenue of the Americas, New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: May 31, 2011

Date of reporting period: November 30, 2010

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e -1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-2001. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. REPORT TO SHAREHOLDERS



































Semi-Annual Report

November 30, 2010

PIMCO Municipal Income Fund II
PIMCO California Municipal Income Fund II
PIMCO New York Municipal Income Fund II

(PML LOGO) (PCK LOGO) (PNI LOGO)


	Contents

	Letter to Shareholders		2–3

	Fund Insights/Performance & Statistics		4–6

	Schedules of Investments		7–24

	Statements of Assets and Liabilities		25

	Statements of Operations		26

	Statements of Changes in Net Assets		27–28

	Statement of Cash Flows		29

	Notes to Financial Statements		30–37

	Financial Highlights		38–40

	Annual Shareholder Meeting Results/Changes to the Board of Trustees/Proxy Voting Policies & Procedures		41

	Matters Relating to the Trustees’ Consideration of the Investment Management & Portfolio Management Agreements		42–44

| 11.30.10 | PIMCO Municipal Income Funds II Semi-Annual Report 1

Dear Shareholder:

After rising for most of the six-month fiscal period ended November 30, 2010, municipal bonds fell sharply in the final weeks of the period, erasing prior gains. Fueling this sudden reversal were continued concerns about the strength of the U.S. economic recovery, ongoing fiscal problems in many cities and states as well as both the apparent end of federal subsidies for many municipal securities and renewed buying of Treasury bonds by the Federal Reserve (the “Fed”).

Six Months in Review

For the six-month fiscal period ended November 30, 2010:


•	PIMCO Municipal Income Fund II rose 0.84% on NAV but declined 1.34% on market price.

•	PIMCO California Municipal Income Fund II rose 0.02% on NAV but declined 1.56% on market price.

•	PIMCO New York Municipal Income Fund II declined 0.04% on NAV but rose 3.21% on market price.

The slowing economy was reflected in gross domestic product (“GDP”) figures during the reporting period. After expanding at a 5.0% annual rate in the fourth quarter of 2009, GDP fell to 3.7% during the first quarter of 2010 and to 1.7% during the second quarter of 2010. However, it rebounded in the third quarter of 2010 to 2.5%.

(PHOTO OF HANS W. KERTESS)

Hans W. Kertess

Chairman

(PHOTO OF BRIAN S. SHLISSEL)

Brian S. Shlissel

President & CEO

The slowing economy prompted the Fed to resume purchasing U.S. Treasury bonds. The goal of this “quantitative easing” was to lower interest rates and boost economic activity. But at the time of the Fed’s announcement, interest rates were already at or near record-low levels: just 2.41% as recently as early October 2010. As Treasury yields fell, yields on many municipal bonds also dropped, pushing prices – which move in the opposite direction – higher.

However these gains quickly evaporated. The quantitative easing program generally excluded Treasury bonds with longer maturities. Their prices dropped, and since municipal bond prices move in tandem with Treasuries, prices of long-term municipals also fell.

There has been a second catalyst for the decline of municipal bond prices. As the recession neared bottom in early 2009, the Obama administration unveiled its Build America Bonds (“BAB”) program. Part of the administration’s stimulus package, BABs were designed to subsidize borrowing costs for state and local governments. However, it became clear after the November election

2 PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.10 |

that the new Congress would not extend the BAB program. As a result, a year-end rush to sell BABs flooded the market. Oversupply exceeded demand – causing municipal bond prices to fall.

The end of the BAB program is likely to result in higher borrowing costs for state and city governments, many of which are already in dire fiscal straights. The non-partisan Center on Budget and Policy Priorities projects that 46 states face budget shortfalls in 2011. In 18 of these states, the red ink is more than 20% of planned expenditures.

The Road Ahead

The Bush tax cuts have been extended for two years. While federal tax brackets will remain stable in 2011 and 2012, taxes at the state and local level are likely to rise, given the previously mentioned fiscal concerns. Therefore, despite current headwinds, we continue to believe that the tax advantages inherent in investing in municipal bonds should continue to make them compelling investments in the years ahead.

For specific information on the Funds and their performance, please review the following pages. If you have any questions regarding the information provided, we encourage you to contact your financial advisor or call the Funds’ shareholder servicing agent at (800) 254-5197. In addition, a wide range of information and resources are available on our Web site, www.allianzinvestors.com/closedendfunds.

Together with Allianz Global Investors Fund Management LLC, the Funds’ investment manager, and Pacific Investment Management Company LLC (“PIMCO”), the Funds’ sub-adviser, we thank you for investing with us.

We remain dedicated to serving your investment needs.

Sincerely,



Hans W. Kertess	Brian S. Shlissel
Chairman	President & Chief Executive Officer

Receive this report
electronically and
eliminate paper mailings.
To enroll, go to
www.allianzinvestors.com/edelivery.

| 11.30.10 | PIMCO Municipal Income Funds II Semi-Annual Report 3

PIMCO Municipal Income Funds II Fund Insights

November 30, 2010 (unaudited)


•	For the fiscal six-month period ended November 30, 2010 PIMCO Municipal Income Fund II returned 0.84% on NAV and -1.34% on market price. PIMCO California Municipal Fund II returned 0.02% on NAV and -1.56% on market price and PIMCO New York Municipal Income Fund II returned -0.04% on NAV and 3.21% on market price.

•	Amid generally declining yields, the municipal yield curve steepened slightly during the reporting period, following the lead of the Treasury market. The two-30 year spread increased by 34 basis points as long yields increased the most. AAA rated municipal yields increased by two, one, and 36 basis points in two-, 10-, and 30- year maturities, respectively. In longer maturities, municipal bonds significantly underperformed the stronger taxable bond market, with the Barclays Capital Long Municipal Bond Index returning 0.06% while the Barclays Capital Long Government/Credit index returned 6.16%, and the Barclays Capital Long U.S. Treasury index returned 5.02%. Municipal to Treasury yield ratios (a measure of the relative attractiveness of municipal and Treasury bonds) ended higher as Treasuries outperformed municipals. The 10-year ratio increased to 100.47% and the 30-year ratio decreased to 106.07%.

•	Holdings in the health care sector, which outperformed the general municipal market during the period, benefitted all three Funds’ returns. The Funds’ interest rate positioning was negative for performance. Exposure to the tobacco sector, which underperformed the general municipal market during the period, detracted from performance. The Funds’ positions in corporate-backed municipals, which significantly underperformed the general municipal market during the period, also hindered performance.

PIMCO Municipal Income Fund II

•	The national municipal bond market benefited from widespread anticipation, confirmed with a September announcement, of a second round of asset purchases by the Fed in support of credit markets. The improved investor sentiment was mitigated by rising concerns about the fiscal health of state governments given the persistence of low tax revenues.

PIMCO California Municipal Income Fund II

•	California municipal bonds underperformed the national index, with the Barclays Capital California Municipal Bond Index returning 0.95% versus 1.12% for the Barclays Capital Municipal Bond index over the period. Long California municipal bonds slightly underperformed their peers in the national index, returning 0.04% versus the Barclays Capital Long Municipal Bond Index gain of 0.06% cited above. Continued volatility is expected as the state continues to struggle through their budget process, even with the budget balance agreement.

•	In addition to the factors noted above, exposure to the leasing sector, which outperformed the general municipal market during the period, benefitted performance.

PIMCO New York Municipal Income Fund II

•	New York municipals, as measured by the Barclays Capital New York Municipal Bond Index, returned 1.00% for the period, slightly trailing the national market’s 1.12% gain, as measured by the Barclays Capital Municipal Bond Index. The long-maturity segment of the New York market also under performed the long segment of the national municipal bond market, returning -0.06% versus the Barclays Capital Long Municipal Bond Index gain of 0.06% cited above.

•	In addition to the factors noted above, exposure to the transportation sector, which underperformed the general municipal market during the period, detracted from performance.

4 PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.10 |

PIMCO Municipal Income Funds II Performance & Statistics

November 30, 2010 (unaudited)


Municipal Fund II: Total Return⁽¹⁾:	Market Price		NAV

Six Month	(1.34	)%	0.84	%

1 Year	8.80	%	11.61	%

5 Year	(0.61	)%	0.25	%

Commencement of Operations (6/28/02) to 11/30/10	2.69	%	3.11	%

Market Price/NAV Performance:
Commencement of Operations (6/28/02) to 11/30/10


	Market Price
	NAV

(LINE GRAPH)

Market Price/NAV:

Market Price	$10.59

NAV	$10.48

Premium to NAV	1.05	%

Market Price Yield⁽²⁾	7.37	%


	Moody’s Ratings
	(as a % of total investments)

(PIE CHART)




California Municipal Fund II:
Total Return⁽¹⁾:	Market Price		NAV

Six Month	(1.56	)%	0.02	%

1 Year	10.47	%	10.79	%

5 Year	(3.74	)%	(4.48	)%

Commencement of Operations (6/28/02) to 11/30/10	0.80	%	0.00	%


Market Price/NAV Performance:
Commencement of Operations (6/28/02) to 11/30/10
	Market Price
	NAV

(LINE GRAPH)

Market Price/NAV:

Market Price	$8.81

NAV	$7.75

Premium to NAV	13.68	%

Market Price Yield⁽²⁾	8.22	%


	Moody’s Ratings
	(as a % of total investments)

(PIE CHART)

| 11.30.10 | PIMCO Municipal Income Funds II Semi-Annual Report 5

PIMCO Municipal Funds II Performance & Statistics

November 30, 2010 (unaudited) (continued)


New York Municipal Income Fund II:
Total Return⁽¹⁾:	Market Price		NAV

Six Month	3.21	%	(0.04	)%

1 Year	12.79	%	9.50	%

5 Year	0.46	%	0.39	%

Commencement of Operations (6/28/02) to 11/30/10	3.34	%	2.97	%


Market Price/NAV Performance:
Commencement of Operations (6/28/02) to 11/30/10
	Market Price
	NAV

(LINE GRAPH)


Market Price/NAV:

Market Price	$11.38

NAV	$10.51

Premium to NAV	8.28	%

Market Price Yield⁽²⁾	6.99	%


	Moody’s Ratings
	(as a % of total investments)

(PIE CHART)


(1)	Past performance is no guarantee of future results. Total return is calculated by determining the percentage change in net asset value (“NAV”) or market price (as applicable) in the specified period. The calculation assumes that all income dividends and capital gain distributions if any, have been reinvested. Total return does not reflect broker commissions or sales charges. Total return for a period of less than one year is not annualized. Total return for a period of more than one year represents the average annual total return.

	Performance at market price will differ from its results at NAV. Although market price returns typically reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Funds, market conditions, supply and demand for each Fund’s shares, or changes in each dividends.

	An investment in each Fund involves risk, including the loss of principal. Total return, market price, market yield and NAV will fluctuate with changes in market conditions. This data is provided for information purposes only and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. There is a onetime public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. NAV is equal to total assets attributable to common shareholders less total liabilities divided by the number of common shares outstanding. Holdings are subject to change daily.

(2)	Market Price Yield is determined by dividing the annualized current monthly per share dividend (comprised of net investment income) payable to common shareholders by the market price per common share at November 30, 2010.

6 PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.10 |

PIMCO Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

MUNICIPAL BONDS & NOTES—97.2%
		Alabama–1.2%
$	10,000	Birmingham-Baptist Medical Centers Special Care Facs.
		Financing Auth. Rev., Baptist Health Systems, Inc.,
		5.00%, 11/15/30, Ser. A		Baa2/NR	$	8,698,600
	1,235	Montgomery BMC Special Care Facs. Financing Auth. Rev.,
		5.00%, 11/15/29, Ser. B (NPFGC)		A3/A		1,114,378
	2,650	Tuscaloosa Public Educational Building Auth. Rev.,
		Stillman College Project, 5.00%, 6/1/26, Ser. A		NR/BBB–		2,476,292

						12,289,270

		Alaska–0.7%
	3,550	Housing Finance Corp. Rev., 5.25%, 6/1/32, Ser. C (NPFGC)		Aa2/AA		3,565,975
	5,900	Northern Tobacco Securitization Corp. Rev.,
		5.00%, 6/1/46, Ser. A		Baa3/NR		3,707,560

						7,273,535

		Arizona–9.6%
		Health Facs. Auth. Rev., Banner Health,
	3,500	5.00%, 1/1/35, Ser. A		NR/A+		3,335,115
	2,860	5.50%, 1/1/38, Ser. D		NR/A+		2,896,637
	5,000	Maricopa Cnty. Pollution Control Corp. Rev.,
		5.00%, 6/1/35, Ser. A		A1/A		4,855,600
		Pima Cnty. Industrial Dev. Auth. Rev.,
	29,700	5.00%, 9/1/39		Aa2/AA		28,559,520
	1,500	Tuscon Electric Power Co., 5.25%, 10/1/40, Ser. A		Baa3/BBB–		1,357,965
		Salt River Project Agricultural Improvement &
		Power Dist. Rev., Ser. A (h),
	41,100	5.00%, 1/1/37		Aa1/AA		41,760,888
	10,000	5.00%, 1/1/39		Aa1/AA		10,226,300
	10,500	Salt Verde Financial Corp. Rev., 5.00%, 12/1/37		A3/A		9,239,895

						102,231,920

		Arkansas–0.2%
	13,000	Dev. Finance Auth. Rev., Arkansas Cancer Research Center
		Project, zero coupon, 7/1/46 (AMBAC)		Aa2/NR		1,691,430

		California–5.3%
	6,000	Golden State Tobacco Securitization Corp. Rev.,
		5.00%, 6/1/33, Ser. A-1		Baa3/BB+		4,407,540
	2,500	Los Angeles Department of Water & Power Rev.,
		5.00%, 7/1/39, Ser. A-1 (AMBAC)		Aa3/AA–		2,492,350
	1,365	Lynwood Utility Auth. Rev., 5.00%, 6/1/29, Ser. A (AGC)		Aa3/AA+		1,363,362
	2,000	Montebello Unified School Dist., GO, 5.00%, 8/1/33 (AGM)		Aa3/AA+		2,018,880
	2,000	San Diego Cnty. Water Auth., CP, 5.00%, 5/1/38, Ser. 2008-A
		(AGM)		Aa2/AA+		2,004,820
	2,000	Santa Clara Cnty. Financing Auth. Rev.,
		5.75%, 2/1/41, Ser. A (AMBAC)		A1/A+		2,024,060
	10,500	State, GO, 6.00%, 4/1/38		A1/A–		11,053,770
		Statewide Communities Dev. Auth. Rev.,
	3,820	California Baptist Univ., 9.00%, 11/1/17, Ser. B (a)(c)		NR/NR		3,427,342

| 11.30.10 | PIMCO Municipal Income Funds II Semi-Annual Report 7

PIMCO Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited) (continued)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

		California–(continued)
		Methodist Hospital Project (FHA),
$	5,500	6.625%, 8/1/29		Aa2/NR	$	6,179,140
	19,500	6.75%, 2/1/38		Aa2/NR		21,815,235

						56,786,499

		Colorado–2.1%
	5,800	Aurora Rev., Children’s Hospital Assoc., 5.00%, 12/1/40		A1/A+		5,659,176
	11,250	City & Cnty. of Denver Airport Rev.,
		5.00%, 11/15/25, Ser. B (AGM)		Aa3/AA+		11,262,937
	1,000	Denver Health & Hospital Auth. Rev., 5.625%, 12/1/40		NR/BBB		958,820
		Health Facs. Auth. Rev.,
	1,000	American Baptist Homes, 5.90%, 8/1/37, Ser. A		NR/NR		837,480
	500	Evangelical Lutheran, 6.125%, 6/1/38, Ser. A		A3/A–		507,435
	2,000	Housing & Finance Auth. Rev., Evergreen Country Day School,
		Inc. Project, 5.875%, 6/1/37 (a)(c)		NR/BB		1,040,400
	1,430	Public Auth. for Colorado Energy Rev., 6.50%, 11/15/38		A2/A		1,567,609
	600	Regional Transportation Dist., CP, 5.375%, 6/1/31, Ser. A (d)		Aa3/A–		600,660

						22,434,517

		Connecticut–0.1%
	1,250	Harbor Point Infrastructure Improvement Dist., Tax Allocation,
		7.875%, 4/1/39, Ser. A		NR/NR		1,302,962

		Delaware–0.1%
	1,000	State Economic Dev. Auth. Rev., Delmarva Power & Light Co.,
		5.40%, 2/1/31		Baa2/BBB+		1,002,160

		Florida–5.8%
	1,000	Brevard Cnty. Health Facs. Auth. Rev., Health First, Inc. Project,
		7.00%, 4/1/39		A3/A–		1,095,540
	600	Broward Cnty. Airport Rev., 5.375%, 10/1/29, Ser. O		A1/A+		620,184
	8,500	Broward Cnty. Water & Sewer Rev., 5.25%, 10/1/34, Ser. A (h)		Aa2/AA		8,791,380
	1,000	Clearwater Rev., 5.25%, 12/1/39, Ser. A		Aa3/AA–		1,036,250
	6,205	Governmental Utility Auth. Rev., Barefoot Bay Utilities System,
		5.00%, 10/1/29 (AMBAC)		WR/NR		6,208,537
	3,000	Highlands Cnty. Health Facs. Auth. Rev.,
		Adventist Health System, 5.625%, 11/15/37, Ser. B		Aa3/AA–		3,036,690
	2,335	Hillsborough Cnty. Industrial Dev. Auth. Pollution Control Rev.,
		Tampa Electric Co. Project, 5.50%, 10/1/23		Baa1/BBB		2,381,957
	7,135	Jacksonville Health Facs. Auth. Rev., Ascension Health,
		5.25%, 11/15/32, Ser. A		Aa1/AA		7,204,566
	3,000	Leesburg Hospital Rev., Leesburg Regional Medical
		Center Project, 5.50%, 7/1/32		Baa1/BBB+		2,847,450
	3,490	Miami-Dade Cnty. Airport Rev., 5.50%, 10/1/36, Ser. A		A2/A–		3,535,963
	500	Sarasota Cnty. Health Facs. Auth. Rev., 5.75%, 7/1/37		NR/NR		407,105
	7,900	State Board of Education, GO, 5.00%, 6/1/38, Ser. D (h)		Aa1/AAA		8,025,689
	5,000	Sumter Landing Community Dev. Dist. Rev.,
		4.75%, 10/1/35, Ser. A (NPFGC)		Baa1/A		4,284,100
	10,000	Tallahassee Rev., 5.00%, 10/1/37 (h)		Aa1/AA+		10,137,900

8 PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.10 |

PIMCO Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited) (continued)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

		Florida–(continued)
$	1,500	Winter Springs Water & Sewer Rev.,
		zero coupon, 10/1/29 (FGIC-NPFGC)		WR/A+	$	601,815

						60,215,126

		Georgia–0.3%
	1,500	Atlanta Airport Rev., 5.00%, 1/1/40, Ser. A		A1/NR		1,475,100
	2,775	Medical Center Hospital Auth. Rev.,
		Spring Harbor Green Island Project,
		5.25%, 7/1/37		NR/NR		2,189,753

						3,664,853

		Illinois–13.9%
		Chicago, GO, Ser. C,
	10,000	5.00%, 1/1/34 (h)		Aa3/A+		9,891,600
	4,065	5.50%, 1/1/40 (FGIC-NPFGC)		Aa3/A+		4,118,292
		Chicago, Special Assessment, Lake Shore East,
	3,161	6.625%, 12/1/22		NR/NR		3,031,273
	6,700	6.75%, 12/1/32		NR/NR		6,251,033
	1,250	Chicago Motor Fuel Tax Rev., 5.00%, 1/1/38, Ser. A (AGC)		Aa3/AA+		1,244,437
	5,000	Cicero, GO, 5.25%, 12/1/31 (NPFGC)		Baa1/A		5,071,800
		Finance Auth. Rev.,
	2,500	Christian Homes, Inc., 5.75%, 5/15/31, Ser. A		NR/NR		2,258,075
	20,100	Elmhurst Memorial Healthcare, 5.625%, 1/1/28		Baa1/NR		18,811,590
	250	Leafs Hockey Club Project, 6.00%, 3/1/37, Ser. A (k)		NR/NR		62,750
	1,000	Memorial Health Systems, 5.50%, 4/1/39		A1/A+		974,710
	700	OSF Healthcare System, 7.125%, 11/15/37, Ser. A		A3/A		751,093
	2,000	Provena Health, 6.00%, 5/1/28, Ser. A		Baa1/BBB+		1,995,600
	1,500	Sedgebrook, Inc., 6.00%, 11/15/42, Ser. A (k)		NR/NR		418,500
		Univ. of Chicago, Ser. B,
	10,000	5.50%, 7/1/37		Aa1/AA		10,809,000
	5,000	5.50%, 7/1/37 (h)		Aa1/AA		5,404,500
	68,470	Sports Facs. Auth. Rev., 5.50%, 6/15/30 (AMBAC)		WR/A		70,606,264
		Village of Hillside, Tax Allocation, Mannheim Redev. Project,
	4,500	6.55%, 1/1/20		NR/NR		4,224,600
	2,900	7.00%, 1/1/28		NR/NR		2,551,594

						148,476,711

		Indiana–0.5%
		Finance Auth. Rev.,
	1,500	Duke Energy Indiana, Inc., 6.00%, 8/1/39, Ser. B		NR/A		1,611,915
	2,500	United States Steel Corp., 6.00%, 12/1/26		Ba2/BB		2,534,275
	990	Vigo Cnty. Hospital Auth. Rev., Union Hospital, Inc.,
		5.80%, 9/1/47 (a)(c)		NR/NR		880,922

						5,027,112

		Iowa–4.1%
		Finance Auth. Rev.,
		Deerfield Retirement Community, Inc., Ser. A,
	250	5.50%, 11/15/27		NR/NR		179,223
	1,075	5.50%, 11/15/37		NR/NR		700,158
	4,500	Edgewater LLC Project, 6.75%, 11/15/42		NR/NR		4,077,540

| 11.30.10 | PIMCO Municipal Income Funds II Semi-Annual Report 9

PIMCO Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited) (continued)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

		Iowa–(continued)
$	850	Wedum Walnut Ridge LLC Project,
		5.625%, 12/1/45, Ser. A		NR/NR	$	522,631
	46,000	Tobacco Settlement Auth. Rev., 5.60%, 6/1/34, Ser. B		Baa3/BBB		38,168,040

						43,647,592

		Kansas–0.1%
	500	Dev. Finance Auth. Rev., Adventist Health, 5.75%, 11/15/38		Aa3/AA–		536,475
	850	Manhattan Rev., Meadowlark Hills Retirement,
		5.00%, 5/15/36, Ser. A		NR/NR		655,053

						1,191,528

		Kentucky–0.8%
		Economic Dev. Finance Auth. Rev.,
		Baptist Healthcare Systems, Ser. A,
	2,000	5.375%, 8/15/24		Aa3/NR		2,141,040
	2,500	5.625%, 8/15/27		Aa3/NR		2,659,725
	2,500	Catholic Healthcare Partners, 5.25%, 10/1/30		A1/AA–		2,503,700
	1,000	Owensboro Medical Healthcare Systems,
		6.375%, 6/1/40, Ser. A		Baa2/NR		1,002,460

						8,306,925

		Louisiana–4.6%
		Local Gov’t Environmental Facs. & Community Dev. Auth. Rev.,
	450	Westlake Chemical Corp., 6.50%, 11/1/35, Ser. A-2 (d)		Ba2/BBB–		457,852
		Woman’s Hospital Foundation, Ser. A,
	750	5.875%, 10/1/40		A3/BBB+		719,918
	1,000	6.00%, 10/1/44		A3/BBB+		968,980
	3,300	Public Facs. Auth. Rev., Ochsner Clinic Foundation Project,
		5.50%, 5/15/47, Ser. B		Baa1/NR		2,954,523
	44,395	Tobacco Settlement Financing Corp. Rev.,
		5.875%, 5/15/39, Ser. 2001-B		Baa3/BBB		43,939,063

						49,040,336

		Maryland–0.5%
		Health & Higher Educational Facs. Auth. Rev.,
	1,000	Adventist Healthcare, 5.75%, 1/1/25, Ser. A		Baa2/NR		1,011,450
	1,010	King Farm Presbyterian Community, 5.30%, 1/1/37, Ser. A		NR/NR		735,745
	4,050	Washington Cnty. Hospital, 6.00%, 1/1/43		NR/BBB–		4,077,580

						5,824,775

		Massachusetts–0.8%
		Dev. Finance Agcy. Rev.,
		Adventcare Project,
	4,610	6.75%, 10/15/37, Ser. A		NR/NR		4,168,177
	580	7.625%, 10/15/37		NR/NR		581,311
	1,000	Foxborough Regional Charter School, 7.00%, 7/1/42, Ser. A		NR/BBB		1,004,070
	2,900	State College Building Auth. Rev., 5.50%, 5/1/39, Ser. A		Aa2/AA–		3,078,147

						8,831,705

		Michigan–3.1%
	1,000	Detroit, GO, 5.25%, 11/1/35		Aa3/AA		964,940
	4,545	Garden City Hospital Finance Auth. Rev., 5.00%, 8/15/38, Ser. A		NR/NR		3,045,150

10 PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.10 |

PIMCO Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited) (continued)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

		Michigan–(continued)
$	800	Public Educational Facs. Auth. Rev., Bradford Academy,
		6.50%, 9/1/37 (a)(c)		NR/BBB–	$	775,760
	3,000	Royal Oak Hospital Finance Auth. Rev.,
		William Beaumont Hospital, 8.25%, 9/1/39		A1/A		3,514,200
		State Hospital Finance Auth. Rev.,
	5,000	Ascension Health, 5.25%, 11/15/26, Ser. B		Aa1/AA		5,088,550
		Oakwood Group, Ser. A,
	13,500	5.75%, 4/1/32		A2/A		13,270,905
	1,925	6.00%, 4/1/22		A2/A		1,957,764
	6,000	Tobacco Settlement Finance Auth. Rev., 6.00%, 6/1/48, Ser. A		NR/BB		4,253,340

						32,870,609

		Minnesota–0.6%
	150	Duluth Housing & Redev. Auth. Rev., 5.875%, 11/1/40, Ser. A		NR/BBB–		138,993
	280	Minneapolis, Tax Allocation, Grant Park Project, 5.35%, 2/1/30		NR/NR		235,791
	1,500	Minneapolis Rev., Providence Project, 5.75%, 10/1/37, Ser. A		NR/NR		1,326,840
		North Oaks Rev., Presbyterian Homes North Oaks,
	2,640	6.00%, 10/1/33		NR/NR		2,529,146
	1,530	6.125%, 10/1/39		NR/NR		1,472,839
	500	Oronoco Rev., Wedum Shorewood Campus Project,
		5.40%, 6/1/41		NR/NR		423,935
	400	St. Louis Park Rev., Nicollett Health Services, 5.75%, 7/1/39		NR/A		401,320

						6,528,864

		Mississippi–0.4%
	3,605	Business Finance Corp. Rev., System Energy Res.,
		Inc. Project, 5.875%, 4/1/22		Ba1/BBB		3,579,657
	740	Dev. Bank Special Obligation Rev., Capital Projects and
		Equipment Acquisition, 5.00%, 7/1/24, Ser. A-2 (AMBAC)		WR/NR		729,936

						4,309,593

		Missouri–1.8%
	20,000	JT Municipal Electric Utility Commission Rev.,
		5.00%, 1/1/42, Ser. A (AMBAC)		A3/NR		19,119,200

		Nevada–1.1%
		Clark Cnty., GO, (FGIC-NPFGC),
	10,000	4.75%, 11/1/35		Aa1/AA+		9,785,100
	1,450	5.00%, 6/1/31		Aa1/AA+		1,460,208

						11,245,308

		New Hampshire–0.2%
	2,000	Business Finance Auth. Rev., Elliot Hospital,
		6.125%, 10/1/39, Ser. A		Baa1/BBB+		2,015,380
	360	Health & Education Facs. Auth. Rev., Catholic Medical Center,
		6.125%, 7/1/32, Ser. A		Baa1/BBB+		361,523

						2,376,903

		New Jersey–3.3%
	950	Burlington Cnty. Bridge Commission Rev., The Evergreens Project,
		5.625%, 1/1/38		NR/NR		796,300

| 11.30.10 | PIMCO Municipal Income Funds II Semi-Annual Report 11

PIMCO Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited) (continued)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

		New Jersey–(continued)
		Economic Dev. Auth., Special Assessment,
		Kapkowski Road Landfill Project,
$	4,000	5.75%, 10/1/21		Ba2/NR	$	4,034,920
	11,405	5.75%, 4/1/31		Ba2/NR		10,942,413
		Economic Dev. Auth. Rev.,
	525	Arbor Glen, 6.00%, 5/15/28, Ser. A		NR/NR		453,600
	2,000	MSU Student Housing Project, 5.875%, 6/1/42		Baa3/NR		2,034,180
	3,300	Educational Facs. Auth. Rev., Fairfield Dickinson Univ.,
		6.00%, 7/1/25, Ser. D		NR/NR		3,387,549
		Health Care Facs. Financing Auth. Rev.,
	1,500	St. Peters Univ. Hospital, 5.75%, 7/1/37		Baa3/BBB–		1,458,165
	1,830	Trinitas Hospital, 5.25%, 7/1/30, Ser. A		Baa3/BBB–		1,645,829
	2,000	State Turnpike Auth. Rev., 5.25%, 1/1/40, Ser. E		A3/A+		2,092,300
	13,150	Tobacco Settlement Financing Corp. Rev.,
		5.00%, 6/1/41, Ser. 1-A		Baa3/BB–		8,359,455

						35,204,711

		New Mexico–0.2%
	2,000	Farmington Pollution Control Rev., 5.90%, 6/1/40, Ser. D		Baa3/BB+		2,004,320

		New York–2.8%
	1,200	Erie Cnty. Industrial Dev. Agcy. Rev.,
		Orchard Park, Inc. Project, 6.00%, 11/15/36, Ser. A		NR/NR		970,032
		Liberty Dev. Corp. Rev.,
	1,000	5.125%, 1/15/44		NR/AA		1,003,920
	2,500	5.625%, 7/15/47		NR/A		2,581,700
	1,250	6.375%, 7/15/49		NR/BBB–		1,293,975
		Goldman Sachs Headquarters,
	1,505	5.25%, 10/1/35		A1/A		1,511,126
	10,000	5.25%, 10/1/35 (h)		A1/A		10,040,700
	1,100	Nassau Cnty. Industrial Dev. Agcy. Rev.,
		Amsterdam at Harborside, 6.70%, 1/1/43, Ser. A		NR/NR		1,041,909
	2,830	New York City Municipal Water Finance Auth.
		Water & Sewer Rev., 5.00%, 6/15/37, Ser. D (h)		Aa1/AAA		2,870,016
		Second Generation Resolutions,
	4,000	4.75%, 6/15/35, Ser. DD (h)		Aa2/AA+		4,015,520
	2,000	5.00%, 6/15/39, Ser. GG-1		Aa2/AA+		2,044,560
	1,750	State Dormitory Auth. Rev., The New School,
		5.50%, 7/1/40 (d)		A3/A–		1,783,845
	250	Suffolk Cnty. Industrial Dev. Agcy. Rev.,
		New York Institute of Technology, 5.00%, 3/1/26		Baa2/BBB+		261,345

						29,418,648

		North Carolina–0.5%
	5,000	Capital Facs. Finance Agcy. Rev., Duke Energy,
		4.625%, 11/1/40, Ser. A		A1/A		4,594,300
		Medical Care Commission Rev.,
	550	Salemtowne, 5.10%, 10/1/30		NR/NR		488,917
	1,000	Village at Brookwood, 5.25%, 1/1/32		NR/NR		781,070

						5,864,287

12 PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.10 |

PIMCO Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited) (continued)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

		North Dakota–0.3%
$	3,710	Stark Cnty. Healthcare Rev., Benedictine Living Communities,
		6.75%, 1/1/33		NR/NR	$	3,590,056

		Ohio–1.3%
	1,000	Higher Educational Fac. Commission Rev.,
		Univ. Hospital Health Systems, 6.75%, 1/15/39, Ser. 2009-A		A2/A		1,051,420
	7,500	Lorain Cnty. Hospital Rev., Catholic Healthcare,
		5.375%, 10/1/30		A1/AA–		7,559,700
	500	Lorain Cnty. Port Auth. Rev., 6.75%, 12/1/40 (d)		Ba2/BB		506,150
	1,000	Montgomery Cnty. Rev., Miami Valley Hospital,
		6.25%, 11/15/39, Ser. A		Aa3/NR		1,038,110
		State Rev.,
	550	Ashland Univ. Project, 6.25%, 9/1/24		Ba1/NR		557,342
	3,000	Cleveland Clinic Health System, 5.50%, 1/1/39, Ser. B		Aa2/AA–		3,167,910

						13,880,632

		Oregon–0.2%
	1,000	Clackamas Cnty. Hospital Fac. Auth. Rev., Legacy Health
		System, 5.50%, 7/15/35, Ser. A		A2/A+		1,028,180
	1,155	State Department of Administrative Services, CP,
		5.25%, 5/1/39, Ser. A		Aa2/AA–		1,185,746

						2,213,926

		Pennsylvania–5.0%
		Cumberland Cnty. Municipal Auth. Rev.,
		Messiah Village Project, Ser. A,
	750	5.625%, 7/1/28		NR/BBB–		682,523
	670	6.00%, 7/1/35		NR/BBB–		607,107
	3,250	Harrisburg Auth. Rev., Harrisburg Univ. of Science,
		6.00%, 9/1/36, Ser. B		NR/NR		2,864,290
		Higher Educational Facs. Auth. Rev.,
	850	Edinboro Univ. Foundation, 6.00%, 7/1/43		Baa3/BBB–		846,328
	400	Thomas Jefferson Univ., 5.00%, 3/1/40		A1/AA–		398,748
	500	Luzerne Cnty. Industrial Dev. Auth. Rev.,
		Pennsylvania American Water Co., 5.50%, 12/1/39		A2/A		504,585
		Montgomery Cnty. Higher Education & Health Auth. Rev.,
		Abington Memorial Hospital, Ser. A,
	5,000	5.125%, 6/1/27		NR/A		5,004,050
	3,750	5.125%, 6/1/32		NR/A		3,690,000
	8,500	Montgomery Cnty. Industrial Dev. Auth. Rev.,
		5.375%, 8/1/38 (FHA)		Aa2/AA		8,646,115
	17,000	Philadelphia, GO, 5.25%, 12/15/32, Ser. A (AGM)		Aa3/AA+		17,334,390
	11,600	Philadelphia Hospitals & Higher Education Facs. Auth. Rev.,
		Temple Univ. Hospital, 6.625%, 11/15/23, Ser. A		Baa3/BBB		11,604,060
	500	Philadelphia Water Rev., 5.25%, 1/1/36, Ser. A		A1/A		507,205
	1,000	Westmoreland Cnty. Industrial Dev. Auth. Rev.,
		Excela Health Project, 5.125%, 7/1/30		A3/NR		968,150

						53,657,551

		Puerto Rico–0.9%
	10,000	Sales Tax Financing Corp. Rev., 5.25%, 8/1/41, Ser. C		A1/A+		9,879,100

| 11.30.10 | PIMCO Municipal Income Funds II Semi-Annual Report 13

PIMCO Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited) (continued)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

		Rhode Island–6.7%
$	76,200	Tobacco Settlement Financing Corp. Rev.,
		6.25%, 6/1/42, Ser. A		Baa3/BBB	$	71,724,012

		South Carolina–1.5%
	1,000	Greenwood Cnty. Rev., Self Regional Healthcare,
		5.375%, 10/1/39		A2/A+		990,510
		Jobs-Economic Dev. Auth. Rev.,
	500	Anmed Health, 5.50%, 2/1/38, Ser. B (AGC)		NR/AA+		510,835
	13,850	Bon Secours Health System, 5.625%, 11/15/30, Ser. B		A3/A–		13,901,383
	1,000	State Public Service Auth. Rev., 5.25%, 1/1/39, Ser. B		Aa2/AA–		1,048,910

						16,451,638

		Tennessee–0.7%
	1,750	Claiborne Cnty. Industrial Dev. Board Rev.,
		Lincoln Memorial Univ. Project, 6.625%, 10/1/39		NR/NR		1,798,580
	1,000	Johnson City Health & Educational Facs. Board Rev.,
		Mountain States Health Alliance, 6.00%, 7/1/38		Baa1/BBB+		974,960
	500	Sullivan Cnty. Health Educational & Housing Facs. Board Rev.,
		Wellmont Health Systems Project, 5.25%, 9/1/36, Ser. C		NR/BBB+		436,930
		Tennessee Energy Acquisition Corp. Rev.,
	3,000	5.00%, 2/1/23, Ser. C		Baa1/A		2,933,010
	700	5.25%, 9/1/21, Ser. A		Ba3/BB+		705,663
	700	5.25%, 9/1/22, Ser. A		Ba3/BB+		702,380

						7,551,523

		Texas–13.2%
	130	Aubrey Independent School Dist., GO,
		5.50%, 2/15/33 (PSF-GTD)		Aaa/NR		136,045
	6,500	Brazos Cnty. Health Facs. Dev. Corp. Rev., 5.375%, 1/1/32		NR/A–		6,227,065
	2,500	Dallas Rev., Dallas Civic Center, 5.25%, 8/15/38 (AGC)		Aa3/AA+		2,515,400
		Harris Cnty. Cultural Education Facs. Finance Corp. Rev.,
		Texas Children’s Hospital Project,
	3,750	5.25%, 10/1/29		Aa2/AA		3,794,625
	12,700	5.50%, 10/1/39		Aa2/AA		12,993,116
	700	HFDC of Central Texas, Inc. Rev., Village at Gleannloch Farms,
		5.50%, 2/15/37, Ser. A		NR/NR		490,679
	5,500	Houston Airport Rev., 5.00%, 7/1/25, Ser. C (FGIC-NPFGC)		A2/A		5,501,430
	3,170	Little Elm Independent School Dist., GO,
		5.30%, 8/15/29, Ser. A (PSF-GTD)		NR/AAA		3,287,448
		Municipal Gas Acquisition & Supply Corp. I Rev.,
	450	5.25%, 12/15/25, Ser. A		A2/A		438,584
	15,300	6.25%, 12/15/26, Ser. D		A2/A		16,410,168
		North Harris Cnty. Regional Water Auth. Rev.,
	10,300	5.25%, 12/15/33		A1/A+		10,448,011
	10,300	5.50%, 12/15/38		A1/A+		10,500,541
		North Texas Tollway Auth. Rev.,
	6,250	4.75%, 1/1/29 (FGIC-NPFGC)		A2/A		5,993,438
	5,000	5.625%, 1/1/33, Ser. B		A2/A–		4,984,100
	1,200	5.75%, 1/1/33, Ser. F		A3/BBB+		1,199,940
	1,250	6.25%, 1/1/39, Ser. A		A2/A–		1,296,400

14 PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.10 |

PIMCO Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited) (continued)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

		Texas–(continued)
$	2,000	Sabine River Auth. Pollution Control Rev.,
		5.20%, 5/1/28, Ser. C		Ca/NR	$	673,280
	10,000	San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/32 (h)		Aa1/AA		10,452,000
	250	San Juan Higher Education Finance Auth. Rev.,
		6.70%, 8/15/40, Ser. A (d)		NR/BBB		251,028
		State, Mobility Fund, GO (h),
	10,025	4.75%, 4/1/35, Ser. A		Aaa/AA+		10,078,934
	17,500	4.75%, 4/1/36		Aaa/AA+		17,597,125
	3,250	State, Water Financial Assistance, GO, 5.00%, 8/1/36		Aaa/AA+		3,297,385
	1,000	State Public Finance Auth. Rev., Charter School Finance Corp.,
		5.875%, 12/1/36, Ser. A		Baa3/BBB–		962,040
	8,880	State Turnpike Auth. Rev., 5.00%, 8/15/42, Ser. A (AMBAC)		Baa1/BBB+		8,117,474
	3,000	Tarrant Cnty. Cultural Education Facs. Finance Corp. Rev.,
		Baylor Health Care Systems Project, 6.25%, 11/15/29		Aa2/AA–		3,294,990

						140,941,246

		Virginia–0.3%
	1,000	Fairfax Cnty. Industrial Dev. Auth. Rev., Inova Health Systems,
		5.50%, 5/15/35, Ser. A		Aa2/AA+		1,059,530
	1,000	Henrico Cnty. Economic Dev. Auth. Rev., Bon Secours Health
		System, 4.50%, 11/1/42, Ser. B-1 (AGC)		Aa3/AA+		914,700
	2,050	James City Cnty. Economic Dev. Auth. Rev.,
		United Methodist Homes, 5.50%, 7/1/37, Ser. A		NR/NR		1,222,333

						3,196,563

		Washington–1.5%
		Health Care Facs. Auth. Rev.,
	1,300	Multicare Health Systems, 6.00%, 8/15/39, Ser. B (AGC)		Aa3/AA+		1,375,647
	1,000	Seattle Cancer Care Alliance, 7.375%, 3/1/38		A3/NR		1,101,240
	13,000	Virginia Mason Medical Center, 6.125%, 8/15/37, Ser. A		Baa2/BBB		13,230,490

						15,707,377

		Wisconsin–1.1%
		Health & Educational Facs. Auth. Rev.,
	90	Froedert & Community Health, 5.375%, 10/1/30		NR/AA–		90,763
	1,000	Prohealth Care, Inc., 6.625%, 2/15/39		A1/A+		1,070,620
	10,000	State Rev., 6.00%, 5/1/36, Ser. A		Aa3/AA–		10,894,100

						12,055,483


		Total Municipal Bonds & Notes (cost–$1,038,077,474)				1,039,030,506


VARIABLE RATE NOTES (f)—2.8%
		California–0.4%
	5,000	Health Facs. Financing Auth. Rev.,
		9.31%, 11/15/36, Ser. 3193 (a)(c)(e)		NR/NR		4,744,400

		Florida–0.2%
	1,830	Highlands Cnty. Health Facs. Auth. Rev.,
		Adventist Health System, 5.00%, 11/15/31, Ser. C		Aa3/AA–		1,754,275

| 11.30.10 | PIMCO Municipal Income Funds II Semi-Annual Report 15

PIMCO Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited) (continued)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

		Illinois–1.2%
$	5,000	Chicago, GO, 13.58%, 1/1/34, Ser. 3190 (a)(c)(e)		NR/NR	$	4,837,400
	3,000	Metropolitan Pier & Exposition Auth. Rev.,
		14.19%, 6/15/50, Ser. 3217 (a)(c)(e)		NR/AAA		2,735,580
	5,000	State, GO, 9.54%, 4/1/27, Ser. 783 (AGC) (a)(c)(e)		Aa3/NR		5,056,500

						12,629,480

		Texas–0.8%
	3,335	JPMorgan Chase Putters/Drivers Trust Rev.,
		13.445%, 5/15/18, Ser. 3709 (a)(c)(e)		NR/AAA		3,700,616
	5,365	State, GO, 8.80%, 4/1/37, Ser. 3197 (a)(c)(e)		NR/NR		5,480,991

						9,181,607

		West Virginia–0.2%
	2,000	Economic Dev. Auth. Rev., Appalachia Power,
		5.375%, 12/1/38, Ser. A		Baa2/BBB		1,948,060


		Total Variable Rate Notes (cost–$31,180,125)				30,257,822


		Total Investments (cost–$1,069,257,599)–100.0%			$	1,069,288,328

16 PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.10 |

PIMCO California Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

CALIFORNIA MUNICIPAL BONDS & NOTES—90.3%
$	2,000	Alhambra Rev., Atherton Baptist Homes,
		7.625%, 1/1/40, Ser. A		NR/NR	$	2,080,060
	5,300	Assoc. of Bay Area Gov’t Finance Auth. for Nonprofit Corps. Rev.,
		Odd Fellows Home of California,
		5.20%, 11/15/22, Ser. A (CA Mtg. Ins.)		NR/A–		5,346,746
		Bay Area Toll Auth. Rev., San Francisco Bay Area, Ser. F-1,
	5,000	5.00%, 4/1/34		Aa3/AA		5,011,800
	20,000	5.00%, 4/1/39 (h)		Aa3/AA		20,035,000
	1,000	Chula Vista Rev., San Diego Gas & Electric,
		5.875%, 2/15/34, Ser. B		Aa3/A+		1,117,120
	300	City & Cnty. of San Francisco,
		Capital Improvement Projects, CP, 5.25%, 4/1/31, Ser. A		A1/AA–		306,675
	1,410	Community College Financing Auth. Rev.,
		5.00%, 8/1/27, Ser. A (AMBAC)		WR/NR		1,351,429
	1,110	Corona-Norco Unified School Dist. No. 98-1, Special Tax,
		5.10%, 9/1/25 (AMBAC)		WR/NR		1,110,466
		Corona-Norco Unified School Dist. Public Financing Auth.,
		Special Tax, Ser. A,
	305	5.65%, 9/1/16		NR/NR		308,550
	160	5.75%, 9/1/17		NR/NR		161,090
	530	6.00%, 9/1/20		NR/NR		533,774
	1,000	6.00%, 9/1/25		NR/NR		1,006,130
	4,150	6.10%, 9/1/32		NR/NR		4,032,845
	9,565	Coronado Community Dev. Agcy., Tax Allocation,
		4.875%, 9/1/35 (AMBAC)		NR/AA–		8,390,992
	3,000	Dinuba Financing Auth. Rev., Public Works Projects,
		5.10%, 8/1/32 (NPFGC)		Baa1/A		3,060,960
	8,300	El Dorado Irrigation Dist. & El Dorado Water Agcy., CP,
		5.75%, 8/1/39, Ser. A (AGC)		Aa3/AA+		8,611,997
	1,500	Foothill-Eastern Transportation Corridor Agcy. Rev.,
		5.875%, 1/15/27 (IBC-NPFGC)		Baa1/A		1,455,090
	1,440	Fremont Community Facs. Dist. No. 1, Special Tax,
		Pacific Commons, 5.30%, 9/1/30		NR/NR		1,326,182
		Golden State Tobacco Securitization Corp. Rev.,
	13,885	5.00%, 6/1/45 (AMBAC-TCRS)		A2/BBB+		12,132,574
	1,500	5.00%, 6/1/45, Ser. A		A2/BBB+		1,310,685
	6,000	5.00%, 6/1/45, Ser. A (FGIC-TCRS)		A2/A–		5,242,740
	8,500	5.125%, 6/1/47, Ser. A-1		Baa3/BB+		5,482,160
	21,415	5.75%, 6/1/47, Ser. A-1		Baa3/BB+		15,357,125
	500	Hartnell Community College Dist., GO,
		zero coupon, 8/1/34, Ser. 2002-D (i)		Aa2/AA–		251,310
		Health Facs. Financing Auth. Rev.,
		Adventist Health System, Ser. A,
	500	5.00%, 3/1/33		NR/A		457,080
	250	5.75%, 9/1/39		NR/A		252,025
	3,000	Catholic Healthcare West, 6.00%, 7/1/39, Ser. A		A2/A		3,124,230
	1,200	Children’s Hospital of Los Angeles, 5.25%, 7/1/38 (AGM)		Aa3/AA+		1,155,972
	500	Children’s Hospital of Orange Cnty., 6.50%, 11/1/38, Ser. A		NR/A		529,765
	1,500	Scripps Health, 5.00%, 11/15/36, Ser. A		A1/AA–		1,443,030
	2,000	Sutter Health, 5.00%, 11/15/42, Ser. A (IBC-NPFGC)		Aa3/A		1,853,060
	175	Infrastructure & Economic Dev. Bank Rev., 5.25%, 2/1/38		A1/A+		173,486

| 11.30.10 | PIMCO Municipal Income Funds II Semi-Annual Report 17

PIMCO California Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited) (continued)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

$	1,000	Irvine Unified School Dist., Special Tax, 6.70%, 9/1/35		NR/NR	$	1,053,980
	500	Lancaster Redev. Agcy. Rev., Capital Improvements Projects,
		5.90%, 12/1/35		NR/A		496,060
	1,000	Lancaster Redev. Agcy., Tax Allocation, 6.875%, 8/1/39		NR/A		1,094,360
	5,300	Livermore-Amador Valley Water Management Agcy. Rev.,
		5.00%, 8/1/31, Ser. A (AMBAC)		Aa2/NR		5,322,949
	7,500	Long Beach Bond Finance Auth. Rev., Long Beach Natural Gas,
		5.50%, 11/15/37, Ser. A		A2/A		7,324,725
	10,000	Long Beach Unified School Dist., GO, 5.25%, 8/1/33, Ser. A (h)		Aa2/AA–		10,315,200
	2,685	Los Angeles, Equipment & Real Property Project, CP,
		5.00%, 10/1/27, Ser. AU (NPFGC)		A2/A+		2,699,714
	4,895	Los Angeles, Real Property Project, CP,
		5.00%, 2/1/27, Ser. T (NPFGC)		A1/A+		4,909,440
	10,000	Los Angeles Community College Dist., GO,
		5.00%, 8/1/33, Ser. F-1 (h)		Aa1/AA		9,999,300
		Los Angeles Department of Water & Power Rev.,
	15,000	4.75%, 7/1/30, Ser. A-2 (AGM) (h)		Aa3/AA+		15,036,150
	15,950	5.125%, 7/1/41, Ser. A (FGIC-NPFGC-TCRS)		Aa2/AA		15,962,282
	11,000	Los Angeles Unified School Dist., GO, 5.00%, 1/1/34, Ser. I		Aa2/AA–		10,910,240
		Manteca Redev. Agcy., Tax Allocation,
	7,295	5.00%, 10/1/32 (AGM)		Aa3/AA+		6,977,011
	10,000	5.00%, 10/1/36 (AMBAC)		WR/A		8,829,300
	5,330	Manteca Unified School Dist. No. 89-2, Special Tax,
		5.00%, 9/1/29, Ser. C (NPFGC)		Baa1/A		5,291,144
	4,000	Merced Cnty., Juvenile Justice Correctional Fac., CP,
		5.00%, 6/1/32 (AMBAC)		A1/NR		4,026,280
	5,000	Metropolitan Water Dist. of Southern California Rev.,
		5.00%, 7/1/37, Ser. A (h)		Aa1/AAA		5,126,500
	4,700	Moreno Valley Unified School Dist. Community Facs.
		Dist. No. 2004-6, Special Tax, 5.20%, 9/1/36		NR/NR		3,729,262
	1,400	M-S-R Energy Auth. Rev., 6.50%, 11/1/39, Ser. B		NR/A		1,526,084
	5,000	Oakland Unified School Dist., Alameda Cnty., GO,
		6.125%, 8/1/29, Ser. A		A1/BBB+		5,276,000
	4,750	Palomar Pomerado Health, CP, 6.75%, 11/1/39		Baa3/NR		4,893,687
	10,000	Placentia-Yorba Linda Unified School Dist., CP,
		5.00%, 10/1/32 (FGIC-NPFGC)		A1/A+		9,450,800
	1,500	Pollution Control Financing Auth. Rev.,
		American Water Capital Corp. Project,
		5.25%, 8/1/40 (a)(c)		Baa2/BBB+		1,418,145
		Riverside Unified School Dist. Community Facs.
		School Dist. No. 15, Special Tax, Ser. A,
	1,000	5.25%, 9/1/30		NR/NR		881,020
	1,000	5.25%, 9/1/35		NR/NR		848,170
	3,000	Riverside, CP, 5.00%, 9/1/33 (AMBAC)		WR/A+		2,862,540
		Roseville Redev. Agcy., Tax Allocation, Ser. B (NPFGC),
	2,230	5.00%, 9/1/27		A2/A		2,185,244
	3,365	5.00%, 9/1/32		A2/A		3,214,416
	7,500	San Bernardino Community College Dist., GO,
		6.25%, 8/1/33, Ser. A		Aa2/AA–		8,265,450
		San Diego Public Facs. Financing Auth. Rev.,
	11,000	5.00%, 8/1/32 (NPFGC)		Aa3/A+		11,105,710
	4,000	5.25%, 8/1/38, Ser. A		Aa2/AA–		4,176,520

18 PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.10 |

PIMCO California Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited) (continued)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

$	1,000	5.25%, 5/15/39, Ser. A		Aa3/A+	$	1,040,090
	1,500	Fire & Life Safety Facs. Project,
		5.00%, 4/1/32, Ser. B (NPFGC)		A2/A		1,371,630
	2,800	San Diego Regional Building Auth. Rev.,
		Cnty. Operations Center & Annex,
		5.375%, 2/1/36, Ser. A		Aa3/AA+		2,909,396
	5,000	San Diego Unified School Dist., GO,
		4.75%, 7/1/27, Ser. D-2 (AGM)		Aa1/AA+		5,047,650
	1,260	Santa Cruz Cnty., CP, 5.25%, 8/1/32		A1/NR		1,291,916
	1,500	Santa Cruz Cnty. Redev. Agcy., Tax Allocation,
		Live Oak/Soquel Community, 7.00%, 9/1/36, Ser. A		A1/A		1,668,675
		State, GO,
	2,500	5.00%, 9/1/31		A1/A–		2,430,625
	7,000	5.00%, 4/1/38		A1/A–		6,640,130
	11,000	6.00%, 4/1/38		A1/A–		11,580,140
		State Public Works Board Rev.,
	3,000	5.75%, 10/1/30, Ser. G-1		A2/BBB+		3,064,260
	2,000	California State Univ., 6.00%, 11/1/34, Ser. J		Aa3/BBB+		2,096,860
	7,915	Regents Univ., 5.00%, 3/1/33, Ser. A		Aa2/AA–		7,778,783
		Statewide Communities Dev. Auth. Rev.,
		Bentley School (a)(b)(j),
	11,180	zero coupon, 7/1/50
		(acquisition cost–$400,132; purchased 6/24/10)		NR/NR		298,394
	3,760	7.00%, 7/1/40, Ser. A
		(acquisition cost–$3,645,621; purchased 6/24/10)		NR/NR		3,175,508
		Catholic Healthcare West,
	1,800	5.50%, 7/1/31, Ser. D		A2/A		1,821,690
	1,800	5.50%, 7/1/31, Ser. E		A2/A		1,821,690
		Huntington Park Charter School Project, Ser. A,
	250	5.15%, 7/1/30		NR/NR		199,065
	1,250	5.25%, 7/1/42		NR/NR		942,712
	500	International School of the Peninsula Project, 5.00%, 11/1/29		NR/NR		369,845
	2,770	Kaiser Permanente, 5.50%, 11/1/32, Ser. A		WR/A+		2,781,800
	1,000	Lancer Student Housing Project, 7.50%, 6/1/42		NR/NR		1,027,110
	9,700	Los Angeles Jewish Home, 5.50%, 11/15/33 (CA St. Mtg.)		NR/A–		8,978,029
		Methodist Hospital Project (FHA),
	2,000	6.25%, 8/1/24		Aa2/NR		2,290,300
	2,400	6.625%, 8/1/29		Aa2/NR		2,696,352
	8,800	6.75%, 2/1/38		Aa2/NR		9,844,824
	3,700	St. Joseph, 5.75%, 7/1/47, Ser. A (FGIC)		A1/AA–		3,717,834
	1,365	Windrush School, 5.50%, 7/1/37		NR/NR		1,097,242
	1,465	Statewide Financing Auth. Tobacco Settlement Rev.,
		5.625%, 5/1/29, Ser. A		Baa3/NR		1,399,471
		Tobacco Securitization Agcy. Rev.,
	4,500	Alameda Cnty., 6.00%, 6/1/42		Baa3/NR		3,541,860
	1,800	Stanislaus Cnty., 5.875%, 6/1/43, Ser. A		Baa3/NR		1,367,478
	1,000	Tustin Unified School Dist., Special Tax,
		6.00%, 9/1/40, Ser. 2006-1		NR/BBB		1,005,750
		Univ. of California Rev.,
	5,500	4.75%, 5/15/35, Ser. F (AGM) (h)		Aa1/AA+		5,360,080
	5,000	4.75%, 5/15/35, Ser. G (FGIC-NPFGC) (h)		Aa1/AA		4,804,150
	5,650	4.75%, 5/15/38, Ser. B		Aa2/AA–		5,351,454

| 11.30.10 | PIMCO Municipal Income Funds II Semi-Annual Report 19

PIMCO California Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited) (continued)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

		Ventura Cnty. Community College Dist., GO,
$	10,000	5.00%, 8/1/27, Ser. A (NPFGC) (h)		Aa2/AA	$	10,271,800
	5,000	5.50%, 8/1/33, Ser. C		Aa2/AA		5,304,050



		Total California Municipal Bonds & Notes (cost–$397,638,283)				415,608,474


CALIFORNIA VARIABLE RATE NOTES (a)(c)(f)—5.0%
	6,035	Desert Community College Dist., GO,
		9.31%, 8/1/32, Ser. 3016-1 (AGC) (e)		NR/AAA		6,241,518
	7,500	JPMorgan Chase Putters/Drivers Trust Rev.,
		1.00%, 5/15/40, Ser. 3838 (d)(e)		Aa3/NR		7,317,300
	4,000	Los Angeles Community College Dist., GO,
		13.58%, 8/1/33, Ser. 3096 (e)		NR/AA		3,999,000
	5,000	San Diego Community College Dist., GO, 9.786%, 2/1/17		NR/AA+		5,347,900


		Total California Variable Rate Notes (cost–$22,335,752)				22,905,718


OTHER MUNICIPAL BONDS & NOTES—3.9%
		New York–0.7%
	1,250	Liberty Dev. Corp. Rev., Goldman Sachs Headquarters,
		5.25%, 10/1/35		A1/A		1,255,088
	1,900	New York City Municipal Water Finance Auth.
		Water & Sewer Rev., 5.00%, 6/15/37, Ser. D (h)		Aa1/AAA		1,926,866

						3,181,954


		Ohio–0.3%
	2,250	Buckeye Tobacco Settlement Financing Auth. Rev.,

		5.875%, 6/1/47, Ser. A-2		Baa3/BB–		1,570,050


		Puerto Rico–2.9%
	2,200	Aqueduct & Sewer Auth. Rev., 6.00%, 7/1/38, Ser. A		Baa1/BBB–		2,265,934
	4,000	Electric Power Auth. Rev., 5.25%, 7/1/40, Ser. XX		A3/BBB+		3,952,440
	2,505	Public Buildings Auth. Gov’t Facs. Rev.,
		5.00%, 7/1/36, Ser. I (GTD)		A3/BBB–		2,343,778
		Sales Tax Financing Corp. Rev., Ser. A,
	1,600	5.00%, 8/1/40 (AGM) (h)		Aa3/AA+		1,540,080
	3,000	5.50%, 8/1/42		A1/A+		3,047,220

						13,149,452


		Total Other Municipal Bonds & Notes (cost–$17,315,659)				17,901,456


CORPORATE BONDS & NOTES—0.8%
		Financial Services–0.8%
	3,540	International Lease Finance Corp., 5.40%, 2/15/12 (g)
		(cost–$3,132,232)		B1/BB+		3,548,850


		Total Investments (cost–$440,421,926)–100.0%			$	459,964,498

20 PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.10 |

PIMCO New York Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

NEW YORK MUNICIPAL BONDS & NOTES—86.8%
$	1,000	Chautauqua Cnty. Industrial Dev. Agcy. Rev.,
		Dunkirk Power Project, 5.875%, 4/1/42		Baa3/BB+	$	1,015,830
	2,400	Erie Cnty. Industrial Dev. Agcy. Rev., Orchard Park, Inc. Project,
		6.00%, 11/15/36, Ser. A		NR/NR		1,940,064
		Liberty Dev. Corp. Rev.,
	500	6.375%, 7/15/49		NR/BBB–		517,590
		Goldman Sachs Headquarters,
	3,000	5.25%, 10/1/35		A1/A		3,012,210
	4,120	5.25%, 10/1/35 (h)		A1/A		4,136,768
	3,500	5.50%, 10/1/37		A1/A		3,682,035
	500	Long Island Power Auth. Rev., 5.00%, 9/1/34, Ser. A (AMBAC)		A3/A–		504,035
		Metropolitan Transportation Auth. Rev.,
	1,850	5.00%, 11/15/30, Ser. A (AGM)		Aa3/AA+		1,855,402
	2,000	5.00%, 11/15/34, Ser. B		NR/AA		2,034,600
	8,000	5.25%, 11/15/31, Ser. E		A2/A		8,040,880
	7,000	5.35%, 7/1/31, Ser. B		Aa3/AAA		7,190,400
	5,000	5.50%, 11/15/39, Ser. A		NR/AA		5,303,500
	7,000	Monroe Cnty. Industrial Dev. Corp. Rev.,
		Unity Hospital Rochester Project, 5.50%, 8/15/40 (FHA) (h)		Aa2/AA–		7,344,890
	2,870	Mortgage Agcy. Rev., 4.75%, 10/1/27, Ser. 128		Aa1/NR		2,887,335
	2,400	Nassau Cnty. Industrial Dev. Agcy. Rev.,
		Amsterdam at Harborside, 6.70%, 1/1/43, Ser. A		NR/NR		2,273,256
	4,000	New York City, GO, 5.00%, 3/1/33, Ser. I		Aa2/AA		4,081,360
	1,500	New York City Health & Hospital Corp. Rev., 5.00%,
		2/15/30, Ser. A		Aa3/A+		1,530,945
	975	New York City Industrial Dev. Agcy. Rev.,
		Eger Harbor Project, 4.95%, 11/20/32, Ser. A (GNMA)		NR/AA+		983,356
	1,415	Liberty Interactive Corp., 5.00%, 9/1/35		Ba2/BB+		1,251,907
	1,500	Queens Baseball Stadium, 6.50%, 1/1/46 (AGC)		Aa3/AA+		1,634,430
	1,170	Staten Island Univ. Hospital Project, 6.45%, 7/1/32, Ser. C		Baa3/NR		1,171,392
	1,500	United Jewish Appeal Federation Project,
		5.00%, 7/1/27, Ser. A		Aa1/NR		1,545,960
		Yankee Stadium,
	2,750	5.00%, 3/1/31 (FGIC)		Baa3/BBB–		2,708,502
	2,400	5.00%, 3/1/36 (NPFGC)		Baa1/A		2,277,840
	4,900	7.00%, 3/1/49 (AGC)		Aa3/AA+		5,544,399
	1,500	New York City Municipal Water Finance Auth.
		Water & Sewer Rev., 5.25%, 6/15/40, Ser. EE		Aa2/AA+		1,558,485
	500	Second Generation Resolutions, 5.00%, 6/15/39, Ser. GG-1		Aa2/AA+		511,140
		New York City Transitional Finance Auth. Rev.,
	6,000	5.00%, 11/1/27, Ser. B		Aaa/AAA		6,217,740
	5,000	5.25%, 1/15/39, Ser. S-3		Aa3/AA–		5,193,800
		New York City Trust for Cultural Res. Rev.,
	2,700	Julliard School, 5.00%, 1/1/34, Ser. A		Aa2/AA		2,761,101
	6,785	Wildlife Conservation Society, 5.00%, 2/1/34 (FGIC-NPFGC)		Aa3/AA–		6,821,978
	3,600	Port Auth. of New York & New Jersey Rev.,
		5.00%, 4/15/32, Ser. 125 (AGM)		Aa2/AA+		3,660,156
		State Dormitory Auth. Rev.,
	3,000	5.00%, 3/15/38, Ser. A		NR/AAA		3,069,210
	7,490	5.50%, 5/15/31, Ser. A (AMBAC)		Aa3/AA–		8,106,652

| 11.30.10 | PIMCO Municipal Income Funds II Semi-Annual Report 21

PIMCO New York Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited) (continued)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

$	2,600	Catholic Health of Long Island, 5.10%, 7/1/34		A3/BBB+	$	2,540,278
	2,000	Kaleida Health Hospital, 5.05%, 2/15/25 (FHA)		NR/NR		2,010,400
	5,300	Lenox Hill Hospital, 5.50%, 7/1/30		Baa3/NR		5,031,926
	1,320	Long Island Univ., 5.25%, 9/1/28 (Radian)		Baa3/NR		1,323,709
		Memorial Sloan-Kettering Cancer Center,
	2,750	5.00%, 7/1/35, Ser. 1		Aa2/AA		2,795,348
	2,000	5.00%, 7/1/36, Ser. A-1		Aa2/AA		2,041,640
	2,100	New York Univ., 5.00%, 7/1/38, Ser. A		Aa3/AA–		2,125,011
	1,000	New York Univ. Hospital Center, 5.625%, 7/1/37, Ser. B		Baa2/BBB		1,013,930
	5,850	North General Hospital, 5.00%, 2/15/25		NR/AA–		5,920,024
	600	North Shore-Long Island Jewish Health System,
		5.50%, 5/1/37, Ser. A		Baa1/A–		612,108
	5,000	Rochester General Hospital, 5.00%, 12/1/35 (Radian)		WR/NR		4,662,550
		Teachers College,
	4,270	5.00%, 7/1/32 (NPFGC)		A1/NR		4,300,061
	3,000	5.50%, 3/1/39		A1/NR		3,093,960
	1,000	The New School, 5.50%, 7/1/40 (d)		A3/A–		1,019,340
	3,000	Yeshiva Univ., 5.125%, 7/1/34 (AMBAC)		Aa3/NR		3,054,270
	5,000	State Environmental Facs. Corp. Rev., 5.125%, 6/15/38, Ser. A		Aa1/AA+		5,212,150
	1,000	State Thruway Auth. Rev., 4.75%, 1/1/29, Ser. G (AGM)		Aa3/AA+		1,016,410
	6,000	State Urban Dev. Corp. Rev., 5.00%, 3/15/36, Ser. B-1 (h)		NR/AAA		6,163,200
		Triborough Bridge & Tunnel Auth. Rev.,
	710	5.00%, 1/1/32, Ser. A (FGIC-TCRS)		Aa2/AA–		714,111
	5,000	5.25%, 11/15/34, Ser. A-2 (h)		Aa2/AA–		5,227,800
	150	Troy Rev., Rensselaer Polytechnic Institute,
		5.125%, 9/1/40, Ser. A		A3/A		149,648
	1,815	Ulster Cnty. Industrial Dev. Agcy. Rev., 6.00%, 9/15/37, Ser. A		NR/NR		1,426,372
	2,000	Warren & Washington Cntys. Industrial Dev. Agcy. Rev.,
		Glens Falls Hospital Project, 5.00%, 12/1/35, Ser. A (AGM)		Aa3/AA+		2,004,400
	1,000	Yonkers Economic Dev. Corp. Rev., 6.00%, 10/15/30, Ser. A		NR/BB+		966,180
	600	Yonkers Industrial Dev. Agcy. Rev., Sarah Lawrence
		College Project, 6.00%, 6/1/41, Ser. A		NR/A		625,926


		Total New York Municipal Bonds & Notes (cost–$172,930,026)				177,419,900


OTHER MUNICIPAL BONDS & NOTES—10.4%
		California–0.5%
	1,000	Health Facs. Financing Auth. Rev., Catholic Healthcare West,
		6.00%, 7/1/39, Ser. A		A2/A		1,041,410

		Florida–1.0%
	1,000	Clearwater Rev., 5.25%, 12/1/39, Ser. A		Aa3/AA–		1,036,250
	1,000	Miami-Dade Cnty. Airport Rev., 5.50%, 10/1/36, Ser. A		A2/A–		1,013,170

						2,049,420


		Louisiana–0.5%
	1,000	East Baton Rouge Sewerage Commission Rev.,
		5.25%, 2/1/39, Ser. A		Aa2/AA–		1,040,990

22 PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.10 |

PIMCO New York Municipal Income Fund II Schedule of Investments

November 30, 2010 (unaudited) (continued)


Principal Amount (000s)			Credit Rating (Moody’s/S&P)		Value

		Ohio–0.5%
$	1,435	Buckeye Tobacco Settlement Financing Auth. Rev.,
		5.875%, 6/1/47, Ser. A-2		Baa3/BB–	$	1,001,343

		Puerto Rico–7.4%
	4,600	Aqueduct & Sewer Auth. Rev., 6.00%, 7/1/38, Ser. A		Baa1/BBB–		4,737,862
	5,675	Children’s Trust Fund Rev., 5.625%, 5/15/43		Baa3/BBB		4,918,125
		Sales Tax Financing Corp. Rev., Ser. A,
	14,250	zero coupon, 8/1/54 (AMBAC)		Aa2/AA–		798,713
	12,900	zero coupon, 8/1/56		Aa2/AA–		622,554
	2,000	5.00%, 8/1/40 (AGM) (h)		Aa3/AA+		1,925,100
	1,000	5.50%, 8/1/42		A1/A+		1,015,740
	1,000	5.75%, 8/1/37		A1/A+		1,034,360

						15,052,454

		U.S. Virgin Islands–0.5%
	1,000	Public Finance Auth. Rev., 6.00%, 10/1/39, Ser. A		Baa3/NR		1,036,630


		Total Other Municipal Bonds & Notes (cost–$22,603,377)				21,222,247


NEW YORK VARIABLE RATE NOTES (a)(c)(e)(f)—2.8%
		JPMorgan Chase Putters/Drivers Trust Rev.,
	5,000	9.25%, 7/1/33, Ser. 3382		Aa1/NR		5,289,600
	500	9.772%, 6/15/31, Ser. 3223		NR/AA+		568,150


		Total New York Variable Rate Notes (cost–$5,393,769)				5,857,750


		Total Investments (cost–$200,927,172)–100.0%			$	204,499,897

| 11.30.10 | PIMCO Municipal Income Funds II Semi-Annual Report 23

PIMCO Municipal Income Funds II Notes to Schedule of Investments

November 30, 2010 (unaudited)




Notes to Schedule of Investments:
(a)	Private Placement–Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $32,679,911, representing 3.1% of total investments in Municipal Income II, $27,797,765, representing 6.0% of total investments in California Municipal II and $5,857,750, representing 2.9% of total investments in New York Municipal II.
(b)	Illiquid.
(c)	144A–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. To be settled/delivered after November 30, 2010.
(e)	Inverse Floater–The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index. The interest rate disclosed reflects the rate in effect on November 30, 2010.
(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, 2010.
(g)	All or partial amount segregated for the benefit of the counterparty as collateral for reverse repurchase agreements.
(h)	Residual Interest Bonds held in Trust–Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which each Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction.
(i)	Step Bond–Coupon is a fixed rate for an initial period then resets at a specific date and rate.
(j)	Restricted. The aggregate acquisition cost and market value of such securities is $4,045,753 and $3,473,902, respectively representing 0.8% of total investments in California Municipal II.
(k)	In default.

Glossary:

AGC — insured by Assured Guaranty Corp.

AGM — insured by Assured Guaranty Municipal Corp.

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

GNMA — insured by Government National Mortgage Association

GO — General Obligation Bond

GTD — Guaranteed

IBC — Insurance Bond Certificate

NPFGC — insured by National Public Finance Guarantee Corp.

NR — Not Rated

PSF — Public School Fund

Radian — insured by Radian Guaranty, Inc.

TCRS — Temporary Custodian Receipts

WR — Withdrawn Rating

24 PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.10 | See accompanying Notes to Financial Statements

PIMCO Municipal Income Funds II Statements of Assets and Liabilities

November 30, 2010 (unaudited)


	Municipal II			California Municipal II			New York Municipal II

Assets:
Investments, at value (cost – $1,069,257,599, $440,421,926 and $200,927,172, respectively)		$1,069,288,328			$459,964,498			$204,499,897

Cash		3,101,090			—			829,648

Interest receivable		20,350,796			7,795,968			2,943,138

Receivable for investments sold		1,030			489,865			—

Prepaid expenses and other assets		61,882			61,005			26,202

Total Assets		1,092,803,126			468,311,336			208,298,885


Liabilities:
Payable for floating rate notes issued		86,469,472			46,820,833			13,851,894

Dividends payable to common and preferred shareholders		3,927,437			1,961,715			717,830

Payable for investments purchased		3,478,905			7,389,417			964,610

Interest payable		773,575			127,370			99,972

Investment management fees payable		540,474			219,625			103,978

Payable to custodian for cash overdrafts		—			1,444,281			—

Payable for reverse repurchase agreements		—			3,281,580			—

Interest payable for reverse repurchase agreements		—			1,126			—

Accrued expenses and other liabilities		241,777			1,903,770			265,310

Total Liabilities		95,431,640			63,149,717			16,003,594


Preferred Shares ($0.00001 par value and $25,000 liquidation preference per share applicable to an aggregate of 14,680, 6,520 and 3,160 shares issued and outstanding, respectively)		367,000,000			163,000,000			79,000,000

Net Assets Applicable to Common Shareholders		$630,371,486			$242,161,619			$113,295,291


Composition of Net Assets Applicable to Common Shareholders:
Common Shares:
Par value ($0.00001 per share)	$	601		$	313		$	108

Paid-in-capital in excess of par		851,283,462			432,477,484			152,478,487

Undistributed (dividends in excess of) net investment income		12,181,899			(2,676,604	)		1,530,343

Accumulated net realized loss on investments		(233,123,645	)		(207,269,873	)		(44,307,118	)

Net unrealized appreciation of investments		29,169			19,630,299			3,593,471


Net Assets Applicable to Common Shareholders		$630,371,486			$242,161,619			$113,295,291


Common Shares Issued and Outstanding		60,149,356			31,261,451			10,784,537


Net Asset Value Per Common Share		$10.48			$7.75			$10.51

See accompanying Notes to Financial Statements | 11.30.10 | PIMCO Municipal Income Funds II Semi-Annual Report 25

PIMCO Municipal Income Funds II Statements of Operations

Six Months ended November 30, 2010 (unaudited)


	Municipal II			California Municipal II			New York Municipal II

Investment Income:
Interest	$	31,403,585		$	13,066,035		$	5,748,675


Expenses:
Investment management fees		3,335,138			1,365,547			643,894

Interest expense		377,370			56,041			52,491

Auction agent fees and commissions		286,788			131,669			64,789

Custodian and accounting agent fees		70,883			47,717			31,626

Trustees’ fees and expenses		52,317			22,898			10,526

Shareholder communications		50,505			25,861			11,093

Audit and tax services		41,911			27,296			22,468

New York Stock Exchange listing fees		29,413			15,312			12,913

Legal fees		28,714			10,980			6,233

Transfer agent fees		15,107			15,738			16,689

Insurance expense		12,763			5,513			2,763

Miscellaneous		6,688			6,707			4,557

Total Expenses		4,307,597			1,731,279			880,042

Less: custody credits earned on cash balances		(766	)		(171	)		(314	)

Net Expenses		4,306,831			1,731,108			879,728


Net Investment Income		27,096,754			11,334,927			4,868,947


Realized and Change in Unrealized Gain (Loss)
Net realized gain on investments		12,010,551			984,149			479,226

Net change in unrealized appreciation/depreciation of investments		(32,115,175	)		(11,748,484	)		(5,118,241	)

Net realized and change in unrealized loss on investments		(20,104,624	)		(10,764,335	)		(4,639,015	)

Net Increase in Net Assets Resulting from Investment Operations		6,992,130			570,592			229,932

Dividends on Preferred Shares from Net Investment Income		(770,126	)		(342,045	)		(165,389	)

Net Increase in Net Assets Applicable to Common Shareholders Resulting from Investment Operations	$	6,222,004		$	228,547		$	64,543

26 PIMCO Municipal Income Funds II Semi-Annual Report | 11.30.10 | See accompanying Notes to Financial Statements


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


Municipal II:	Six Months ended November 30, 2010 (unaudited)			Year ended May 31, 2010

Investment Operations:
Net investment income	$	27,096,754		$	52,452,681

Net realized gain on investments		12,010,551			151,024

Net change in unrealized appreciation/depreciation of investments		(32,115,175	)		103,180,602

Net increase in net assets resulting from investment operations		6,992,130			155,784,307


Dividends to Preferred Shareholders from Net Investment Income		(770,126	)		(1,651,157	)