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 811-10377 --------- PIMCO Municipal Income Fund --------------------------- (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: April 30, 2006 -------------- Date of reporting period: April 30, 2006 -------------- 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, 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. ss. 3507.
Item 1. Report to Shareholder
PIMCO Municipal Income Fund
PIMCO California Municipal Income Fund
PIMCO New York Municipal Income Fund
Annual Report
April 30, 2006
Contents
| Letter to Shareholders | 1 |
| Performance & Statistics | 2-4 |
| Schedules of Investments | 5-19 |
| Statements of Assets and Liabilities | 20 |
| Statements of Operations | 21 |
| Statements of Changes in Net Assets | 22-23 |
| Notes to Financial Statements | 24-30 |
| Financial Highlights | 31-33 |
| Report of Independent Registered
Public Accounting Firm |
34 |
| Tax
Information/Annual Shareholder Meetings Results |
35 |
| Privacy Policy, Proxy Voting Policies
& Procedures |
36 |
| Dividend Reinvestment Plan | 37 |
| Board of Trustees | 38-39 |
PIMCO
Municipal Income Funds Letter to Shareholders
June 12, 2006
Dear Shareholder:
We are pleased to provide you with the annual report for PIMCO Municipal Income Fund, PIMCO California Municipal Income Fund and PIMCO New York Municipal Income Fund (the ‘‘Funds’’) for the fiscal year ended April 30, 2006.
During the fiscal twelve month period, the Federal Reserve raised short-term interest rates eight times for a total of 200 basis points. These actions, coupled with only modest increases in longer term rates, caused the yield curve to flatten across all fixed income sectors, including national and state-specific municipal bonds.
In this environment, the Funds were able to post positive returns. For the twelve months ended April 30, 2006, PIMCO Municipal Income Fund increased 4.63% on net asset value and 18.13% on market price, outperforming the Lipper Analytical General Municipal Debt Funds (Leveraged) average, which posted returns of 3.86% and 9.25%, respectively. PIMCO California Municipal Income Fund rose 5.62% on net asset value and 18.93% on market price, outperforming the Lipper Analytical California Municipal Debt Funds average which returned 3.85% and 10.14%, respectively. PIMCO New York Municipal Income Fund increased 3.86% on net asset value and 11.45% on market price, compared to returns of 3.88% and 8.09%, respectively for the Lipper Analytical New York Municipal Debt Funds average.
Please review the following pages for specific information on the Funds. 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) 331-1710. You can also find a wide range of information and resources on our Web site at www.allianzinvestors.com/closedendfunds.
Together with Allianz Global Investors Fund Management LLC, the Funds' investment manager, and Pacific Investment Management Company LLC, the Funds' sub-adviser, we thank you for investing with us.
We remain dedicated to serving your investment needs.
Sincerely,
|
|
|
|
|
|
|
 |
|
 |
||||
| Robert
E. Connor Chairman |
|
Brian S. Shlissel President & Chief Executive Officer |
||||
|
||||||
4.30.06 | PIMCO Municipal Income Funds Annual Report 1
PIMCO
Municipal Income Fund
Performance &
Statistics
Symbol:
PMF
Objective:
To provide income exempt from federal income tax.
Primary Investments:
Municipal fixed-income securities, the interest from which is exempt from federal income tax.
Inception Date:
June 29, 2001
Total Net Assets(1):
$555.9 million
Portfolio Manager:
Mark McCray
|
|
|
|
|
|
|
|
|
|
|
| Total Return(2): | |
Market Price | |
Net Asset Value (‘‘NAV’’) | ||||||
| 1 Year | |
18.13% | |
4.63% | ||||||
| 3 Years | |
11.76% | |
8.28% | ||||||
| Commencement of Operations (6/29/01) to 4/30/06 | |
8.63% | |
7.24% | ||||||
|
||||||||||
Common Share Market Price/NAV Performance:
Commencement of Operations (6/29/01) to 4/30/06
|
|
|
|
|
|
|
| Market Price/NAV: | |
|||||
| Market Price | |
$16.22 | ||||
| NAV | |
$14.54 | ||||
| Premium to NAV | |
11.55% | ||||
| Market Price Yield(3) | |
6.01% | ||||
|
||||||
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 more than one year represents the average annual total return. |
|
|
|
| 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 to common shareholders by the market price per common share at April 30, 2006. |
2 PIMCO Municipal Income Funds Annual Report | 4.30.06
PIMCO
California Municipal Income Fund
Performance &
Statistics
Symbol:
PCQ
Objective:
To provide current income exempt from federal and California State income tax.
Primary Investments:
Municipal fixed-income securities, the interest
from which is exempt from federal and California State income
tax.
Inception Date:
June 29, 2001
Total Net Assets(1):
$409.1 million
Portfolio Manager:
Mark McCray
|
|
|
|
|
|
|
|
|
|
|
| Total Return(2): | |
Market Price | |
Net Asset Value (‘‘NAV’’) | ||||||
| 1 Year | |
18.93% | |
5.62% | ||||||
| 3 Years | |
10.90% | |
7.47% | ||||||
| Commencement of Operations (6/29/01) to 4/30/06 | |
7.82% | |
6.77% | ||||||
|
||||||||||
Common Share Market Price/NAV Performance:
Commencement of Operations (6/29/01) to 4/30/06
|
|
|
|
|
|
|
| Market Price/NAV: | |
|||||
| Market Price | |
$15.87 | ||||
| NAV | |
$14.48 | ||||
| Premium to NAV | |
9.60% | ||||
| Market Price Yield(3) | |
5.82% | ||||
|
||||||
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 more than one year represents the average annual total return. |
|
|
|
| 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 to common shareholders by the market price per common share at April 30, 2006. |
4.30.06 | PIMCO Municipal Income Funds Annual Report 3
PIMCO
New York Municipal Income Fund
Performance &
Statistics
Symbol:
PNF
Objective:
To provide current income exempt from federal, New York State and New York City income tax.
Primary Investments:
Municipal fixed-income securities, the interest from which is exempt from federal, New York State and New York City income tax.
Inception Date:
June 29, 2001
Total Net Assets(1):
$163.4 million
Portfolio Manager:
Mark McCray
|
|
|
|
|
|
|
|
|
|
|
| Total Return(2): | |
Market Price | |
Net Asset Value (‘‘NAV’’) | ||||||
| 1 Year | |
11.45% | |
3.86% | ||||||
| 3 Years | |
9.34% | |
6.75% | ||||||
| Commencement of Operations (6/29/01) to 4/30/06 | |
6.01% | |
5.33% | ||||||
|
||||||||||
Common Share Market Price/NAV Performance:
Commencement of Operations (6/29/01) to 4/30/06
|
|
|
|
|
|
|
| Market Price/NAV: | |
|||||
| Market Price | |
$14.56 | ||||
| NAV | |
$13.47 | ||||
| Premium to NAV | |
8.09% | ||||
| Market Price Yield(3) | |
5.77% | ||||
|
||||||
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 more than one year represents the average annual total return. |
|
|
|
| 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 to common shareholders by the market price per common share at April 30, 2006. |
4 PIMCO Municipal Income Funds Annual Report | 4.30.06
PIMCO
Municipal Income Fund
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P)* |
|
Value | |||||||||
|
MUNICIPAL BONDS & NOTES–92.7% |
||||||||||||||
|
Alabama–3.6% |
|
|
|||||||||||
| $ 2,500 | |
Birmingham Baptist Medical Centers Special Care Facs. Financing Auth. Rev., 5.875%, 11/15/24, Ser. A | |
Baa1/NR | |
$ 2,602,225 | ||||||||
| 9,900 | |
Daphne Special Care Facs. Financing Auth. Rev., zero coupon, 8/15/28, (Pre-refunded @ $100, 8/15/08) (a) | |
Aaa/AAA | |
8,905,644 | ||||||||
| 8,000 | |
Huntsville Health Care Auth. Rev., 5.75%, 6/1/31, Ser. A | |
A2/NR | |
8,357,600 | ||||||||
|
|
|
19,865,469 | |||||||||||
|
Alaska–1.1% |
|
|
|||||||||||
| 6,000 | |
Northern Tobacco Securitization Corp. Rev., 5.50%, 6/1/29 | |
Baa3/BBB | |
6,081,840 | ||||||||
|
Arizona–1.0% |
|
|
|||||||||||
| 2,000 | |
Apache Cnty. Industrial Dev. Auth. Rev., Pollution Control Rev., Tucson Electric Power Co., 5.875%, 3/1/33, Ser. B | |
Ba1/B+ | |
2,007,680 | ||||||||
| 3,500 | |
Salt River Project Agricultural Improvement & Power Dist. Rev., 4.75%, 1/1/35, Ser. A | |
Aa2/AA | |
3,513,265 | ||||||||
|
|
|
5,520,945 | |||||||||||
|
California–3.8% |
|
|
|||||||||||
| 10,000 | |
Golden State Tobacco Securitization Corp., Tobacco Settlement Rev., 6.75%, 6/1/39, Ser. 2003-A-1 | |
Baa3/BBB | |
11,139,000 | ||||||||
| 10,000 | |
Riverside Cnty. Public Financing Auth., Tax Allocation, 4.50%, 10/1/30, Ser. A (XLCA) | |
Aaa/AAA | |
9,571,000 | ||||||||
|
|
|
20,710,000 | |||||||||||
|
Colorado–2.3% |
|
|
|||||||||||
|
Denver Health & Hospital Auth. Healthcare Rev., Ser. A, | |
|
|||||||||||
| 2,000 | |
5.375%, 12/1/28 | |
Baa3/BBB | |
1,996,020 | ||||||||
| 1,000 | |
6.00%, 12/1/23 | |
Baa3/BBB | |
1,055,070 | ||||||||
| 12,400 | |
Health Facs. Auth. Retirement Facs. Rev., zero coupon, 7/15/24 | |
NR/AAA | |
5,137,940 | ||||||||
| 4,965 | |
Northwest Parkway Public Highway Auth. Rev., 7.125%, 6/15/41, Ser. D | |
B3/CCC | |
4,586,170 | ||||||||
|
|
|
12,775,200 | |||||||||||
|
Connecticut–0.2% |
|
|
|||||||||||
| 1,000 | |
State Dev. Auth. Pollution Control Rev., 5.85%, 9/1/28 | |
Baa1/BBB– | |
1,055,510 | ||||||||
|
District of Columbia–1.0% |
|
|
|||||||||||
| 5,325 | |
Tobacco Settlement Financing Corp. Rev., 6.25%, 5/15/24 | |
Baa3/BBB | |
5,649,665 | ||||||||
|
Florida–1.8% |
|
|
|||||||||||
| 9,000 | |
Highlands Cnty. Health Facs. Auth. Rev., Adventist Health
System, 6.00%, 11/15/31, Ser. A, (Pre-refunded @ $101, 11/15/11) (a) |
|
A2/A+ | |
10,038,330 | ||||||||
|
Georgia–2.0% |
|
|
|||||||||||
|
Municipal Electric Auth. Power Rev. (MBIA-IBC), | |
|
|||||||||||
| 9,700 | |
5.50%, 1/1/20 | |
Aaa/AAA | |
10,607,823 | ||||||||
| 300 | |
5.50%, 1/1/20, Ser. Z, (Pre-refunded @ $100, 1/1/13) (a) | |
NR/AAA | |
329,997 | ||||||||
|
|
|
10,937,820 | |||||||||||
|
||||||||||||||
4.30.06 | PIMCO Municipal Income Funds Annual Report 5
PIMCO
Municipal Income Fund
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P)* |
|
Value | |||||||||
|
Illinois–12.0% |
|
|
|||||||||||
|
Chicago, GO, Ser. A (FGIC), | |
|
|||||||||||
| $ 2,935 | |
5.375%, 1/1/34 | |
Aaa/AAA | |
$ 3,059,150 | ||||||||
| 6,145 | |
5.375%, 1/1/34, (Pre-refunded @ $101, 1/1/09) (a) | |
Aaa/AAA | |
6,463,803 | ||||||||
| 10,115 | |
Chicago Board of Education, GO, zero coupon, 12/1/31, Ser. A (FGIC) | |
Aaa/AAA | |
2,810,554 | ||||||||
| 2,000 | |
Chicago Water Rev., 5.25%, 11/1/27, (Pre-refunded @ $102, 11/1/07) (FGIC) (a) | |
Aaa/AAA | |
2,085,520 | ||||||||
|
Educational Facs. Auth. Rev., | |
|
|||||||||||
| 1,115 | |
Midwestern Univ., 5.50%, 5/15/18, Ser. B | |
NR/A– | |
1,145,506 | ||||||||
|
Univ. of Chicago, | |
|
|||||||||||
| 190 | |
5.25%, 7/1/41 | |
Aa1/AA | |
197,581 | ||||||||
| 4,810 | |
5.25%, 7/1/41, (Pre-refunded @ $101, 7/1/11) (a) | |
Aa1/AA | |
5,178,304 | ||||||||
|
Finance Auth. Rev., | |
|
|||||||||||
| 5,000 | |
5.50%, 11/15/29, (Pre-refunded @ $101, 11/15/09) (a) | |
A2/A+ | |
5,315,450 | ||||||||
| 1,260 | |
5.65%, 11/15/24, (Pre-refunded @ $101, 11/15/09) (a) | |
A2/A+ | |
1,345,680 | ||||||||
|
Health Facs. Auth. Rev., | |
|
|||||||||||
| 3,000 | |
Decatur Memorial Hospital, 5.75%, 10/1/24 | |
A2/A | |
3,111,120 | ||||||||
| 5,425 | |
Silver Cross Hospital, 5.50%, 8/15/25, (Pre-refunded
@ $101, 8/15/09) (a) |
|
NR/A | |
5,765,148 | ||||||||
|
Lake Cnty. Community High School Dist., GO, Ser. B (FGIC), | |
|
|||||||||||
| 5,000 | |
zero coupon, 2/1/19 | |
Aaa/AAA | |
2,772,850 | ||||||||
| 5,000 | |
zero coupon, 2/1/20 | |
Aaa/AAA | |
2,636,850 | ||||||||
| 5,690 | |
zero coupon, 2/1/22 | |
Aaa/AAA | |
2,717,146 | ||||||||
| 7,345 | |
Regional Transportation Auth. Rev., 5.50%, 6/1/23, Ser. B (FGIC) | |
Aaa/AAA | |
8,326,733 | ||||||||
| 3,000 | |
State Sales Tax Rev., 5.125%, 6/15/20, Ser. 1 | |
Aa3/AAA | |
3,132,060 | ||||||||
| 5,000 | |
Univ. Rev., 5.25%, 4/1/32, Ser. B (FGIC) | |
Aaa/AAA | |
5,167,850 | ||||||||
| 4,000 | |
Winnebago-Boone ETC Cntys. Rock Valley Community College, Dist. No. 511, GO, 5.30%, 10/1/18, (Pre-refunded @ $100, 10/1/10) (FGIC) (a) | |
Aaa/NR | |
4,160,640 | ||||||||
|
|
|
65,391,945 | |||||||||||
|
Indiana–1.8% |
|
|
|||||||||||
| 6,500 | |
Carmel School Building Corp. Rev., 5.00%, 7/15/22 (MBIA) | |
Aaa/AAA | |
6,687,850 | ||||||||
| 1,225 | |
Richland-Bean Blossom School Building Corp. Rev., 5.00%, 1/15/22 (FGIC) | |
Aaa/AA– | |
1,255,319 | ||||||||
| 1,825 | |
Zionsville Community Schools Building Corp. Rev., 5.00%, 7/15/27, Ser. A (FSA) | |
NR/AAA | |
1,870,880 | ||||||||
|
|
|
9,814,049 | |||||||||||
|
Kansas–3.8% |
|
|
|||||||||||
|
Wichita Hospital Rev., | |
|
|||||||||||
| 5,000 | |
5.625%, 11/15/31, Ser. III | |
NR/A+ | |
5,237,450 | ||||||||
| 14,370 | |
6.25%, 11/15/24, Ser. XI | |
NR/A+ | |
15,373,601 | ||||||||
|
|
|
20,611,051 | |||||||||||
|
Kentucky–0.8% |
|
|
|||||||||||
| 3,680 | |
Economic Dev. Finance Auth. Hospital Facs. Rev., St.
Luke's Hospital, 6.00%, 10/1/19 |
|
A3/A | |
4,061,763 | ||||||||
|
||||||||||||||
6 PIMCO Municipal Income Funds Annual Report | 4.30.06
PIMCO
Municipal Income Fund
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P)* |
|
Value | |||||||||
|
Louisiana–6.4% |
|
|
|||||||||||
| $ 4,905 | |
Local Gov't Environmental Facs. & Community Dev. Auth.
Rev., 6.55%, 9/1/25 (ACA) |
|
NR/A | |
$ 5,456,665 | ||||||||
| 27,895 | |
Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. 2001-B | |
Baa3/BBB | |
29,255,718 | ||||||||
|
|
|
34,712,383 | |||||||||||
|
Maryland–0.2% |
|
|
|||||||||||
| 1,150 | |
Baltimore Water Project Rev., 5.125%, 7/1/42, Ser. A (FGIC) | |
Aaa/AAA | |
1,185,730 | ||||||||
|
Massachusetts–1.9% |
|
|
|||||||||||
| 9,000 | |
Commonwealth of Massachusetts Rev., 5.50%, 1/1/34 (FGIC) | |
Aaa/AAA | |
10,331,280 | ||||||||
|
Michigan–4.4% |
|
|
|||||||||||
|
Detroit, GO, Ser. A-1 (MBIA), | |
|
|||||||||||
| 1,000 | |
5.375%, 4/1/15 | |
Aaa/AAA | |
1,064,770 | ||||||||
| 1,000 | |
5.375%, 4/1/17 | |
Aaa/AAA | |
1,061,770 | ||||||||
| 5,650 | |
Forest Hills Public Schools, GO, 5.25%, 5/1/18, (Pre-refunded @ $100, 5/1/10) (a) | |
Aa2/NR | |
5,961,654 | ||||||||
| 3,000 | |
Mount Clemens Community School Dist., GO, 5.00%, 5/1/31 | |
Aa2/AA | |
3,064,980 | ||||||||
| 50 | |
Royal Oak
Hospital Finance Auth. Rev., William Beaumont Hospital, 5.25%, 11/15/35, Ser. M (MBIA) |
|
Aaa/AAA | |
51,350 | ||||||||
| 4,000 | |
State Hospital Finance Auth. Rev., Detroit Medical Center, 6.25%, 8/15/13 | |
Ba3/BB– | |
4,006,520 | ||||||||
| 2,000 | |
State Strategic Fund Ltd. Obligation Rev.,
Detroit Edison Pollution Control Co., 5.45%, 9/1/29 |
|
A3/BBB+ | |
2,072,700 | ||||||||
| 3,000 | |
Taylor Tax Increment Finance Auth., 5.375%, 5/1/17 (FSA) | |
Aaa/AAA | |
3,179,490 | ||||||||
| 6,255 | |
Wayne Charter Cnty. Airport Fac. Rev., 6.75%, 12/1/15 (h) | |
NR/NR | |
3,445,880 | ||||||||
|
|
|
23,909,114 | |||||||||||
|
Minnesota–0.6% |
|
|
|||||||||||
|
Agricultural & Economic Dev. Board Rev., Health Care System, | |
|
|||||||||||
| 95 | |
6.375%, 11/15/29 | |
A2/A | |
104,482 | ||||||||
| 2,905 | |
6.375%, 11/15/29, (Pre-refunded @ $101, 11/15/10) (a) | |
A2/A | |
3,244,711 | ||||||||
|
|
|
3,349,193 | |||||||||||
|
Missouri–0.5% |
|
|
|||||||||||
| 2,500 | |
Interstate 470 & 350 Transportation Dev. Dist. Rev., 6.35%, 5/1/22 | |
NR/NR | |
2,539,625 | ||||||||
|
Nevada–1.4% |
|
|
|||||||||||
| 3,000 | |
Clark Cnty. Rev., 5.25%, 7/1/34, Ser. B, (Pre-refunded @ $100, 7/1/11) (FGIC) (a) | |
Aaa/AAA | |
3,212,130 | ||||||||
| 4,250 | |
Truckee Meadows Water Auth. Rev., 5.25%, 7/1/34, Ser.
A, (Pre-refunded @ $100, 7/1/11) (FSA) (a) |
|
Aaa/AAA | |
4,399,048 | ||||||||
|
|
|
7,611,178 | |||||||||||
|
New Hampshire–0.6% |
|
|
|||||||||||
| 3,000 | |
State Business Finance Auth. Pollution Control Rev., Conn.
Light & Power Co., 5.85%, 12/1/22 |
|
Baa1/BBB– | |
3,170,100 | ||||||||
|
||||||||||||||
4.30.06 | PIMCO Municipal Income Funds Annual Report 7
PIMCO
Municipal Income Fund
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P)* |
|
Value | |||||||||
|
New Jersey–4.0% |
|
|
|||||||||||
|
Camden Cnty., Improvement Auth. Rev., Cooper Health System, | |
|
|||||||||||
| $ 240 | |
5.60%, 2/15/07 | |
Baa3/BBB | |
$ 240,158 | ||||||||
| 875 | |
6.00%, 2/15/27, (Pre-refunded @ $102, 2/15/07) (a) | |
Baa3/BBB | |
907,340 | ||||||||
| 16,550 | |
Economic Dev. Auth., Kapkowski Landfill Project, 5.75%, 4/1/31 | |
Baa3/NR | |
17,569,811 | ||||||||
|
Economic Dev. Auth. Rev., Arbor Glen, | |
|
|||||||||||
| 2,510 | |
5.875%, 5/15/16 | |
NR/NR | |
2,569,638 | ||||||||
| 490 | |
5.875%, 5/15/16, Ser. A, (Pre-refunded @ $102, 5/15/09) (a) | |
NR/NR | |
528,049 | ||||||||
|
|
|
21,814,996 | |||||||||||
|
New Mexico–0.5% |
|
|
|||||||||||
| 2,500 | |
Farmington Pollution Control Rev., 5.80%, 4/1/22 | |
Baa2/BBB | |
2,534,950 | ||||||||
|
New York–2.1% |
|
|
|||||||||||
| 5,000 | |
Liberty Dev. Corp. Rev., Goldman Sachs Headquarters, 5.25%, 10/1/35 | |
Aa3/A+ | |
5,402,100 | ||||||||
| 3,000 | |
New York City Municipal Water Finance Auth.,
Water & Sewer System Rev., 5.00%, 6/15/39, Ser. A |
|
Aa2/AA+ | |
3,070,170 | ||||||||
| 2,875 | |
Westchester Cnty. Healthcare Corp. Rev., 5.875%, 11/1/25, Ser. A | |
Ba2/BB | |
2,896,390 | ||||||||
|
|
|
11,368,660 | |||||||||||
|
North Carolina–0.6% |
|
|
|||||||||||
| 3,000 | |
Capital Facs. Finance Agcy. Rev., Duke Univ. Project, 5.125%, 10/1/41, Ser. A | |
Aa1/AA+ | |
3,078,900 | ||||||||
|
Ohio–1.2% |
|
|
|||||||||||
|
Lorain Cnty. Hospital Rev., Catholic Healthcare Partners, | |
|
|||||||||||
| 2,500 | |
5.625%, 10/1/17 | |
Aa3/AA– | |
2,664,450 | ||||||||
| 2,565 | |
5.75%, 10/1/18 | |
Aa3/AA– | |
2,746,448 | ||||||||
| 1,235 | |
State Turnpike Commission Rev., 5.50%, 2/15/15 | |
Aa3/AA | |
1,314,843 | ||||||||
|
|
|
6,725,741 | |||||||||||
|
Pennsylvania–4.2% |
|
|
|||||||||||
|
Allegheny Cnty., | |
|
|||||||||||
| 5,780 | |
Hospital Dev. Auth. Rev., 9.25%, 11/15/30, Ser. B | |
Ba3/B+ | |
6,900,395 | ||||||||
| 1,000 | |
Industrial Dev. Auth. Rev., USX Corp., 5.60%, 9/1/30 | |
Baa1/BBB+ | |
1,030,420 | ||||||||
| 1,095 | |
Port Auth. Rev., 5.25%, 3/1/20 (FGIC) | |
Aaa/AAA | |
1,154,645 | ||||||||
| 2,575 | |
Delaware Cnty. Auth. College Rev., Neumann College, 5.80%, 10/1/17 | |
NR/BBB– | |
2,673,957 | ||||||||
| 6,200 | |
Higher Educational Facs. Auth. Rev., 6.00%, 1/15/31, Ser. A | |
Aa3/A+ | |
6,733,138 | ||||||||
| 4,610 | |
Philadelphia Hospitals & Higher Education Facs. Hospital Rev., | |
|
||||||||||
|
Temple Univ. Hospital, 6.625%, 11/15/23, Ser. A | |
Baa2/BBB | |
4,617,699 | |||||||||
|
|
|
23,110,254 | |||||||||||
|
Puerto Rico–0.3% |
|
|
|||||||||||
| 1,600 | |
Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN | |
A3/BBB+ | |
1,646,720 | ||||||||
|
Rhode Island–3.5% |
|
|
|||||||||||
| 18,000 | |
Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42, Ser. A | |
Baa3/BBB | |
18,877,680 | ||||||||
|
||||||||||||||
8 PIMCO Municipal Income Funds Annual Report | 4.30.06
PIMCO
Municipal Income Fund
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P)* |
|
Value | |||||||||
|
South Carolina–4.8% |
|
|
|||||||||||
|
Greenwood Cnty. Hospital Rev., Self Memorial Hospital, | |
|
|||||||||||
| $ 3,500 | |
5.50%, 10/1/21 | |
A2/A | |
$ 3,608,640 | ||||||||
| 2,000 | |
5.50%, 10/1/26 | |
A2/A | |
2,063,040 | ||||||||
| 3,000 | |
Jobs Economic Dev. Auth. Hospital Facs. Rev., Georgetown Memorial Hospital, 5.375%, 2/1/30 (Radian) |
|
NR/AA | |
3,111,270 | ||||||||
| 15,600 | |
Tobacco Settlement Rev., Management Auth. Rev., 6.375%, 5/15/30, Ser. B | |
Baa3/BBB | |
17,430,036 | ||||||||
|
|
|
26,212,986 | |||||||||||
|
Tennessee–0.2% |
|
|
|||||||||||
| 940 | |
Memphis Health Educational & Housing Fac., Wesley Housing Corp. Project, 6.95%, 1/1/20 |
|
NR/NR | |
894,340 | ||||||||
|
Texas–12.2% |
|
|
|||||||||||
| 1,750 | |
Austin Convention Enterprises, Inc., 5.75%, 1/1/32, Ser. B | |
A3/NR | |
1,803,112 | ||||||||
| 4,000 | |
Austin Rev., 5.25%, 5/15/31, Ser. A & B (FSA) | |
Aaa/AAA | |
4,130,080 | ||||||||
| 2,935 | |
Bell Cnty. Health Fac. Dev. Corp., 5.25%, 11/15/19 | |
NR/A– | |
2,964,379 | ||||||||
| 10,000 | |
Coppell Independent School Dist., GO, zero coupon, 8/15/29 (PSF-GTD) | |
NR/AAA | |
3,203,000 | ||||||||
|
Corpus Christi Refinance & Improvement, GO (FSA), | |
|
|||||||||||
| 1,125 | |
5.375%, 3/1/18 | |
Aaa/AAA | |
1,191,218 | ||||||||
| 1,740 | |
5.375%, 3/1/18, (Pre-refunded @ $100, 3/1/11) (a) | |
Aaa/AAA | |
1,865,297 | ||||||||
| 3,680 | |
Duncanville Independent School Dist., GO, 5.25%,
2/15/32, Ser. B, (Pre-refunded @ $100, 2/15/12) (PSF-GTD) (a) |
|
Aaa/AAA | |
3,841,773 | ||||||||
|
Harris Cnty. Health Facs. Dev. Corp. Rev., | |
|
|||||||||||
| 5,000 | |
Christus Health,
5.375%, 7/1/29, Ser. A, (Pre-refunded @ $101, 7/1/09) (MBIA) (a) |
|
Aaa/AAA | |
5,296,550 | ||||||||
| 7,000 | |
Memorial Hermann Healthcare,
6.375%, 6/1/29, (Pre-refunded @ $101, 6/1/11) (a) |
|
A2/A | |
7,889,770 | ||||||||
| 1,840 | |
Houston, CP, 6.25%, 12/15/12, Ser. J (AMBAC) | |
Aaa/AAA | |
2,079,642 | ||||||||
| 2,000 | |
Mansfield Independent School Dist., GO, 5.25%, 2/15/23 (PSF-GTD) | |
Aaa/AAA | |
2,090,900 | ||||||||
| 4,380 | |
Southlake Park Dev. Corp. Rev., 5.60%,
8/15/31, (Pre-refunded @ $100, 2/15/11) (AMBAC) (a) |
|
Aaa/AAA | |
4,623,484 | ||||||||
| 4,530 | |
State, GO, 5.30%, 8/1/18, Ser. A | |
Aa1/AA | |
4,770,181 | ||||||||
| 19,990 | |
State Turnpike Auth. Rev., zero coupon, 8/15/25, Ser. A (AMBAC) | |
Aaa/AAA | |
8,024,186 | ||||||||
| 4,920 | |
Univ. Rev., 5.00%, 7/1/26, Ser. B | |
Aaa/AAA | |
5,106,615 | ||||||||
| 7,450 | |
Water Dev. Board Rev., 5.125%, 7/15/18 | |
Aaa/AAA | |
7,517,646 | ||||||||
|
|
|
66,397,833 | |||||||||||
|
Utah–1.3% |
|
|
|||||||||||
| 7,000 | |
Salt Lake Cnty. Hospital Rev., IHC Health Services, 5.125%, 2/15/33 (AMBAC) | |
Aaa/AAA | |
7,195,020 | ||||||||
|
Washington–2.3% |
|
|
|||||||||||
|
Cowlitz Cnty. School Dist. No. 458 Kelso, GO (FSA), | |
|
|||||||||||
| 910 | |
5.625%, 12/1/14, | |
NR/NR | |
992,264 | ||||||||
| 985 | |
5.625%, 12/1/14, (Pre-refunded @ $100, 12/01/11) (a) | |
NR/NR | |
1,075,590 | ||||||||
| 1,225 | |
5.625%, 12/1/16, (Pre-refunded @ $100, 12/01/11) (a) | |
Aaa/NR | |
1,337,663 | ||||||||
|
||||||||||||||
4.30.06 | PIMCO Municipal Income Funds Annual Report 9
PIMCO
Municipal Income Fund
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P)* |
|
Value | |||||||||
|
Washington (continued) |
|
|
|||||||||||
| $ 3,415 | |
Kent, GO, 5.375%, 12/1/20 (MBIA) | |
NR/NR | |
$ 3,638,034 | ||||||||
| 5,420 | |
King Cnty. School Dist. No. 1 Seattle, GO,
5.25%, 12/1/21, Ser. A (MBIA) |
|
Aaa/AAA | |
5,700,214 | ||||||||
|
|
|
12,743,765 | |||||||||||
|
Wisconsin–4.3% |
|
|
|||||||||||
|
Badger Tobacco Asset Securitization Corp., | |
|
|||||||||||
| 5,000 | |
5.75%, 6/1/12 | |
Baa3/BBB | |
5,274,550 | ||||||||
| 9,785 | |
6.00%, 6/1/17 | |
Baa3/BBB | |
10,276,305 | ||||||||
| 3,515 | |
State, GO, 5.00%, 5/1/22, Ser. A (FGIC) | |
Aaa/AAA | |
3,647,551 | ||||||||
| 2,230 | |
State Health & Educational Facs. Auth. Rev., Kenosha Hospital
& Medical Center, 5.625%, 5/15/29 |
|
NR/A | |
2,270,519 | ||||||||
| 2,250 | |
Wisconsin Health & Educational Facs. Auth., Divine Savior Healthcare Rev., 5.00%, 5/1/32 |
|
NR/BBB | |
2,195,640 | ||||||||
|
|
|
23,664,565 | |||||||||||
|
Total Municipal Bonds & Notes (cost–$481,453,395) | |
|
505,588,600 | ||||||||||
|
VARIABLE RATE NOTES (b)(c)(d)–4.7% |
||||||||||||||
|
Hawaii–0.3% |
|
|
|||||||||||
| 1,388 | |
City & Cnty. of Honolulu Rev., 8.72%, 7/1/23, Ser. 400 (FGIC) | |
Aaa/NR | |
1,637,097 | ||||||||
|
Illinois–1.1% |
|
|
|||||||||||
| 2,902 | |
Cook Cnty., GO, 8.76%, 11/15/28, Ser. 458 (FGIC) | |
Aaa/NR | |
3,298,343 | ||||||||
| 2,765 | |
Educational Facs. Auth. Rev., 9.587%, 7/1/38 | |
NR/AA | |
3,042,385 | ||||||||
|
|
|
6,340,728 | |||||||||||
|
Massachusetts–0.5% |
|
|
|||||||||||
| 2,000 | |
State Health & Educational Facs. Auth. Rev., 12.762%, 7/1/32 | |
NR/NR | |
2,754,000 | ||||||||
|
Nevada–0.5% |
|
|
|||||||||||
| 2,440 | |
Washoe Cnty., GO, 8.784%, 1/1/35, Ser. 1241 (MBIA) | |
Aaa/AAA | |
2,816,029 | ||||||||
|
New York–0.6% |
|
|
|||||||||||
| 224 | |
New York City Municipal Water Finance Auth., Water & Sewer System Rev., 8.87%, 6/15/37, Ser. 1226 |
|
Aa2/NR | |
254,475 | ||||||||
| 2,600 | |
New York City Municipal Water Finance Auth. Rev., 8.933%, 6/15/26 | |
NR/AA+ | |
3,007,290 | ||||||||
|
|
|
3,261,765 | |||||||||||
|
Texas–1.3% |
|
|
|||||||||||
|
Harris Cnty. Health Facs. Dev. Corp. Rev., | |
|
|||||||||||
| 3,595 | |
10.64%, 7/1/29, Ser. 357 (MBIA) | |
Aaa/NR | |
4,661,097 | ||||||||
| 1,720 | |
10.754%, 2/15/26 | |
NR/AA– | |
2,342,296 | ||||||||
|
|
|
7,003,393 | |||||||||||
|
Washington–0.4% |
|
|
|||||||||||
| 1,800 | |
Seattle, GO, 9.39%, 12/15/28, Ser. 348 | |
Aa1/NR | |
2,017,260 | ||||||||
|
Total Variable Rate Notes (cost–$20,842,533) | |
|
25,830,272 | ||||||||||
|
||||||||||||||
10 PIMCO Municipal Income Funds Annual Report | 4.30.06
PIMCO
Municipal Income Fund
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P)* |
|
Value | |||||||||
|
VARIABLE RATE DEMAND NOTES (d)(e)–2.1% |
||||||||||||||
|
Alaska–0.5% |
|
|
|||||||||||
|
Valdez Rev., | |
|
|||||||||||
| $ 2,300 | |
3.63%, 5/1/06 | |
VMIG1/A-1+ | |
$ 2,300,000 | ||||||||
| 200 | |
3.77%, 5/1/06 | |
VMIG1/A-1+ | |
200,000 | ||||||||
|
|
|
2,500,000 | |||||||||||
|
California–0.0% |
|
|
|||||||||||
| 220 | |
State of California, Daily Kindergarten Univ., GO, 3.75%, 5/1/06 | |
VMIG1/A-1+ | |
220,000 | ||||||||
|
Indiana–0.0% |
|
|
|||||||||||
| 100 | |
Indiana Health Fac. Financing Auth. Rev., 3.83%, 5/1/06 | |
VMIG1/A-1 | |
100,000 | ||||||||
|
Michigan–0.8% |
|
|
|||||||||||
| 4,065 | |
Univ. of Michigan Rev., 3.76%, 5/1/06, Ser. A | |
VMIG1/A-1+ | |
4,065,000 | ||||||||
|
New York–0.8% |
|
|
|||||||||||
| 4,600 | |
New York City Transitional Finance Auth., 3.76%, 5/1/06, Ser. 1 | |
VMIG1/A-1+ | |
4,600,000 | ||||||||
|
Total Variable Rate Demand Notes (cost–$11,485,000) | |
|
11,485,000 | ||||||||||
|
U.S. TREASURY BILLS (f)–0.6% |
||||||||||||||
| 3,405 | |
4.49%-4.58%, 6/1/06-6/15/06 (cost–$3,387,024) | |
|
3,387,024 | |||||||||
|
OPTIONS PURCHASED (g)–0.0% |
||||||||||||||
| Contracts | |
|
|
|||||||||||
|
Put Options–0.0% |
|
|
|||||||||||
|
Eurodollar Futures, Chicago Mercantile Exchange, | |
|
|||||||||||
| 125 | |
strike price $92, expires 3/19/07 (cost–$1,188) | |
|
781 | |||||||||
|
Total Investments before options written (cost–$517,169,140)–100.1% | |
546,291,677 | |||||||||||
|
OPTIONS WRITTEN (g)–(0.1)% |
||||||||||||||
|
Call Options–(0.0)% |
|
|
|||||||||||
|
U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade, | |
|
|||||||||||
| 700 | |
strike price $110, expires 5/26/06 | |
|
(10,938) | |||||||||
|
Put Options–(0.1)% |
|
|
|||||||||||
|
U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade, | |
|
|||||||||||
| 741 | |
strike price $105, expires 5/26/06 | |
|
(185,250) | |||||||||
| 700 | |
strike price $106, expires 5/26/06 | |
|
(492,187) | |||||||||
|
|
|
(677,437) | |||||||||||
|
Total Options Written (premiums received–$544,557) | |
|
(688,375) | ||||||||||
|
Total Investments net of options written (cost–$516,624,583)–100.0% | |
$545,603,302 | |||||||||||
|
||||||||||||||
See accompanying Notes to Financial Statements | 4.30.06 | PIMCO Municipal Income Funds Annual Report 11
PIMCO
California Municipal Income Fund
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P)* |
|
Value | |||||||||
|
CALIFORNIA MUNICIPAL BONDS & NOTES–88.6% |
||||||||||||||
|
ABAG Finance Auth. for Nonprofit Corps., | |
|
|||||||||||
| $1,000 | |
CP, 5.375%, 2/15/19 | |
NR/BBB | |
$ 1,038,950 | ||||||||
| 1,000 | |
Rev., 5.375%, 11/15/25 (CA Mtg. Ins.) | |
NR/A | |
1,043,730 | ||||||||
| 1,385 | |
Alvord Unified School Dist., GO, 5.375%, 8/1/29, Ser. C (FSA) | |
Aaa/NR | |
1,396,108 | ||||||||
| 8,000 | |
California Cnty., Tobacco Settlement Rev., zero coupon, 6/1/28 | |
Baa3/NR | |
6,295,360 | ||||||||
| 6,405 | |
Campbell Union High School Dist., GO, 5.50%, 8/1/30, (FSA) | |
Aaa/NR | |
6,821,005 | ||||||||
| 2,250 | |
Capistrano Unified School Dist., Special Tax, 5.75%,
9/1/29, (Pre-refunded @ $102, 9/1/09) (a) |
|
NR/NR | |
2,433,622 | ||||||||
|
Carson, Improvement Board Act 1915, Special Assessment, | |
|
|||||||||||
| 3,250 | |
6.35%, 9/2/23 | |
NR/NR | |
3,356,958 | ||||||||
| 5,000 | |
6.375%, 9/2/31 | |
NR/NR | |
5,163,600 | ||||||||
| 5,250 | |
Central JT Powers Health Financing Auth., CP, 5.75%, 2/1/31 | |
Baa2/BBB– | |
5,336,625 | ||||||||
| 4,140 | |
Charter Oak Unified School Dist., GO,
5.00%, 7/1/28, Ser. B, (Pre-refunded @ $100, 7/1/13) (FSA) (a) |
|
Aaa/AAA | |
4,437,997 | ||||||||
|
Contra Costa Cnty. Public Financing Auth., Tax Allocation, | |
|
|||||||||||
| 2,150 | |
5.125%, 8/1/19 | |
NR/BBB | |
2,202,912 | ||||||||
| 600 | |
5.125%, 8/1/19, (Pre-refunded @ $102, 8/1/09) (a) | |
NR/BBB | |
636,726 | ||||||||
| 5,000 | |
5.85%, 8/1/33 | |
NR/BBB | |
5,221,250 | ||||||||
| 2,750 | |
CSUCI Financing Auth. Rev., 5.00%, 9/1/31, Ser. A (MBIA) | |
Aaa/AAA | |
2,811,710 | ||||||||
| 3,635 | |
Cucamonga Cnty. Water Dist., CP, 5.125%, 9/1/35 (FGIC) | |
Aaa/AAA | |
3,722,458 | ||||||||
|
East Side Union High School Dist.-Santa Clara
Cnty., GO, Ser. E (XLCA), |
|
|
|||||||||||
| 1,985 | |
zero coupon, 8/1/21 | |
Aaa/AAA | |
918,440 | ||||||||
| 1,490 | |
zero coupon, 8/1/22 | |
Aaa/AAA | |
649,223 | ||||||||
|
El Monte, CP (AMBAC), | |
|
|||||||||||
| 10,790 | |
4.75%, 6/1/30 | |
Aaa/AAA | |
10,833,052 | ||||||||
| 14,425 | |
5.25%, 1/1/34 | |
Aaa/AAA | |
14,954,253 | ||||||||
|
Foothill/Eastern Corridor Agcy. Rev., Toll Road Rev., | |
|
|||||||||||
| 5,000 | |
zero coupon, 1/15/33 | |
Baa3/BBB– | |
1,036,200 | ||||||||
| 5,000 | |
zero coupon, 1/15/34 | |
Baa3/BBB– | |
974,000 | ||||||||
|
Fremont Community Dist., Special Tax, | |
|
|||||||||||
| 165 | |
6.00%, 9/1/18 | |
NR/NR | |
169,440 | ||||||||
| 505 | |
6.00%, 9/1/19 | |
NR/NR | |
516,479 | ||||||||
| 3,500 | |
6.30%, 9/1/31 | |
NR/NR | |
3,577,595 | ||||||||
|
Golden State Tobacco Securitization Corp. Rev., | |
|
|||||||||||
| 17,500 | |
6.25%, 6/1/33, Ser. 2003-A-1 | |
Baa3/BBB | |
19,039,475 | ||||||||
| 10,155 | |
6.75%, 6/1/39, Ser. 2003-A-1 | |
Baa3/BBB | |
11,311,654 | ||||||||
| 540 | |
7.875%, 6/1/42, Ser. A-3 | |
Baa3/BBB | |
642,902 | ||||||||
| 1,000 | |
Health Facs. Finance Auth. Rev., Catholic Healthcare West, 5.00%, 7/1/28, (Pre-refunded @ $101, 7/1/08) (a) |
|
A3/A– | |
967,405 | ||||||||
|
||||||||||||||
12 PIMCO Municipal Income Funds Annual Report | 4.30.06
PIMCO
California Municipal Income Fund
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P)* |
|
Value | |||||||||
|
Health Facs. Financing Auth. Rev., | |
|
|||||||||||
| $1,980 | |
5.00%, 7/1/18 | |
A3/A– | |
$ 2,031,619 | ||||||||
| 130 | |
5.00%, 7/1/18, (Pre-refunded @ $101, 7/1/08) (a) | |
A3/A– | |
134,949 | ||||||||
| 5,315 | |
5.125%, 7/1/18 | |
NR/BBB+ | |
5,360,549 | ||||||||
| 3,000 | |
5.25%, 10/1/14, Ser. B | |
A3/AAA | |
3,142,200 | ||||||||
| 6,250 | |
Infrastructure & Economic Dev. Bank Rev., Bay Area Toll
Bridges, 5.00%, 7/1/36, (Pre-refunded @ $100, 1/1/28) (AMBAC) (a) |
|
Aaa/AAA | |
6,688,188 | ||||||||
|
La Quinta Redev. Agcy., Tax Allocation (AMBAC), | |
|
|||||||||||
| 3,000 | |
5.00%, 9/1/21 | |
Aaa/AAA | |
3,090,690 | ||||||||
| 10,000 | |
5.10%, 9/1/31 | |
Aaa/AAA | |
10,220,000 | ||||||||
| 1,000 | |
5.125%, 9/1/32 | |
Aaa/AAA | |
1,032,420 | ||||||||
| 1,500 | |
Lincoln Public Financing Auth. Rev., Twelve Bridges Ltd., 6.125%, 9/2/27 |
|
NR/NR | |
1,532,955 | ||||||||
| 6,250 | |
Los Angeles Cnty. Metropolitan Transportation
Auth. Rev., 4.75%, 7/1/28, Ser. B, (Pre-refunded @ $101, 7/1/09) (FSA) (a) |
|
Aaa/AAA | |
6,524,250 | ||||||||
|
Los Angeles Community Redev. Agcy., Tax Allocation, | |
|
|||||||||||
| 520 | |
5.875%, 9/1/26 | |
NR/NR | |
515,871 | ||||||||
| 325 | |
6.00%, 9/1/31 | |
NR/NR | |
323,290 | ||||||||
| 3,250 | |
Los Angeles Unified School Dist., GO, 5.125%, 7/1/21, Ser. E (MBIA) |
|
Aaa/AAA | |
3,404,342 | ||||||||
| 12,000 | |
Los Angeles Water & Power Rev., 5.25%, 7/1/21, Ser. A-A-1 (FSA) | |
Aaa/AAA | |
12,658,200 | ||||||||
| 3,500 | |
Metropolitan Water Dist. of Southern California Rev., Water Works Rev., 5.00%, 7/1/26, Ser. A, (Pre-refunded @ $101, 1/1/08) (a) |
|
Aa2/AAA | |
3,613,996 | ||||||||
| 5,820 | |
Montclair Redev. Agcy., Tax Allocation, 5.30%, 10/1/30 (MBIA) | |
Aaa/AAA | |
6,159,597 | ||||||||
|
Murrieta Valley Unified School Dist., Special Tax, | |
|
|||||||||||
| 195 | |
6.30%, 9/1/18 | |
NR/NR | |
200,292 | ||||||||
| 3,535 | |
6.50%, 9/1/31 | |
NR/NR | |
3,641,757 | ||||||||
| 6,255 | |
Orange Cnty. Sanitation Dist., CP, 5.25%, 2/1/30 (FGIC) | |
Aaa/AAA | |
6,569,439 | ||||||||
| 1,080 | |
Palm Springs Community Redev. Agcy., Tax Allocation, 5.50%, 8/1/21 |
|
NR/A– | |
1,129,766 | ||||||||
| 1,010 | |
Pomona Unified School Dist., GO, 6.10%, 2/1/19, Ser. A (MBIA) | |
Aaa/AAA | |
1,186,871 | ||||||||
| 1,690 | |
Rancho Etiwanda Public Facs., Special Tax, 6.375%, 9/1/24 | |
NR/NR | |
1,738,148 | ||||||||
|
Rancho Mirage Redev. Agcy., Tax Allocation, | |
|
|||||||||||
| 1,190 | |
5.50%, 4/1/24 | |
Baa1/BBB+ | |
1,240,456 | ||||||||
| 1,580 | |
5.625%, 4/1/33 | |
Baa1/BBB+ | |
1,641,383 | ||||||||
|
Riverside, Improvement Board Act 1915, Special Assessment, | |
|
|||||||||||
| 500 | |
6.15%, 9/2/19 | |
NR/NR | |
531,585 | ||||||||
| 1,350 | |
6.375%, 9/2/26 | |
NR/NR | |
1,442,340 | ||||||||
| 8,305 | |
Riverside Cnty., CP, 5.125%, 11/1/30 (MBIA) | |
Aaa/AAA | |
8,562,787 | ||||||||
|
Riverside Cnty. Public Auth. Financing, Tax Allocation, | |
|
|||||||||||
| 185 | |
5.625%, 10/1/33 | |
Baa2/A | |
189,795 | ||||||||
| 815 | |
5.625%, 10/1/33, (Pre-refunded @ $102, 10/1/06) (a) | |
Baa2/A | |
837,690 | ||||||||
| 575 | |
Roseville, Woodcreek Community Fac. Dist.,
Special Tax, 6.375%, 9/1/27, (Pre-refunded @ $102, 9/1/10) (a) |
|
NR/NR | |
645,765 | ||||||||
|
||||||||||||||
4.30.06 | PIMCO Municipal Income Funds Annual Report 13
PIMCO
California Municipal Income Fund
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P)* |
|
Value | |||||||||
|
Sacramento, Special Tax, | |
|
|||||||||||
| $2,945 | |
5.70%, 9/1/23 | |
NR/NR | |
$ 2,989,970 | ||||||||
| 1,350 | |
6.10%, 9/1/21 | |
NR/NR | |
1,380,604 | ||||||||
| 2,560 | |
6.15%, 9/1/26 | |
NR/NR | |
2,622,669 | ||||||||
| 2,000 | |
Sacramento Health Fac. Rev., 5.30%, 1/1/24, Ser. A (CA Mtg. Ins.) |
|
NR/A | |
2,054,240 | ||||||||
| 545 | |
San Diego Cnty., CP, 5.25%, 10/1/28 | |
A2/NR | |
561,514 | ||||||||
| 1,000 | |
San Diego Cnty. Water Auth., CP, 5.00%, 5/1/32, Ser. A (MBIA) | |
Aaa/AAA | |
1,023,150 | ||||||||
| 3,330 | |
San Francisco Bay Area Rapid Transit Dist. Rev., 5.125%, 7/1/36 (AMBAC) | |
Aaa/AAA | |
3,409,287 | ||||||||
| 720 | |
San Francisco City & Cnty. Redev. Agcy. Rev., Special Tax, 6.125%, 8/1/31 | |
NR/NR | |
748,822 | ||||||||
| 5,065 | |
San Joaquin Cnty., CP, 5.00%, 9/1/20 (MBIA) | |
Aaa/AAA | |
5,220,698 | ||||||||
|
San Joaquin Hills Transportation Corridor Agcy. Toll Road Rev., Ser. A, | |
|
|||||||||||
| 5,000 | |
zero coupon, 1/15/19 | |
Ba2/B | |
4,753,900 | ||||||||
| 5,000 | |
5.50%, 1/15/28 | |
Ba2/B | |
4,932,850 | ||||||||
| 230 | |
San Jose, Improved Board Act 1915, Special Assessment, 5.60%, 9/2/17, Ser. Q |
|
NR/NR | |
237,093 | ||||||||
| 5,000 | |
San Jose Unified School Dist., Santa Clara
Cnty., GO, 5.125%, 8/1/25, Ser. D, (Pre-refunded @ $101, 8/1/10) (FSA) (a) |
|
Aaa/AAA | |
5,340,350 | ||||||||
|
San Juan Unified School Dist., GO (FSA), | |
|
|||||||||||
| 9,445 | |
zero coupon, 8/1/22 | |
Aaa/AAA | |
4,350,084 | ||||||||
| 10,895 | |
zero coupon, 8/1/25 | |
Aaa/AAA | |
4,299,821 | ||||||||
| 6,110 | |
zero coupon, 8/1/26 | |
Aaa/AAA | |
2,284,040 | ||||||||
| 600 | |
Santa Ana Financing Auth. Rev., 5.60%, 9/1/19 | |
NR/BBB | |
623,502 | ||||||||
| 1,815 | |
Santa Clara, CP, 5.00%, 2/1/32 (AMBAC) | |
Aaa/AAA | |
1,861,845 | ||||||||
| 1,435 | |
Santa Maria JT Union High School Dist., GO,
5.25%, 8/1/25, Ser. A, (Pre-refunded @ $102, 8/1/15) (FSA)(a) |
|
Aaa/AAA | |
1,550,116 | ||||||||
| 500 | |
State Department of Water Rev., Central Valley
Project, 5.00%, 12/1/25, Ser. AC (MBIA) |
|
Aaa/AAA | |
519,775 | ||||||||
|
Statewide Community Dev. Auth., CP, | |
|
|||||||||||
| 8,000 | |
5.375%, 4/1/30 | |
NR/BBB | |
7,972,880 | ||||||||
| 2,325 | |
6.50%, 7/1/20 | |
A3/A– | |
2,522,486 | ||||||||
| 5,675 | |
6.50%, 7/1/20, (Pre-refunded @ $101, 7/1/10) (a) | |
A3/A– | |
6,319,340 | ||||||||
|
Statewide Community Dev. Auth. Rev., | |
|
|||||||||||
| 15,250 | |
5.125%, 10/1/30 (CA Mtg. Ins.) | |
NR/A | |
15,456,332 | ||||||||
| 3,000 | |
5.50%, 11/15/33 (CA ST Mtg.) | |
NR/A | |
3,158,490 | ||||||||
| 4,000 | |
5.50%, 8/15/34, Ser. B | |
Aa3/AA– | |
4,150,040 | ||||||||
| 5,600 | |
6.625%, 10/1/31 | |
NR/NR | |
5,694,752 | ||||||||
| 4,300 | |
6.625%, 11/1/31 | |
NR/NR | |
4,292,088 | ||||||||
| 2,550 | |
6.75%, 6/1/28 | |
NR/NR | |
2,638,179 | ||||||||
|
Tobacco Securitization Auth. Rev., Ser. A, (Pre-refunded @ $100, 6/1/11) (a) |
|
|
|||||||||||
| 1,500 | |
5.25%, 6/1/31 | |
Aaa/AAA | |
1,608,120 | ||||||||
| 9,300 | |
5.375%, 6/1/41 | |
Aaa/AAA | |
10,023,726 | ||||||||
|
||||||||||||||
14 PIMCO Municipal Income Funds Annual Report | 4.30.06
PIMCO
California Municipal Income Fund
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P)* |
|
Value | |||||||||
| $1,650 | |
Town of Apple Valley, CP, 5.375%, 6/1/21 (CA Mtg. Ins.) | |
NR/A | |
$ 1,731,329 | ||||||||
|
Tustin Unified School Dist., Special Tax, | |
|
|||||||||||
| 2,345 | |
5.50%, 9/1/22 | |
NR/NR | |
2,337,308 | ||||||||
| 2,520 | |
5.60%, 9/1/29 | |
NR/NR | |
2,538,598 | ||||||||
| 2,000 | |
5.625%, 9/1/32 | |
NR/NR | |
2,012,340 | ||||||||
|
University Rev., | |
|
|||||||||||
| 10,000 | |
5.00%, 5/15/36, Ser. A (AMBAC) | |
Aaa/AAA | |
10,219,800 | ||||||||
| 7,000 | |
5.125%, 9/1/31, Ser. O (FGIC) | |
Aaa/AAA | |
7,272,370 | ||||||||
| 3,750 | |
West Kern Cnty. Water Dist., CP, 5.625%, 6/1/31, (Pre-refunded @ $101, 6/1/10) (a) |
|
Baa2/NR | |
4,053,075 | ||||||||
|
Total California Municipal Bonds & Notes (cost–$337,181,089) | |
|
358,265,902 | ||||||||||
|
OTHER MUNICIPAL BONDS & NOTES–8.8% |
||||||||||||||
|
Alabama–0.6% | |
|
|||||||||||
| 2,900 | |
Daphne Special Care Facs. Financing Auth. Rev., zero coupon, 8/15/28 (Pre-refunded @ $100, 8/15/08) (a) |
|
Aaa/AAA | |
2,608,724 | ||||||||
|
Illinois–1.4% | |
|
|||||||||||
|
Educational Facs. Auth. Rev., Univ. of Chicago, | |
|
|||||||||||
| 5,260 | |
5.00%, 7/1/33 | |
Aa1/AA | |
5,393,288 | ||||||||
| 240 | |
5.00%, 7/1/33, (Pre-refunded @ $100, 7/1/13) (a) | |
Aa1/AA | |
255,727 | ||||||||
|
|
|
5,649,015 | |||||||||||
|
Iowa–2.0% | |
|
|||||||||||
| 8,700 | |
Tobacco Settlement Auth. Rev., zero coupon, 6/1/34, Ser. B | |
Baa3/BBB | |
8,101,788 | ||||||||
|
Louisiana–0.5% | |
|
|||||||||||
| 1,750 | |
Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. 2001B | |
Baa3/BBB | |
1,835,365 | ||||||||
|
New Jersey–1.6% | |
|
|||||||||||
|
Tobacco Settlement Financing Corp. Rev., | |
|
|||||||||||
| 1,685 | |
6.00%, 6/1/37 | |
Baa3/BBB | |
1,762,426 | ||||||||
| 2,210 | |
6.125%, 6/1/42 | |
Baa3/BBB | |
2,322,290 | ||||||||
| 2,315 | |
6.375%, 6/1/32 | |
Baa3/BBB | |
2,518,488 | ||||||||
|
|
|
6,603,204 | |||||||||||
|
New York–0.6% | |
|
|||||||||||
| 2,000 | |
State Dormitory Auth. Rev., 6.25%, 8/15/15 (FHA) | |
Aa2/AAA | |
2,261,920 | ||||||||
|
Puerto Rico–1.6% | |
|
|||||||||||
|
Electric Power Auth., Power Rev., | |
|
|||||||||||
| 1,250 | |
5.125%, 7/1/29, Ser. NN | |
A3/BBB+ | |
1,286,500 | ||||||||
| 5,000 | |
5.25%, 7/1/29, Ser. HH (FSA) | |
Aaa/AAA | |
5,299,250 | ||||||||
|
|
|
6,585,750 | |||||||||||
|
Rhode Island–0.4% | |
|
|||||||||||
| 1,500 | |
Tobacco Settlement Financing Corp. Rev., 6.125%, 6/1/32, Ser. A | |
Baa3/BBB | |
1,571,445 | ||||||||
|
||||||||||||||
4.30.06 | PIMCO Municipal Income Funds Annual Report 15
PIMCO
California Municipal Income Fund
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P)* |
|
Value | |||||||||
|
South Carolina–0.1% | |
|
|||||||||||
| $ 340 | |
Tobacco Settlement Rev. Management Auth., 6.375%, 5/15/30, Ser. B |
|
Baa3/BBB | |
$379,886 | ||||||||
|
Total Other Municipal Bonds & Notes (cost–$33,106,099) | |
|
35,597,097 | ||||||||||
|
|
|
||||||||||||
|
CALIFORNIA VARIABLE RATE NOTES (b)(c)(d)–2.2% |
||||||||||||||
| 4,001 | |
Los Angeles Wastewater System Rev., 8.88%, 6/1/28, Ser. 318 (FGIC) | |
Aaa/NR | |
4,762,390 | ||||||||
| 1,000 | |
Los Angeles Water & Power Rev., 7.66%, 7/1/30, Ser. 1243 (FSA) | |
Aaa/AAA | |
1,047,800 | ||||||||
| 1,000 | |
Sacramento Cnty. Sanitation Dist. Rev., 8.652%, 8/1/13, Ser. 1034 (MBIA) | |
Aa/AAA | |
1,175,550 | ||||||||
| 2,000 | |
University Rev., 7.64%, 5/15/35, Ser. 1119 (FSA) | |
NR/AAA | |
2,019,700 | ||||||||
|
Total California Variable Rate Notes (cost–$8,148,232) | |
|
9,005,440 | ||||||||||
|
U.S. TREASURY BILLS (f)–0.4% |
||||||||||||||
| 1,650 | |
4.46%-4.58%, 6/1/06-6/15/06 (cost–$1,640,827) | |
|
1,640,827 | |||||||||
|
Total Investments before options written (cost–$380,076,247)–100.0% | |
404,509,266 | |||||||||||
|
OPTIONS WRITTEN (g)–(0.0)% |
||||||||||||||
| Contracts | |
|
|
|||||||||||
|
Call Options–(0.0)% | |
|
|||||||||||
|
U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade, | |
|
|||||||||||
| 190 | |
strike price $110, expires 5/26/06 | |
|
(2,969) | |||||||||
|
|
|
||||||||||||
|
Put Options–(0.0)% | |
|
|||||||||||
|
U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade, | |
|
|||||||||||
| 175 | |
strike price $105, expires 5/26/06 | |
|
(43,750) | |||||||||
| 190 | |
strike price $106, expires 5/26/06 | |
|
(133,593) | |||||||||
|
|
|
(177,343) | |||||||||||
|
Total Options Written (premiums received–$139,915) | |
|
(180,312) | ||||||||||
|
Total Investments net of options written (cost–$379,936,332)–100.0% | |
$404,328,954 | |||||||||||
|
||||||||||||||
16 PIMCO Municipal Income Funds Annual Report | 4.30.06 | See accompanying Notes to Financial Statements
PIMCO
New York Municipal Income Fund
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P)* |
|
Value | |||||||||
|
NEW YORK MUNICIPAL BONDS & NOTES–79.1% |
||||||||||||||
| $3,265 | |
Albany Industrial Dev. Agcy. Civic Fac. Rev., 5.30%, 4/1/29, Ser. A | |
Baa3/NR | |
$ 3,352,371 | ||||||||
| 1,600 | |
Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev., 6.00%, 11/15/36 | |
NR/NR | |
1,655,648 | ||||||||
| 1,000 | |
Long Island Power Auth. Electric System Rev., 5.375%, 5/1/33, Ser. L | |
A3/A– | |
1,041,470 | ||||||||
|
Metropolitan Transportation Auth. NY Service Contract Rev., Ser. A, | |
|
|||||||||||
| 6,040 | |
5.00%, 7/1/25 (FGIC) | |
Aaa/AAA | |
6,256,474 | ||||||||
| 8,150 | |
5.00%, 7/1/30 (AMBAC) | |
Aaa/AAA | |
8,375,511 | ||||||||
| 1,375 | |
5.125%, 1/1/29 | |
A1/AA– | |
1,427,456 | ||||||||
| 1,500 | |
Monroe Tobacco Asset Securitization Corp., Tobacco Settlement
Rev., 6.375%, 6/1/35, (Pre-refunded @ $101, 6/1/10) (a) |
|
Aaa/AAA | |
1,666,455 | ||||||||
|
New York City, GO, Ser. J, | |
|
|||||||||||
| 4,945 | |
5.125%, 5/15/29 (MBIA) | |
AAA/AAA | |
5,127,520 | ||||||||
| 55 | |
5.125%, 5/15/29, (Pre-refunded @ $101, 5/15/09) (MBIA)(a) | |
AAA/AAA | |
57,802 | ||||||||
| 300 | |
5.25%, 6/1/28 | |
A1/A+ | |
314,238 | ||||||||
|
New York City Municipal Water Finance Auth., Water & Sewer System Rev., | |
|
|||||||||||
| 7,605 | |
4.75%, 6/15/31, Ser. A (FGIC) | |
Aaa/AAA | |
7,632,986 | ||||||||
| 7,000 | |
5.125%, 6/15/21, Ser. A (AMBAC-TCRS) | |
Aaa/AAA | |
7,171,150 | ||||||||
| 5,000 | |
5.125%, 6/15/33, Ser. C | |
Aa2/AA+ | |
5,181,450 | ||||||||
| 5,000 | |
5.25%, 6/15/25, Ser. D | |
Aa2/AA+ | |
5,296,250 | ||||||||
| 2,250 | |
New York City Transitional Finance Auth. Rev., 4.75%, 11/15/23, Ser. B | |
Aa1/AAA | |
2,279,610 | ||||||||
| 130 | |
New York Cntys. Tobacco Trust II Rev., 5.75%, 6/1/43 | |
Ba1/BBB | |
132,729 | ||||||||
| 1,000 | |
Niagara Falls Public Water Auth., Water &
Sewer System Rev., 5.00%, 7/15/34, Ser. A (MBIA) |
|
Aaa/AAA | |
1,030,390 | ||||||||
|
Port Auth. of New York & New Jersey Rev., Ser. 132, | |
|
|||||||||||
| 3,000 | |
5.00%, 9/1/29 | |
A1/AA– | |
3,094,590 | ||||||||
| 5,000 | |
5.00%, 9/1/38 | |
A1/AA– | |
5,134,700 | ||||||||
| 4,515 | |
Sachem Central School Dist. of Holbrook, GO, 5.00%, 10/15/30, Ser. B (MBIA) | |
Aaa/AAA | |
4,670,903 | ||||||||
| 6,550 | |
State Dormitory Auth. Lease Rev., 4.75%, 1/15/29, Ser. 1 (FSA) | |
Aaa/AAA | |
6,593,426 | ||||||||
|
State Dormitory Auth. Rev., | |
|
|||||||||||
|
Augustana Lutheran Home for the Aged, Inc. (MBIA-FHA), | |
|
|||||||||||
| 100 | |
5.40%, 2/1/31 | |
Aaa/AAA | |
105,476 | ||||||||
| 1,435 | |
5.50%, 2/1/41 | |
Aaa/AAA | |
1,516,723 | ||||||||
| 3,850 | |
Lenox Hill Hospital, Obligation Group, 5.50%, 7/1/30 | |
Ba2/NR | |
3,718,484 | ||||||||
|
Mental Health Services Facs. Improvement, Ser. D (MBIA), | |
|
|||||||||||
| 7,985 | |
4.75%, 2/15/25 | |
Aaa/AAA | |
8,035,944 | ||||||||
| 15 | |
4.75%, 2/15/25, (Pre-refunded @ $100, 8/15/08) (a) | |
Aaa/AAA | |
15,496 | ||||||||
| 1,825 | |
Mount Sinai Health, 6.50%, 7/1/25, Ser. A | |
Ba1/BB | |
1,950,341 | ||||||||
| 7,000 | |
NY & Presbyterian Hospital Rev., 4.75%, 8/1/27 (AMBAC-FHA) | |
Aaa/AAA | |
7,061,600 | ||||||||
| 445 | |
NY Univ., 5.50%, 7/1/21, Ser. 2 (AMBAC) | |
Aaa/AAA | |
474,966 | ||||||||
| 4,000 | |
Sloan-Kettering Center Mem., 5.00%, 7/1/34, Ser. 1 | |
Aa2/AA | |
4,067,120 | ||||||||
| 1,275 | |
Winthrop Univ. Hospital Assoc., 5.25%, 7/1/31, Ser. A (AMBAC) | |
Aaa/AAA | |
1,339,872 | ||||||||
|
||||||||||||||
4.30.06 | PIMCO Municipal Income Funds Annual Report 17
PIMCO
New York Municipal Income Fund
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P)* |
|
Value | |||||||||
|
State Dormitory Auth. State Univ., GO (FSA-CR)(a) | |
|
|||||||||||
| $1,270 | |
4.75%, 5/15/28, (Pre-refunded @ $101, 5/15/08) | |
Aaa/AAA | |
$ 1,308,926 | ||||||||
| 1,045 | |
4.75%, 5/15/28, Ser. B, (Pre-refunded @ $101, 5/15/08) | |
Aaa/AAA | |
1,077,029 | ||||||||
| 5,000 | |
State Thruway Auth. General Rev., 4.75%, 1/1/19, Ser. E | |
Aa3/AA– | |
5,083,650 | ||||||||
| 3,975 | |
State Urban Dev. Corp. Rev. Correctional Fac.
Service, 4.75%, 1/1/28, Ser. B, (Pre-refunded @ $101, 1/1/09) (AMBAC)(a) |
|
Aaa/AAA | |
4,120,843 | ||||||||
|
Triborough Bridge & Tunnel Auth. Rev., Ser. A, | |
|
|||||||||||
| 2,000 | |
5.00%, 1/1/27 | |
Aa2/AA– | |
2,055,400 | ||||||||
| 755 | |
5.00%, 1/1/32 | |
Aa2/AA– | |
772,501 | ||||||||
| 4,245 | |
5.00%, 1/1/32, (Pre-refunded @ $100, 1/1/12) (a) | |
Aa2/AA– | |
4,506,492 | ||||||||
| 2,945 | |
Warren & Washington Cntys. Industrial Dev.
Agcy. Rev., Glens Falls Hospital Project Rev., 5.00%, 12/1/27, Ser. C (FSA) |
|
Aaa/AAA | |
3,059,649 | ||||||||
|
Total New York Municipal Bonds & Notes (cost–$121,675,362) | |
|
127,763,641 | ||||||||||
|
OTHER MUNICIPAL BONDS & NOTES–9.4% |
||||||||||||||
|
Alabama–0.7% |
|
|
|||||||||||
| 1,200 | |
Daphne Special Care Facs. Financing Auth. Rev., zero coupon, 8/15/28, (Pre-refunded @ $100, 8/15/08) (a) |
|
Aaa/AAA | |
1,079,472 | ||||||||
|
California–1.0% |
|
|
|||||||||||
| 2,000 | |
California Cnty., Tobacco Settlement Rev., zero coupon, 6/1/28 | |
Baa3/NR | |
1,573,840 | ||||||||
|
Illinois–2.5% |
|
|
|||||||||||
|
Educational Facs. Auth. Rev., | |
|
|||||||||||
| 3,825 | |
5.00%, 7/1/33 | |
Aa1/AA | |
3,921,925 | ||||||||
| 175 | |
5.00%, 7/1/33, (Pre-refunded @ $100, 7/1/13) (a) | |
Aa1/AA | |
186,468 | ||||||||
|
|
|
4,108,393 | |||||||||||
|
Louisiana–0.5% |
|
|
|||||||||||
| 750 | |
Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. 2001-B | |
Baa3/BBB | |
786,585 | ||||||||
|
Nevada–3.4% |
|
|
|||||||||||
| 5,500 | |
Truckee Meadows Water Auth. Rev., 4.75%, 7/1/31, Ser. A (MBIA) | |
Aaa/AAA | |
5,499,670 | ||||||||
|
Puerto Rico–1.3% |
|
|
|||||||||||
| 1,500 | |
Commonwealth Highway & Transportation Auth. Rev.,
5.25%, 7/1/38, Ser. D, (Pre-refunded @ $100, 7/1/12) (a) |
|
Baa2/AAA | |
1,620,105 | ||||||||
| 500 | |
Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN | |
A3/BBB+ | |
514,600 | ||||||||
|
|
|
2,134,705 | |||||||||||
|
Total Other Municipal Bonds & Notes (cost–$14,724,144) | |
|
15,182,665 | ||||||||||
|
NEW YORK VARIABLE RATE NOTES (b)(c)(d)–10.5% |
||||||||||||||
| 2,078 | |
Liberty Dev. Corp. Rev., 12.153%, 10/1/35, Ser. 1251 | |
Aa3/NR | |
3,192,099 | ||||||||
| 2,173 | |
New York City Transitional Finance Auth. Rev., 7.42%, 11/1/23, Ser. 362 | |
Aa1/NR | |
2,337,914 | ||||||||
|
||||||||||||||
18 PIMCO Municipal Income Funds Annual Report | 4.30.06
PIMCO
New York Municipal Income Fund
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P)* |
|
Value | |||||||||
|
New York Cntys. Tobacco Trust II Rev., | |
|
|||||||||||
| $4,240 | |
6.976%, 6/1/35 | |
NR/NR | |
$4,419,055 | ||||||||
| 6,780 | |
7.214%, 6/1/43 | |
NR/NR | |
7,052,827 | ||||||||
|
Total New York Variable Rate Notes (cost–$16,915,269) | |
|
17,001,895 | ||||||||||
|
OTHER VARIABLE RATE NOTES–0.9% |
||||||||||||||
|
Puerto Rico–0.9% |
|
|
|||||||||||
| 1,300 | |
Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A (cost—$1,382,840) | |
Baa3/BBB– | |
1,394,952 | ||||||||
|
U.S. TREASURY BILLS (f)–0.1% |
||||||||||||||
| 250 | |
4.49%-4.55%, 6/15/06 (cost–$248,590) | |
|
248,590 | |||||||||
|
Total Investments (cost–$154,946,205)–100.0% | |
|
$161,591,743 | ||||||||||
|
||||||||||||||
|
|
|
|
|
Notes to Schedule of Investments:
|
|
|
| * | Unaudited |
|
|
|
| (a) | Pre-refunded bonds are collateralized by U.S. Government or other eligible securities which are held in escrow and used to pay principal and interest and retire the bonds at the earliest refunding date (payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). |
|
|
|
| (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. Unless otherwise indicated, these securities are not considered to be illiquid. |
|
|
|
| (c) | Residual Interest Municipal Bonds (‘‘RIBS’’)/Residual Interest Tax Exempt Bonds (‘‘RITES’’) – 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 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 April 30, 2006. |
|
|
|
| (e) | Maturity date shown is date of next put. |
|
|
|
| (f) | All or partial amount segregated as collateral for futures contracts and/or options written. |
|
|
|
| (g) | Non-income producing. |
|
|
|
| (h) | Security in default. |
|
|
|
|
|
Glossary:
|
|
| ACA – insured by American Capital Access Holding Ltd. |
|
|
| 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 |
|
|
| CR – Custodian Receipt |
|
|
| FGIC – insured by Financial Guaranty Insurance Co. |
|
|
| FHA – insured by Federal Housing Administration |
|
|
| FSA – insured by Financial Security Assurance, Inc. |
|
|
| GO – General Obligation Bond |
|
|
| IBC – Insurance Bond Certificate |
|
|
| MBIA – insured by Municipal Bond Investors Assurance |
|
|
| NR – Not Rated |
|
|
| PSF-GTD – Permanent School Fund Guaranteed |
|
|
| Radian – insured by Radian Guaranty, Inc. |
|
|
| TCRS – Temporary Custodian Receipts |
|
|
| XLCA – insured by XL Capital Assurance |
See accompanying Notes to Financial Statements | 4.30.06 | PIMCO Municipal Income Funds Annual Report 19
PIMCO
Municipal Income Funds
Statements of Assets and
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal | |
California Municipal |
|
New York Municipal |
|||||||||
| Assets: | |
|
|
|||||||||||
| Investments, at value (cost–$517,169,140, $380,076,247 and $154,946,205, respectively) | |
$546,291,677 | |
$404,509,266 | |
$161,591,743 | ||||||||
| Cash | |
2,376,181 | |
720,223 | |
— | ||||||||
| Interest receivable | |
10,030,533 | |
5,745,069 | |
2,662,269 | ||||||||
| Receivable for investments sold | |
285,000 | |
— | |
— | ||||||||
| Receivable for variation margin on futures contracts | |
63,800 | |
57,797 | |
8,700 | ||||||||
| Prepaid expenses | |
25,489 | |
23,184 | |
20,749 | ||||||||
| Total Assets | |
559,072,680 | |
411,055,539 | |
164,283,461 | ||||||||
| Liabilities: | |
|
|
|||||||||||
| Dividends payable to common and preferred shareholders | |
2,088,467 | |
1,460,809 | |
552,709 | ||||||||
| Options written, at value (premiums received–$544,557, $139,915, and $0) | |
688,375 | |
180,312 | |
— | ||||||||
| Accrued expenses | |
206,985 | |
135,410 | |
41,957 | ||||||||
| Investment management fees payable | |
205,789 | |
151,584 | |
60,506 | ||||||||
| Payable to custodian | |
— | |
— | |
256,711 | ||||||||
| Payable for variation margin on futures contracts | |
6,250 | |
— | |
4,375 | ||||||||
| Total Liabilities | |
3,195,866 | |
1,928,115 | |
916,258 | ||||||||
| Preferred shares ($25,000 net asset and liquidation value per share applicable to an aggregate of 8,000, 6,000 and 2,520 shares issued and outstanding, respectively) | |
200,000,000 | |
150,000,000 | |
63,000,000 | ||||||||
| Net Assets Applicable to Common Shareholders | |
$355,876,814 | |
$259,127,424 | |
$100,367,203 | ||||||||
| Composition of Net
Assets Applicable to Common Shareholders: |
|
|
|
|||||||||||
| Common
Stock (no par value): Paid-in-capital |
|
$347,577,024 | |
$254,071,197 | |
$105,568,018 | ||||||||
| Undistributed (dividends in excess of) net investment income | |
6,967,363 | |
3,392,769 | |
(85,794) | ||||||||
| Accumulated net realized loss | |
(27,309,517) | |
(22,145,273) | |
(11,870,772) | ||||||||
| Net unrealized appreciation of investments, futures contracts and options written | |
28,641,944 | |
23,808,731 | |
6,755,751 | ||||||||
| Net Assets Applicable to Common Shareholders | |
$355,876,814 | |
$259,127,424 | |
$100,367,203 | ||||||||
| Common Shares Outstanding | |
24,473,102 | |
17,900,557 | |
7,452,004 | ||||||||
| Net Asset Value Per Common Share | |
$14.54 | |
$14.48 | |
$13.47 | ||||||||
|
||||||||||||||
20 PIMCO Municipal Income Funds Annual Report | 4.30.06 | See accompanying Notes to Financial Statements
PIMCO
Municipal Income Funds
Statements of
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal | |
California Municipal |
|
New York Municipal |
|||||||||
| Investment Income: | |
|
|
|||||||||||
| Interest | |
$30,336,028 | |
$21,443,921 | |
$8,309,782 | ||||||||
| Expenses: | |
|
|
|||||||||||
| Investment management fees | |
3,655,808 | |
2,680,032 | |
1,074,078 | ||||||||
| Auction agent fees and commissions | |
522,953 | |
391,426 | |
167,298 | ||||||||
| Custodian and accounting agent fees | |
193,313 | |
127,190 | |
63,134 | ||||||||
| Reports to shareholders | |
120,210 | |
63,505 | |
33,925 | ||||||||
| Audit and tax services | |
74,485 | |
55,961 | |
28,675 | ||||||||
| Transfer agent fees | |
35,784 | |
35,086 | |
33,850 | ||||||||
| Trustees' fees and expenses | |
31,340 | |
22,061 | |
6,475 | ||||||||
| New York Stock Exchange listing fees | |
20,895 | |
20,610 | |
20,680 | ||||||||
| Insurance expense | |
14,525 | |
11,020 | |
5,736 | ||||||||
| Legal fees | |
9,760 | |
8,536 | |
3,150 | ||||||||
| Investor relations | |
5,358 | |
4,767 | |
1,468 | ||||||||
| Miscellaneous | |
9,825 | |
9,855 | |
8,509 | ||||||||
| Total expenses | |
4,694,256 | |
3,430,049 | |
1,446,978 | ||||||||
| Less: investment management fees waived | |
(1,124,863) | |
(824,627) | |
(330,485) | ||||||||
| custody credits earned on cash balances | |
(72,801) | |
(27,774) | |
(12,734) | ||||||||
| Net expenses | |
3,496,592 | |
2,577,648 | |
1,103,759 | ||||||||
| Net Investment Income | |
26,839,436 | |
18,866,273 | |
7,206,023 | ||||||||
| Realized and Change in Unrealized Gain (Loss): | |
|
|
|||||||||||
| Net realized gain (loss) on: | |
|
|
|||||||||||
| Investments | |
1,610,105 | |
828,861 | |
456,098 | ||||||||
| Futures contracts | |
(4,032,780) | |
(2,494,601) | |
(1,149,247) | ||||||||
| Options written | |
2,020,474 | |
1,282,283 | |
515,254 | ||||||||
| Net change in
unrealized appreciation/depreciation of: Investments |
|
(7,139,724) | |
(1,877,388) | |
(2,386,926) | ||||||||
| Futures contracts | |
1,208,225 | |
561,297 | |
655,838 | ||||||||
| Options written | |
1,221,374 | |
775,184 | |
185,961 | ||||||||
| Net realized and change in unrealized loss on investments, futures contracts and options written | |
|||||||||||||