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)
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1345 Avenue of the Americas, New York, |
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New York 10105 |
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(Address of principal executive offices) |
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(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, 2007
Date of reporting period: April 30, 2007
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. § 3507.
Item 1. Schedule of Investments
PIMCO Municipal Income Fund
PIMCO California Municipal Income Fund
PIMCO New York Municipal Income Fund
Annual Report
April 30, 2007
Contents
| Letter to Shareholders | 1 |
| Performance & Statistics | 2-7 |
| Schedules of Investments | 8-24 |
| Statements of Assets and Liabilities | 25 |
| Statements of Operations | 26 |
| Statements of Changes in Net Assets | 28-29 |
| Statement of Cash Flows | 30 |
| Notes to Financial Statements | 31-38 |
| Financial Highlights | 39-41 |
| Report of Independent Registered Public Accounting Firm |
42 |
| Tax Information/Annual Shareholder Meeting Results/Corporate Changes |
43 |
| Privacy Policy/Proxy Voting Policies & Procedures |
44 |
| Dividend Reinvestment Plan | 45 |
| Board of Trustees | 46-47 |
| Principal Officers | 48 |
PIMCO Municipal Income Funds
Letter to Shareholders
June 13, 2007
Dear Shareholder:
We are pleased to provide you with the annual report for the PIMCO Municipal Income Fund, PIMCO California Municipal Income Fund and PIMCO New York Municipal Income Fund (collectively, the ‘‘PIMCO Municipal Funds’’ or the ‘‘Funds’’) for the fiscal year ended April 30, 2007.
The bond market delivered positive returns during the period as economic growth moderated, although a correction in the housing market caused some weakness for bonds. The Federal Reserve left the Federal Funds rate unchanged at 5.25% through the period as inflation levels continued to track somewhat higher than the central bank’s stated comfort level.
For specific information on the Funds and their performance during the reporting period, 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) 331-1710. In addition, a wide range of information and resources is 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, the Funds’ sub-adviser, we thank you for investing with us.
Sincerely,
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| Hans W. Kertess Chairman |
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Brian S. Shlissel President & Chief Executive Officer |
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4.30.07 | PIMCO Municipal Income Funds Annual Report 1
PIMCO Municipal Income Fund
Performance & Statistics
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| • | For the fiscal year ended April 30, 2007, PIMCO Municipal Income Fund returned 9.09% on net asset value (NAV) and 17.77% on market price, compared with 1.66% and 5.30%, respectively, for the Lipper Analytical General Municipal Debt Funds (Leveraged) average. |
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| • | Municipal bond yields decreased for the 12 month period as the appetite for tax free municipals remained strong. |
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| • | Interest rates for Treasuries and Libor Swaps also moved lower for the 12 month period. |
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| • | Municipal bond issuance increased significantly during the 12 month period, supply levels stood at $428 Billion, with the largest increase coming from year-to-date 2007 where supply increased almost 40% versus the same four-month period in 2006. |
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| • | The municipal yield curve flattened over the period: 10-year, 20-year and 30-year maturity AAA General Obligation yields decreased by 33, 34, and 44 basis points, respectively. |
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| • | Municipal to Treasury yield ratios ended the 12 month period with 10-year ratios at 81.1% and 30-year ratios at 84.9%. |
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| • | Long municipals underperformed long Treasuries and the taxable debt sector; the Lehman Long Municipal Bond Index returned 7.36%, while the Long Government/Credit and the Long Lehman Treasury Indices returned 10.38% and 9.76%, respectively for the 12 month period. |
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| • | Tobacco securitization sector holdings performed well due to favorable news related to underlying tobacco companies and the advance refunding of older, higher cost debt. |
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| • | Exposure to zero coupon municipals was positive for performance. The Lehman Zero Coupon Municipal Bond Index returned 10.01% for the period versus 7.36% for the Lehman Long Municipal Bond Index. |
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| Total Return(1): | |
Market Price | |
Net Asset Value (‘‘NAV’’) | ||||||
| 1 Year | |
17.77% | |
9.09% | ||||||
| 3 Year | |
17.19% | |
8.72% | ||||||
| 5 Year | |
11.28% | |
7.95% | ||||||
| Commencement of Operations (6/29/01) to 4/30/07 | |
10.14% | |
7.55% | ||||||
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Common Share Market Price/NAV Performance:
Commencement of Operations (6/29/01) to 4/30/07
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| Market Price/NAV: | |
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| Market Price | |
$18.00 | ||||
| NAV | |
$14.85 | ||||
| Premium to NAV | |
21.21% | ||||
| Market Price Yield(2) | |
5.42% | ||||
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Moody’s Ratings
(as a % of total investments)
2 PIMCO Municipal Income Funds Annual Report | 4.30.07
PIMCO Municipal Income Fund
Performance & Statistics
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| (1) | Past performance is no guarantee of future results. Total return is determined by subtracting the initial investment from the value at the end of the period and dividing the remainder by the initial investment and expressing the result as a percentage. The calculation assumes that all income dividends and capital gain distributions have been reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total return does not reflect broker commissions or sales charges. Total return for a period of less than one year is not annualized. Total return for a period of more than one year represents the average annual total return. |
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| 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 equal to total assets applicable to common shareholders less total liabilities divided by the number of common shares outstanding. Holdings are subject to change daily. |
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| (2) | 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, 2007. |
4.30.07 | PIMCO Municipal Income Funds Annual Report 3
PIMCO California Municipal Income Fund
Performance & Statistics
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| • | For the 12 months ended April 30, 2007, PIMCO California Municipal Income Fund returned 9.11% on net asset value (NAV) and 18.20% on market price, compared with 1.62% and 4.69%, respectively, for the Lipper Analytical California Municipal Debt Funds average. |
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| • | Municipal bond yields decreased for the 12 month period as the appetite for tax free municipals remained strong. |
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| • | Interest rates for Treasuries and Libor Swaps also moved lower for the 12 month period. |
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| • | Municipal bond issuance increased significantly during the 12 month period, supply levels stood at $428 Billion, with the largest increase coming from year-to-date 2007 where supply increased almost 40% versus the same four-month period in 2006. |
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| • | The municipal yield curve flattened over the period: 10-year, 20-year and 30-year maturity AAA General Obligation yields decreased by 33, 34, and 44 basis points, respectively. |
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| • | Municipal to Treasury yield ratios ended the 12 month period with 10-year ratios at 81.1% and 30-year ratios at 84.9%. |
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| • | Long municipals underperformed long Treasuries and the taxable debt sector; the Lehman Long Municipal Bond Index returned 7.36%, while the Long Government/Credit and the Long Lehman Treasury Indices returned 10.38% and 9.76%, respectively for the 12 month period. |
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| • | Tobacco securitization sector holdings performed well due to favorable news related to underlying tobacco companies and the advance refunding of older, higher cost debt. |
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| • | Exposure to zero coupon municipals was positive for performance. The Lehman Zero Coupon Municipal Bond Index returned 10.01% for the period versus 7.36% for the Lehman Long Municipal Bond Index. |
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| • | Municipal bonds within California outperformed the national index for the period. The California Index returned 6.15% versus the National Index return of 5.78%. California was the largest issuer of tax-exempt debt during the 12 months. |
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| • | The shape of the California State AAA insured municipal yield curve flattened over the 12 months: 5-year maturity credits decreased by 7 basis points, 10-year maturities decreased by 34 basis points, and 30-year maturities decreased by 42 basis points. |
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| Total Return(1): | |
Market Price | |
Net Asset Value (‘‘NAV’’) | ||||||
| 1 Year | |
18.20% | |
9.11% | ||||||
| 3 Year | |
17.38% | |
8.87% | ||||||
| 5 Year | |
10.60% | |
7.90% | ||||||
| Commencement of Operations (6/29/01) to 4/30/07 | |
9.53% | |
7.16% | ||||||
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Common Share Market Price/NAV Performance:
Commencement of Operations (6/29/01) to 4/30/07
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| Market Price/NAV: | |
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| Market Price | |
$17.70 | ||||
| NAV | |
$14.84 | ||||
| Premium to NAV | |
19.27% | ||||
| Market Price Yield(2) | |
5.22% | ||||
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4 PIMCO Municipal Income Funds Annual Report | 4.30.07
PIMCO California Municipal Income Fund
Performance & Statistics
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| (1) | Past performance is no guarantee of future results. Total return is determined by subtracting the initial investment from the value at the end of the period and dividing the remainder by the initial investment and expressing the result as a percentage. The calculation assumes that all income dividends and capital gain distributions have been reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total return does not reflect broker commissions or sales charges. Total return for a period of less than one year is not annualized. Total return for a period of more than one year represents the average annual total return. |
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| 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 equal to total assets applicable to common shareholders less total liabilities divided by the number of common shares outstanding. Holdings are subject to change daily. |
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| (2) | 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, 2007. |
4.30.07 | PIMCO Municipal Income Funds Annual Report 5
PIMCO New York Municipal Income Fund
Performance & Statistics
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| • | For the 12 months ended April 30, 2007, PIMCO New York Municipal Income Fund increased 8.05% on net asset value and 8.89% on market price, compared with 1.49% and 5.11%, respectively, for the Lipper Analytical New York Municipal Debt Funds average. |
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| • | Municipal bond yields decreased for the 12 month period as the appetite for tax free municipals remained strong. |
|
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| • | Interest rates for Treasuries and Libor Swaps also moved lower for the 12 month period. |
|
|
| • | Municipal bond issuance increased significantly during the 12 month period, supply levels stood at $428 Billion, with the largest increase coming from year-to-date 2007 where supply increased almost 40% versus the same four-month period in 2006. |
|
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| • | The municipal yield curve flattened over the period: 10-year, 20-year and 30-year maturity AAA General Obligation yields decreased by 33, 34, and 44 basis points, respectively. |
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| • | Municipal to Treasury yield ratios ended the 12 month period with 10-year ratios at 81.1% and 30-year ratios at 84.9%. |
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| • | Long municipals underperformed long Treasuries and the taxable debt sector; the Lehman Long Municipal Bond Index returned 7.36%, while the Long Government/Credit and the Long Lehman Treasury Indices returned 10.38% and 9.76% respectively for the 12 month period. |
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| • | Tobacco securitization sector holdings performed well due to favorable news related to underlying tobacco companies and the advance refunding of older, higher cost debt. |
|
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| • | Exposure to zero coupon municipals was positive for performance. The Lehman Zero Coupon Municipal Bond Index returned 10.01% for the period versus 7.36% for the Lehman Long Municipal Bond Index. |
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| • | Municipal bonds within New York underperformed the national index for the period. The New York Index returned 5.61% versus the National Index return of 5.78%. New York was the second largest issuer of tax-exempt debt during the 12 months. |
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| • | The shape of the New York Insured AAA municipal yield curve flattened over the quarter: 5-year maturity AAA credits decreased by 6 basis points, 10-year maturities decreased by 32 basis points, and 30-year maturities decreased by 39 basis points. |
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| Total Return(1): | |
Market Price | |
Net Asset Value (‘‘NAV’’) | ||||||
| 1 Year | |
8.89% | |
8.05% | ||||||
| 3 Year | |
12.42% | |
7.28% | ||||||
| 5 Year | |
7.71% | |
6.32% | ||||||
| Commencement of Operations (6/29/01) to 4/30/07 | |
6.50% | |
5.79% | ||||||
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Common Share Market Price/NAV Performance:
Commencement of Operations (6/29/01) to 4/30/07
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| Market Price/NAV: | |
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| Market Price | |
$15.02 | ||||
| NAV | |
$13.74 | ||||
| Premium to NAV | |
9.32% | ||||
| Market Price Yield(2) | |
4.55% | ||||
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6 PIMCO Municipal Income Funds Annual Report | 4.30.07
PIMCO New York Municipal Income Fund
Performance & Statistics
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| (1) | Past performance is no guarantee of future results. Total return is determined by subtracting the initial investment from the value at the end of the period and dividing the remainder by the initial investment and expressing the result as a percentage. The calculation assumes that all income dividends and capital gain distributions have been reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total return does not reflect broker commissions or sales charges. Total return for a period of less than one year is not annualized. Total return for a period of more than one year represents the average annual total return. |
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| 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 equal to total assets applicable to common shareholders less total liabilities divided by the number of common shares outstanding. Holdings are subject to change daily. |
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| (2) | 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, 2007. |
4.30.07 | PIMCO Municipal Income Funds Annual Report 7
PIMCO Municipal Income Fund
Schedule of Investments
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| Principal Amount (000) |
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Credit Rating (Moody’s/S&P)* |
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Value | |||||||||
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MUNICIPAL BONDS & NOTES–95.7% |
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Alabama–1.9% | |
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| $ | 2,500 | |
Birmingham Baptist Medical Centers Special Care Facs. Financing Auth. Rev., 5.875%, 11/15/24, Ser. A | |
Baa1/NR | |
$ | 2,649,400 | ||||||
| 8,000 | |
Huntsville Health Care Auth. Rev., 5.75%, 6/1/31, Ser. A, (Pre-refunded @ $101, 6/1/11) (b) | |
A2/NR | |
8,677,760 | ||||||||
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11,327,160 | |||||||||||
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Alaska–1.1% | |
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| 6,000 | |
Northern Tobacco Securitization Corp. Rev., 5.50%, 6/1/29, (Pre-refunded @ $100, 6/1/11) (b) | |
Aaa/AAA | |
6,395,760 | ||||||||
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Arizona–1.2% | |
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| 2,000 | |
Apache Cnty. Industrial Dev. Auth., Pollution Control Rev., | |
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Tucson Electric Power Co., 5.875%, 3/1/33, Ser. B | |
Baa3/B+ | |
2,009,700 | |||||||||
| 1,260 | |
Pima Cnty. Industrial Dev. Auth. Rev., 5.00%, 6/1/37 | |
NR/BBB− | |
1,265,897 | ||||||||
| 3,500 | |
Salt River Project Agricultural Improvement & Power Dist. Rev., | |
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4.75%, 1/1/35, Ser. A | |
Aa1/AA | |
3,592,330 | |||||||||
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6,867,927 | |||||||||||
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Arkansas–0.6% | |
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| 8,500 | |
Arkansas Dev. Finance Auth. Rev., zero coupon, 7/1/36 (AMBAC) | |
Aaa/AAA | |
2,282,420 | ||||||||
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Little Rock Municipal Property Owners Multipurpose Improvement Dist., | |
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Special Tax, Ser. A, | |
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| 425 | |
5.00%, 3/1/16 | |
NR/NR | |
430,419 | ||||||||
| 500 | |
5.25%, 3/1/23 | |
NR/NR | |
507,635 | ||||||||
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3,220,474 | |||||||||||
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California–4.7% | |
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Golden State Tobacco Securitization Corp. Rev., Ser. A-1, | |
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| 6,000 | |
5.00%, 6/1/33 | |
Baa3/BBB | |
5,982,420 | ||||||||
| 10,000 | |
6.75%, 6/1/39, (Pre-refunded @ $100, 6/1/13) (b) | |
Aaa/AAA | |
11,622,500 | ||||||||
| 10,000 | |
Riverside Cnty. Public Financing Auth., Tax Allocation, | |
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4.50%, 10/1/30, Ser. A (XLCA) | |
Aaa/AAA | |
9,999,600 | |||||||||
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27,604,520 | |||||||||||
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Colorado–2.6% | |
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| 600 | |
Black Hawk Rev., 5.00%, 12/1/18 | |
NR/NR | |
617,472 | ||||||||
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Denver Health & Hospital Auth. Healthcare Rev., Ser. A, | |
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| 2,000 | |
5.375%, 12/1/28 | |
Baa3/BBB | |
2,020,740 | ||||||||
| 1,000 | |
6.00%, 12/1/23 | |
Baa3/BBB | |
1,061,820 | ||||||||
| 12,400 | |
Health Facs. Auth. Rev., Liberty Heights, zero coupon, 7/15/24 | |
NR/AAA | |
5,885,412 | ||||||||
| 4,965 | |
Northwest Parkway Public Highway Auth. Rev., 7.125%, 6/15/41, Ser. D | |
B3/CCC | |
5,356,888 | ||||||||
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14,942,332 | |||||||||||
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8 PIMCO Municipal Income Funds Annual Report | 4.30.07
PIMCO Municipal Income Fund
Schedule of Investments
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| Principal Amount (000) |
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Credit Rating (Moody’s/S&P)* |
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Value | |||||||||
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Connecticut–0.2% | |
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| $ | 1,000 | |
State Dev. Auth. Pollution Control Rev., 5.85%, 9/1/28 | |
Baa1/BBB− | |
$ | 1,043,870 | ||||||
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District of Columbia–1.0% | |
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| 5,325 | |
Tobacco Settlement Financing Corp. Rev., 6.25%, 5/15/24 | |
Baa3/BBB | |
5,673,149 | ||||||||
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Florida–1.8% | |
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| 9,000 | |
Highlands Cnty. Health Facs. Auth. Rev., Adventist Health System, | |
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6.00%, 11/15/31, Ser. A, (Pre-refunded @ $101, 11/15/11) (b) | |
A2/NR | |
9,936,720 | |||||||||
| 500 | |
Lee Cnty. Industrial Dev. Auth. Rev., 5.375%, 6/15/37, Ser. A | |
NR/BB | |
506,395 | ||||||||
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10,443,115 | |||||||||||
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Georgia–1.9% | |
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Municipal Electric Auth. Power Rev. (MBIA-IBC), | |
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| 9,700 | |
5.50%, 1/1/20 | |
Aaa/AAA | |
10,709,188 | ||||||||
| 300 | |
5.50%, 1/1/20, Ser. Z | |
Aaa/AAA | |
332,985 | ||||||||
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11,042,173 | |||||||||||
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Illinois–12.5% | |
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Chicago, GO, Ser. A (FGIC), | |
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| 2,935 | |
5.375%, 1/1/34 | |
Aaa/AAA | |
3,027,981 | ||||||||
| 6,145 | |
5.375%, 1/1/34, (Pre-refunded @ $101, 1/1/09) (b) | |
Aaa/AAA | |
6,369,845 | ||||||||
| 10,115 | |
Chicago Board of Education, GO, zero coupon, 12/1/31, Ser. A (FGIC) | |
Aaa/AAA | |
3,339,669 | ||||||||
| 2,000 | |
Chicago Water Rev., 5.25%, 11/1/27, (Pre-refunded @ $102, 11/1/07) (FGIC) (b) | |
Aaa/AAA | |
2,055,020 | ||||||||
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Educational Facs. Auth. Rev., | |
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| 1,115 | |
Midwestern Univ., 5.50%, 5/15/18, Ser. B | |
NR/A− | |
1,140,623 | ||||||||
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Univ. of Chicago, | |
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| 5,000 | |
5.125%, 7/1/38 (j) | |
NR/NR | |
5,100,400 | ||||||||
| 190 | |
5.25%, 7/1/41 | |
Aa1/AA | |
199,800 | ||||||||
| 4,810 | |
5.25%, 7/1/41, (Pre-refunded @ $101, 7/1/11) (b) | |
Aa1/AA | |
5,132,381 | ||||||||
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Finance Auth. Rev., | |
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| 1,500 | |
5.00%, 12/1/36 | |
NR/BBB | |
1,538,280 | ||||||||
| 5,000 | |
5.50%, 11/15/29, (Pre-refunded @ $101, 11/15/09) (b) | |
A2/A+ | |
5,256,250 | ||||||||
| 1,260 | |
5.65%, 11/15/24, (Pre-refunded @ $101, 11/15/09) (b) | |
A2/A+ | |
1,329,111 | ||||||||
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Health Facs. Auth. Rev., | |
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| 3,000 | |
Decatur Memorial Hospital, 5.75%, 10/1/24 | |
A2/A | |
3,170,490 | ||||||||
| 5,425 | |
Silver Cross Hospital, 5.50%, 8/15/25, (Pre-refunded @ $101, 8/15/09) (b) | |
NR/A | |
5,687,733 | ||||||||
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Lake Cnty. Community High School Dist., GO, Ser. B (FGIC), | |
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| 5,000 | |
zero coupon, 2/1/19 | |
Aaa/AAA | |
3,040,650 | ||||||||
| 5,000 | |
zero coupon, 2/1/20 | |
Aaa/AAA | |
2,900,100 | ||||||||
| 5,690 | |
zero coupon, 2/1/22 | |
Aaa/AAA | |
3,003,808 | ||||||||
| 7,345 | |
Regional Transportation Auth. Rev., 5.50%, 6/1/23, Ser. B (FGIC) | |
Aaa/AAA | |
8,556,264 | ||||||||
| 3,000 | |
State Sales Tax Rev., 5.125%, 6/15/20, Ser. 1 | |
Aa3/AAA | |
3,151,200 | ||||||||
|
||||||||||||||
4.30.07 | PIMCO Municipal Income Funds Annual Report 9
PIMCO Municipal Income Fund
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody’s/S&P)* |
|
Value | |||||||||
|
Illinois–(continued) | |
|
|||||||||||
|
Univ. Rev. (FGIC), | |
|
|||||||||||
| $ | 1,495 | |
5.25%, 4/1/32 | |
Aaa/AAA | |
$ | 1,561,991 | ||||||
| 3,505 | |
5.25%, 4/1/32, (Pre-refunded @ $100, 4/1/11) (b) | |
Aaa/AAA | |
3,701,035 | ||||||||
| 4,000 | |
Winnebago-Boone ETC Cntys. Rock Valley Community College, Dist. No. 511, GO, 5.30%, 10/1/18, (Partially pre-refunded @ $100, 10/1/10) (FGIC) (b) | |
Aaa/NR | |
4,175,800 | ||||||||
|
|
|
73,438,431 | |||||||||||
|
Indiana–1.8% | |
|
|||||||||||
| 500 | |
Anderson Rev., 5.00%, 10/1/32 | |
NR/NR | |
507,400 | ||||||||
| 6,500 | |
Carmel School Building Corp. Rev., 5.00%, 7/15/22, (Pre-refunded @ $101, 7/15/11) (MBIA) (b) | |
Aaa/AAA | |
6,881,290 | ||||||||
| 1,225 | |
Richland-Bean Blossom School Building Corp. Rev., 5.00%, 1/15/22 (FGIC) | |
Aaa/AAA | |
1,268,022 | ||||||||
| 1,825 | |
Zionsville Community Schools Building Corp. Rev., 5.00%, 7/15/27, Ser. A (FSA) | |
NR/AAA | |
1,916,250 | ||||||||
|
|
|
10,572,962 | |||||||||||
|
Kansas–3.5% | |
|
|||||||||||
|
Wichita Hospital Rev., | |
|
|||||||||||
| 5,000 | |
5.625%, 11/15/31, Ser. III | |
NR/A+ | |
5,298,650 | ||||||||
| 14,370 | |
6.25%, 11/15/24, Ser. XI | |
NR/A+ | |
15,271,287 | ||||||||
|
|
|
20,569,937 | |||||||||||
|
Kentucky–0.2% | |
|
|||||||||||
| 910 | |
Economic Dev. Finance Auth., Hospital Facs. Rev., St. Luke’s Hospital, | |
|||||||||||
|
6.00%, 10/1/19 | |
A3/A | |
1,010,400 | |||||||||
|
Louisiana–6.0% | |
|
|||||||||||
| 4,300 | |
Local Gov’t Environmental Facs. & Community Dev. Auth. Rev., | |
|
||||||||||
|
6.55%, 9/1/25 (ACA) | |
NR/A | |
4,892,153 | |||||||||
| 27,895 | |
Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. 2001-B |
|
Baa3/BBB | |
29,933,288 | ||||||||
|
|
|
34,825,441 | |||||||||||
|
Maryland–0.2% | |
|
|||||||||||
| 1,150 | |
Baltimore Water Project Rev., 5.125%, 7/1/42, Ser. A (FGIC) | |
Aaa/AAA | |
1,200,462 | ||||||||
|
Massachusetts–1.8% | |
|
|||||||||||
| 10,000 | |
Health & Educational Facs. Auth. Rev., Partners Healthcare Systems, | |
|||||||||||
|
5.75%, 7/1/32, Ser. C (j) | |
Aa2/AA | |
10,701,200 | |||||||||
|
Michigan–4.6% | |
|
|||||||||||
|
Detroit, GO, Ser. A-1 (MBIA), | |
|
|||||||||||
| 1,000 | |
5.375%, 4/1/15 | |
Aaa/AAA | |
1,061,290 | ||||||||
| 1,000 | |
5.375%, 4/1/17 | |
Aaa/AAA | |
1,059,630 | ||||||||
| 5,650 | |
Forest Hills Public Schools, GO, 5.25%, 5/1/18, (Pre-refunded @ $100, 5/1/10) (b) | |
Aa2/NR | |
5,896,057 | ||||||||
|
||||||||||||||
10 PIMCO Municipal Income Funds Annual Report | 4.30.07
PIMCO Municipal Income Fund
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody’s/S&P)* |
|
Value | |||||||||
|
Michigan–(continued) | |
|
|||||||||||
| $ | 1,500 | |
Garden City Hospital Finance Auth. Rev., 5.00%, 8/15/38, Ser. A | |
NR/NR | |
$ | 1,490,490 | ||||||
| 3,000 | |
Mount Clemens Community School Dist., GO, 5.00%, 5/1/31 | |
Aa3/AA | |
3,106,050 | ||||||||
| 50 | |
Royal Oak Hospital Finance Auth. Rev., William Beaumont Hospital, 5.25%, 11/15/35, Ser. M (MBIA) | |
Aaa/AAA | |
51,958 | ||||||||
| 4,000 | |
State Hospital Finance Auth. Rev., Detroit Medical Center, 6.25%, 8/15/13 | |
Ba3/BB− | |
4,013,080 | ||||||||
| 2,000 | |
State Strategic Fund Ltd. Obligation Rev., Detroit Edison Pollution Control Co., 5.45%, 9/1/29 | |
A3/BBB+ | |
2,085,000 | ||||||||
| 3,000 | |
Taylor Tax Increment Finance Auth., Tax Allocation, 5.375%, 5/1/17 (FSA) | |
Aaa/AAA | |
3,174,720 | ||||||||
| 6,255 | |
Wayne Charter Cnty. Airport Fac. Rev., 6.75%, 12/1/15 (a) (d) | |
NR/NR | |
4,899,854 | ||||||||
|
|
|
26,838,129 | |||||||||||
|
Minnesota–0.6% | |
|
|||||||||||
|
Agricultural & Economic Dev. Board Rev., Health Care System, | |
|
|||||||||||
| 95 | |
6.375%, 11/15/29 | |
A2/A | |
103,027 | ||||||||
| 2,905 | |
6.375%, 11/15/29, (Pre-refunded @ $101, 11/15/10) (b) | |
A2/A | |
3,188,673 | ||||||||
|
|
|
3,291,700 | |||||||||||
|
Missouri–0.4% | |
|
|||||||||||
| 2,500 | |
Interstate 470 & 350 Transportation Dev. Dist. Rev., 6.35%, 5/1/22 | |
NR/NR | |
2,528,950 | ||||||||
|
Nevada–3.5% | |
|
|||||||||||
| 3,000 | |
Clark Cnty. Rev., 5.25%, 7/1/34, Ser. B, (Pre-refunded @ $100, 7/1/11) (FGIC) (b) | |
Aaa/AAA | |
3,177,660 | ||||||||
| 4,250 | |
Truckee Meadows Water Auth. Rev., 5.25%, 7/1/34, Ser. A, (Pre-refunded @ $100, 7/1/11) (FSA) (b) | |
Aaa/AAA | |
4,501,685 | ||||||||
| 12,185 | |
Washoe Cnty., Water & Sewer, 5.00%, 1/1/35, GO (MBIA) (j) | |
Aaa/AAA | |
12,876,864 | ||||||||
|
|
|
20,556,209 | |||||||||||
|
New Hampshire–0.5% | |
|
|||||||||||
| 3,000 | |
State Business Finance Auth. Pollution Control Rev., Conn. Light & Power Co., 5.85%, 12/1/22 | |
Baa1/BBB− | |
3,133,290 | ||||||||
|
New Jersey–3.7% | |
|
|||||||||||
| 16,550 | |
Economic Dev. Auth., Kapkowski Road Landfill, Special Assessment, 5.75%, 4/1/31 | |
Baa3/NR | |
18,389,532 | ||||||||
|
Economic Dev. Auth. Rev., Arbor Glen, | |
|
|||||||||||
| 2,510 | |
5.875%, 5/15/16 | |
NR/NR | |
2,595,742 | ||||||||
| 450 | |
5.875%, 5/15/16, Ser. A, (Pre-refunded @ $102, 5/15/09) (b) | |
NR/NR | |
477,072 | ||||||||
|
|
|
21,462,346 | |||||||||||
|
New Mexico–0.4% | |
|
|||||||||||
| 2,500 | |
Farmington Pollution Control Rev., 5.80%, 4/1/22 | |
Baa2/BBB | |
2,526,600 | ||||||||
|
||||||||||||||
4.30.07 | PIMCO Municipal Income Funds Annual Report 11
PIMCO Municipal Income Fund
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody’s/S&P)* |
|
Value | |||||||||
|
New York–2.2% | |
|
|||||||||||
| $ | 5,000 | |
Liberty Dev. Corp. Rev., Goldman Sachs Headquarters, 5.25%, 10/1/35 | |
Aa3/AA− | |
$ | 5,720,750 | ||||||
|
New York City Municipal Water Finance Auth., Water & Sewer System Rev., | |
|
|||||||||||
| 1,120 | |
5.00%, 6/15/37, Ser. D (j) | |
Aa2/AA+ | |
1,177,109 | ||||||||
| 3,000 | |
5.00%, 6/15/39, Ser. A | |
Aa2/AA+ | |
3,134,910 | ||||||||
| 2,875 | |
Westchester Cnty. Healthcare Corp. Rev., 5.875%, 11/1/25, Ser. A | |
Ba2/BBB− | |
3,002,449 | ||||||||
|
|
|
13,035,218 | |||||||||||
|
North Carolina–0.5% | |
|
|||||||||||
|
Capital Facs. Finance Agcy., Duke Univ. Rev., Ser. A, | |
|
|||||||||||
| 570 | |
5.125%, 10/1/41 | |
Aa1/AA+ | |
591,010 | ||||||||
| 2,430 | |
5.125%, 10/1/41, (Pre-refunded @ $100, 10/1/11) (b) | |
Aaa/AAA | |
2,572,714 | ||||||||
|
|
|
3,163,724 | |||||||||||
|
Ohio–1.2% | |
|
|||||||||||
|
Lorain Cnty. Hospital Rev., Catholic Healthcare Partners, | |
|
|||||||||||
| 2,500 | |
5.625%, 10/1/17 | |
Aa3/AA− | |
2,672,175 | ||||||||
| 2,565 | |
5.75%, 10/1/18 | |
Aa3/AA− | |
2,748,038 | ||||||||
| 1,235 | |
State Turnpike Commission Rev., 5.50%, 2/15/15 | |
Aa3/AA | |
1,310,051 | ||||||||
|
|
|
6,730,264 | |||||||||||
|
Pennsylvania–3.9% | |
|
|||||||||||
|
Allegheny Cnty., | |
|
|||||||||||
| 5,780 | |
Hospital Dev. Auth. Rev., 9.25%, 11/15/30, Ser. B | |
Ba3/B+ | |
6,811,094 | ||||||||
| 1,000 | |
Industrial Dev. Auth. Rev., USX Corp., 5.60%, 9/1/30 | |
Baa1/BBB+ | |
1,033,110 | ||||||||
| 1,095 | |
Port Auth. Rev., 5.25%, 3/1/20 (FGIC) | |
Aaa/AAA | |
1,158,882 | ||||||||
| 2,575 | |
Delaware Cnty. Auth. College Rev., Neumann College, 5.80%, 10/1/17 | |
NR/BBB− | |
2,707,458 | ||||||||
| 6,200 | |
Higher Educational Facs. Auth. Rev., 6.00%, 1/15/31, Ser. A | |
Aa3/A+ | |
6,713,484 | ||||||||
| 4,610 | |
Philadelphia Hospitals & Higher Education Facs. Auth. Hospital Rev., Temple Univ. Hospital, 6.625%, 11/15/23, Ser. A | |
Baa2/BBB | |
4,620,926 | ||||||||
|
|
|
23,044,954 | |||||||||||
|
Puerto Rico–2.3% | |
|
|||||||||||
| 850 | |
Commonwealth of Puerto Rico, GO, 5.00%, 7/1/35, Ser. B | |
Baa3/BBB | |
887,408 | ||||||||
| 1,600 | |
Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN | |
A3/BBB+ | |
1,683,072 | ||||||||
| 10,665 | |
Gov’t Dev. Bank for Puerto Rico Rev., 5.00%, 12/1/08, Ser. B | |
Baa3/BBB | |
10,840,866 | ||||||||
|
|
|
13,411,346 | |||||||||||
|
Rhode Island–3.3% | |
|
|||||||||||
| 18,000 | |
Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42, Ser. A | |
Baa3/BBB | |
19,347,299 | ||||||||
|
South Carolina–4.6% | |
|
|||||||||||
|
Greenwood Cnty. Hospital Rev., Self Memorial Hospital, | |
|
|||||||||||
| 3,500 | |
5.50%, 10/1/21 | |
A2/A | |
3,681,335 | ||||||||
| 2,000 | |
5.50%, 10/1/26 | |
A2/A | |
2,101,160 | ||||||||
|
||||||||||||||
12 PIMCO Municipal Income Funds Annual Report | 4.30.07
PIMCO Municipal Income Fund
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody’s/S&P)* |
|
Value | |||||||||
|
South Carolina–(continued) | |
|
|||||||||||
| $ | 3,000 | |
Jobs Economic Dev. Auth. Hospital Facs. Rev., Georgetown Memorial Hospital, 5.375%, 2/1/30 (Radian) | |
NR/AA | |
$ | 3,136,710 | ||||||
| 15,600 | |
Tobacco Settlement Rev. Management Auth., 6.375%, 5/15/30, Ser. B | |
Baa3/BBB | |
18,159,960 | ||||||||
|
|
|
27,079,165 | |||||||||||
|
Tennessee–0.2% | |
|
|||||||||||
| 940 | |
Memphis Health Educational & Housing Fac. Rev., Wesley Housing Corp. Project, 6.95%, 1/1/20 (a) | |
NR/NR | |
946,232 | ||||||||
|
Texas–13.1% | |
|
|||||||||||
| 1,750 | |
Austin Convention Enterprises, Inc., 5.75%, 1/1/32, Ser. B, (Pre-refunded @ $100, 1/1/11) (b) | |
Aaa/NR | |
1,870,453 | ||||||||
| 4,000 | |
Austin Rev., 5.25%, 5/15/31, Ser. A & B (FSA) | |
Aaa/AAA | |
4,170,840 | ||||||||
| 2,935 | |
Bell Cnty. Health Fac. Dev. Corp. Rev., 5.25%, 11/15/19 | |
NR/A− | |
2,986,333 | ||||||||
| 10,000 | |
Coppell Independent School Dist., GO, zero coupon, 8/15/29 (PSF-GTD) | |
Aaa/AAA | |
3,645,600 | ||||||||
|
Corpus Christi Refinance & Improvement, GO (FSA), | |
|
|||||||||||
| 1,125 | |
5.375%, 3/1/18 | |
Aaa/AAA | |
1,187,100 | ||||||||
| 1,740 | |
5.375%, 3/1/18, (Pre-refunded @ $100, 3/1/11) (b) | |
Aaa/AAA | |
1,843,043 | ||||||||
| 9,000 | |
Cypress-Fairbanks Independent School Dist., GO, 4.80%, 2/15/26, Ser. B (PSF-GTD) | |
Aaa/AAA | |
9,340,920 | ||||||||
|
Duncanville Independent School Dist., GO, Ser. B (PSF-GTD), | |
|
|||||||||||
| 20 | |
5.25%, 2/15/32 | |
Aaa/AAA | |
21,015 | ||||||||
| 3,660 | |
5.25%, 2/15/32, (Pre-refunded @ $100, 2/15/12) (b) | |
Aaa/AAA | |
3,904,744 | ||||||||
|
Harris Cnty. Health Facs. Dev. Corp. Rev. (b), | |
|
|||||||||||
| 5,000 | |
Christus Health, 5.375%, 7/1/29, Ser. A, (Pre-refunded @ $101, 7/1/09) (MBIA) | |
Aaa/AAA | |
5,219,400 | ||||||||
| 7,000 | |
Memorial Hermann Healthcare, 6.375%, 6/1/29, (Pre-refunded @ $101, 6/1/11) |
|
A2/A+ | |
7,757,120 | ||||||||
| 8,500 | |
St. Lukes Episcopal Hospital, 5.375%, 2/15/26, Ser. A, (Pre-refunded @ $100, 8/15/11) (j) | |
NR/AAA | |
9,051,735 | ||||||||
|
Mansfield Independent School Dist., GO (PSF-GTD), | |
|
|||||||||||
| 285 | |
5.25%, 2/15/23 | |
Aaa/AAA | |
297,782 | ||||||||
| 1,715 | |
5.25%, 2/15/23, (Pre-refunded @ $100, 2/15/11) (b) | |
Aaa/AAA | |
1,807,953 | ||||||||
| 4,380 | |
Southlake Park Dev. Corp. Rev., | |
|
||||||||||
|
5.60%, 8/15/31, (Pre-refunded @ $100, 2/15/11) (AMBAC) (b) | |
Aaa/AAA | |
4,637,675 | |||||||||
| 4,530 | |
State, GO, 5.30%, 8/1/18, Ser. A | |
Aa1/AA | |
4,740,917 | ||||||||
| 19,990 | |
State Turnpike Auth. Rev., zero coupon, 8/15/25, Ser. A (AMBAC) | |
Aaa/AAA | |
8,924,136 | ||||||||
| 4,920 | |
Univ. Rev., 5.00%, 7/1/26, Ser. B, (Pre-refunded @ $100, 7/1/14) (b) | |
Aaa/AAA | |
5,302,874 | ||||||||
|
|
|
76,709,640 | |||||||||||
|
Utah–1.2% | |
|
|||||||||||
| 7,000 | |
Salt Lake Cnty. Hospital Rev., IHC Health Services, 5.125%, 2/15/33 (AMBAC) | |
Aaa/AAA | |
7,286,720 | ||||||||
|
||||||||||||||
4.30.07 | PIMCO Municipal Income Funds Annual Report 13
PIMCO Municipal Income Fund
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody’s/S&P)* |
|
Value | |||||||||
|
Washington–2.4% | |
|
|||||||||||
|
Cowlitz Cnty. School Dist. No. 458 Kelso, GO, (Pre-refunded @ $100, 12/1/11) (FSA) (b), |
|
||||||||||||
| $ | 985 | |
5.625%, 12/1/14 | |
Aaa/NR | |
$ | 1,064,145 | ||||||
| 1,225 | |
5.625%, 12/1/16 | |
Aaa/NR | |
1,323,429 | ||||||||
| 3,415 | |
Kent, GO, 5.375%, 12/1/20 (MBIA) | |
Aaa/AAA | |
3,612,489 | ||||||||
| 5,420 | |
King Cnty. School Dist. No. 1 Seattle, GO, 5.25%, 12/1/21, Ser. A (MBIA) | |
Aaa/AAA | |
5,728,506 | ||||||||
|
State Housing Finance Commission Rev., Skyline at First Hill, Ser. A, | |
|
|||||||||||
| 275 | |
5.25%, 1/1/17 | |
NR/NR | |
278,515 | ||||||||
| 2,250 | |
5.625%, 1/1/38 | |
NR/NR | |
2,304,562 | ||||||||
|
|
|
14,311,646 | |||||||||||
|
Wisconsin–4.1% | |
|
|||||||||||
|
Badger Tobacco Asset Securitization Corp. Rev., | |
|
|||||||||||
| 5,000 | |
5.75%, 6/1/12 | |
Baa3/BBB | |
5,343,850 | ||||||||
| 9,785 | |
6.00%, 6/1/17 | |
Baa3/BBB | |
10,545,392 | ||||||||
| 3,515 | |
State, GO, 5.00%, 5/1/22, Ser. A (FGIC) | |
Aaa/AAA | |
3,682,419 | ||||||||
|
Wisconsin Health & Educational Facs. Auth. Rev., | |
|
|||||||||||
| 2,250 | |
Divine Savior Healthcare, 5.00%, 5/1/32 | |
NR/BBB | |
2,279,273 | ||||||||
| 2,230 | |
Kenosha Hospital & Medical Center, 5.625%, 5/15/29 | |
NR/A | |
2,286,999 | ||||||||
|
|
|
24,137,933 | |||||||||||
|
Total Municipal Bonds & Notes (cost–$523,117,738) | |
|
560,420,678 | ||||||||||
|
VARIABLE RATE NOTES (c)(g)–3.7% |
||||||||||||||
|
Hawaii–0.3% | |
|
|||||||||||
| 1,388 | |
City & Cnty. of Honolulu Rev., 8.24%, 7/1/23, Ser. 400 (FGIC) (f) | |
Aaa/NR | |
1,597,360 | ||||||||
|
Illinois–0.6% | |
|
|||||||||||
| 2,902 | |
Cook Cnty., GO, 8.24%, 11/15/28, Ser. 458 (FGIC) (f) | |
Aaa/NR | |
3,436,560 | ||||||||
|
New York–1.8% | |
|
|||||||||||
|
New York City Municipal Water Finance Auth., Water & Sewer System Rev., | |
|
|||||||||||
| 6,000 | |
7.728%, 6/15/39 | |
Aa2/AA2 | |
7,206,960 | ||||||||
| 2,600 | |
8.460%, 6/15/26 (f) | |
NR/AA+ | |
3,078,400 | ||||||||
|
|
|
10,285,360 | |||||||||||
|
Texas–0.7% | |
|
|||||||||||
| 3,595 | |
Harris Cnty. Health Facs. Dev. Corp. Rev., 10.12%, 7/1/29, Ser. 357 (MBIA) (f) |
|
Aaa/NR | |
4,383,743 | ||||||||
|
Washington–0.3% | |
|
|||||||||||
| 1,800 | |
Seattle, GO, 8.87%, 12/15/28, Ser. 348 (f) | |
Aa1/NR | |
2,007,630 | ||||||||
|
Total Variable Rate Notes (cost–$17,858,724) | |
|
21,710,653 | ||||||||||
|
||||||||||||||
14 PIMCO Municipal Income Funds Annual Report | 4.30.07
PIMCO Municipal Income Fund
Schedule of Investments
| Principal Amount (000) |
|
|
Credit Rating (Moody’s/S&P)* |
|
Value | |||||||||
|
VARIABLE RATE DEMAND NOTES (g)(h)–0.4% |
||||||||||||||
|
Florida–0.4% | |
|
|||||||||||
| $ | 2,200 | |
Jacksonville, Pollution Control Rev., 4.16%, 5/1/07 (cost–$2,200,000) |
|
VMIG1/A-1 | |
$ | 2,200,000 | ||||||
|
U.S. TREASURY BILLS (i)–0.2% |
||||||||||||||
| $ | 1,230 | |
4.945%-5.035%, 5/31/07-6/14/07 (cost–$1,222,718) | |
|
1,222,718 | ||||||||
|
RIGHTS (e)–0.0% |
||||||||||||||
| Shares | |
|
|
|||||||||||
|
Michigan–0.0% | |
|
|||||||||||
| 18,009 | |
Wayne Charter Cnty., expires 5/7/07 (cost–$0) | |
NR/NR | |
— | ||||||||
|
Total Investments (cost–$544,399,180)–100.0% | |
|
$ | 585,554,049 | |||||||||
|
||||||||||||||
See accompanying Notes to Financial Statements | 4.30.07 | 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 | |||||||||
|
CALIFORNIA MUNICIPAL BONDS & NOTES–88.9% |
||||||||||||||
| $ | 1,000 | |
ABAG Finance Auth. for Nonprofit Corps., CP, 5.375%, 2/15/19 |
|
NR/BBB | |
$ | 1,040,250 | ||||||
| 1,000 | |
Rev., 5.375%, 11/15/25 (CA Mtg. Ins.) | |
NR/A+ | |
1,039,970 | ||||||||
| 1,385 | |
Alvord Unified School Dist., GO, 5.375%, 8/1/29, Ser. C (FSA) | |
Aaa/NR | |
1,395,734 | ||||||||
| 6,405 | |
Campbell Union High School Dist., GO, 5.50%, 8/1/30 (FSA) | |
Aaa/NR | |
6,770,149 | ||||||||
| 2,250 | |
Capistrano Unified School Dist., Special Tax, 5.75%, 9/1/29, (Pre-refunded @ $102, 9/1/09) (b) | |
NR/NR | |
2,397,848 | ||||||||
| 5,250 | |
Central JT Powers Health Financing Auth., CP, 5.75%, 2/1/31, (Pre-refunded @ $101, 2/1/11) (b) | |
Baa2/BBB− | |
5,416,268 | ||||||||
| 4,140 | |
Charter Oak Unified School Dist., GO, 5.00%, 7/1/28, Ser. B, (Pre-refunded @ $100, 7/1/13) (FSA) (b) | |
Aaa/AAA | |
4,452,777 | ||||||||
|
Contra Costa Cnty. Public Financing Auth., Tax Allocation, | |
|
|||||||||||
| 2,150 | |
5.125%, 8/1/19 | |
NR/BBB | |
2,226,432 | ||||||||
| 600 | |
5.125%, 8/1/19, (Pre-refunded @ $102, 8/1/09) (b) | |
NR/BBB | |
630,468 | ||||||||
| 5,000 | |
5.85%, 8/1/33 | |
NR/BBB | |
5,332,700 | ||||||||
| 2,750 | |
CSUCI Financing Auth. Rev., 5.00%, 9/1/31, Ser. A, (Pre-refunded @ $100, 9/1/11) (MBIA) (b) |
|
Aaa/AAA | |
2,906,282 | ||||||||
| 3,635 | |
Cucamonga Cnty. Water Dist., CP, 5.125%, 9/1/35 (FGIC) | |
Aaa/AAA | |
3,799,120 | ||||||||
|
East Side Union High School Dist., Santa Clara Cnty., GO, Ser. E (XLCA), | |
|
|||||||||||
| 1,985 | |
zero coupon, 8/1/21 | |
Aaa/AAA | |
1,042,859 | ||||||||
| 1,490 | |
zero coupon, 8/1/22 | |
Aaa/AAA | |
742,810 | ||||||||
|
El Monte, CP (AMBAC), | |
|
|||||||||||
| 10,790 | |
4.75%, 6/1/30 | |
Aaa/AAA | |
10,965,445 | ||||||||
| 14,425 | |
5.25%, 1/1/34 | |
Aaa/AAA | |
15,072,682 | ||||||||
|
Foothill/Eastern Corridor Agcy., Toll Road Rev., | |
|
|||||||||||
| 5,000 | |
zero coupon, 1/15/33 | |
Baa3/BBB− | |
1,119,000 | ||||||||
| 5,000 | |
zero coupon, 1/15/34 | |
Baa3/BBB− | |
1,051,300 | ||||||||
|
Fremont Community Dist., Special Tax, | |
|
|||||||||||
| 165 | |
6.00%, 9/1/18 | |
NR/NR | |
172,851 | ||||||||
| 505 | |
6.00%, 9/1/19 | |
NR/NR | |
528,230 | ||||||||
| 3,500 | |
6.30%, 9/1/31 | |
NR/NR | |
3,678,325 | ||||||||
|
Golden State Tobacco Securitization Corp. Rev., | |
|
|||||||||||
| 5,000 | |
5.00%, 6/1/33, Ser. A-1. | |
Baa3/BBB | |
4,985,350 | ||||||||
| 8,000 | |
5.00%, 6/1/38, Ser. A (FGIC) (j) | |
Aaa/AAA | |
8,389,600 | ||||||||
| 17,500 | |
6.25%, 6/1/33, Ser. 2003-A-1 | |
Aaa/AAA | |
19,359,900 | ||||||||
| 10,155 | |
6.75%, 6/1/39, Ser. 2003-A-1, (Pre-refunded @ $100, 6/1/13) (b) | |
Aaa/AAA | |
11,802,649 | ||||||||
| 540 | |
7.875%, 6/1/42, Ser. A-3, (Pre-refunded @ $100, 6/1/13) (b) | |
Aaa/AAA | |
660,366 | ||||||||
|
Health Facs. Finance Auth. Rev., Catholic Healthcare West (b), | |
|
|||||||||||
| 875 | |
5.00%, 7/1/28, (Partially pre-refunded @ $101, 7/1/08) | |
A2/A | |
891,940 | ||||||||
| 125 | |
5.00%, 7/1/28, (Pre-refunded @ $101, 7/1/08) | |
A2/A | |
128,266 | ||||||||
|
Health Facs. Financing Auth. Rev., | |
|
|||||||||||
| 1,980 | |
5.00%, 7/1/18 | |
A2/A | |
2,018,333 | ||||||||
| 130 | |
5.00%, 7/1/18, (Pre-refunded @ $101, 7/1/08) (b) | |
A2/A | |
133,397 | ||||||||
|
||||||||||||||
16 PIMCO Municipal Income Funds Annual Report | 4.30.07
PIMCO California Municipal Income Fund
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody’s/S&P)* |
|
Value | |||||||||
| $ | 5,315 | |
5.125%, 7/1/18 | |
NR/BBB+ | |
$ | 5,356,032 | ||||||
| 3,000 | |
5.25%, 10/1/14, Ser. B | |
A3/AAA | |
3,093,000 | ||||||||
| 6,250 | |
Infrastructure & Economic Dev. Bank Rev., Bay Area Toll Bridges, 5.00%, 7/1/36, (Pre-refunded @ $100, 1/1/28) (AMBAC) (b) | |
Aaa/AAA | |
7,000,437 | ||||||||
|
La Quinta Redev. Agcy., Tax Allocation (AMBAC), | |
|
|||||||||||
| 3,000 | |
5.00%, 9/1/21 | |
Aaa/AAA | |
3,160,950 | ||||||||
| 10,000 | |
5.10%, 9/1/31 | |
Aaa/AAA | |
10,497,800 | ||||||||
| 1,000 | |
5.125%, 9/1/32 | |
Aaa/AAA | |
1,053,900 | ||||||||
| 1,495 | |
Lincoln Public Financing Auth. Rev., Twelve Bridges Ltd., 6.125%, 9/2/27 | |
NR/NR | |
1,542,033 | ||||||||
| 6,250 | |
Los Angeles Cnty. Metropolitan Transportation Auth. Rev., 4.75%, 7/1/28, Ser. B, (Pre-refunded @ $101, 7/1/09) (FSA) (b) | |
Aaa/AAA | |
6,463,687 | ||||||||
|
Los Angeles Community Redev. Agcy., Tax Allocation, | |
|
|||||||||||
| 520 | |
5.875%, 9/1/26 | |
NR/NR | |
526,651 | ||||||||
| 325 | |
6.00%, 9/1/31 | |
NR/NR | |
329,544 | ||||||||
|
Los Angeles Dept. of Water & Power Rev. (FSA), | |
|
|||||||||||
| 5,000 | |
4.75%, 7/1/30, Ser. A (j) | |
Aaa/AAA | |
5,149,750 | ||||||||
| 10,200 | |
5.25%, 7/1/21, Ser. A-A-1 | |
Aaa/AAA | |
10,751,718 | ||||||||
| 3,250 | |
Los Angeles Unified School Dist., GO, 5.125%, 7/1/21, Ser. E, (Pre-refunded @ $100, 7/1/12) (MBIA) (b) |
|
Aaa/AAA | |
3,481,400 | ||||||||
| 3,500 | |
Metropolitan Water Dist. of Southern California Rev., Water Works Rev., Ser. A,5.00%, 7/1/26, (Pre-refunded @ $101, 1/1/08) (b) | |
Aa2/AAA | |
3,567,733 | ||||||||
| 5,820 | |
Montclair Redev. Agcy., Tax Allocation, 5.30%, 10/1/30 (MBIA) | |
Aaa/AAA | |
6,195,157 | ||||||||
|
Murrieta Valley Unified School Dist., Special Tax, (Pre-refunded @ $102, 9/1/09) (b), |
|
|
|||||||||||
| 195 | |
6.30%, 9/1/18 | |
NR/NR | |
210,187 | ||||||||
| 3,535 | |
6.50%, 9/1/31 | |
NR/NR | |
3,825,966 | ||||||||
| 6,255 | |
Orange Cnty. Sanitation Dist., CP, 5.25%, 2/1/30 (FGIC) | |
Aaa/AAA | |
6,650,879 | ||||||||
| 1,080 | |
Palm Springs Community Redev. Agcy., Tax Allocation, 5.50%, 8/1/21 | |
NR/A− | |
1,141,646 | ||||||||
| 1,010 | |
Pomona Unified School Dist., GO, 6.10%, 2/1/19, Ser. A (MBIA) | |
Aaa/AAA | |
1,217,696 | ||||||||
| 1,690 | |
Rancho Etiwanda Public Facs., Special Tax, 6.375%, 9/1/24 | |
NR/NR | |
1,779,824 | ||||||||
|
Rancho Mirage Redev. Agcy., Tax Allocation, | |
|
|||||||||||
| 1,190 | |
5.50%, 4/1/24 | |
Baa1/BBB+ | |
1,256,212 | ||||||||
| 1,580 | |
5.625%, 4/1/33 | |
Baa1/BBB+ | |
1,670,281 | ||||||||
|
Riverside, Improvement Board Act 1915, Special Assessment, | |
|
|||||||||||
| 500 | |
6.15%, 9/2/19 | |
NR/NR | |
531,915 | ||||||||
| 1,350 | |
6.375%, 9/2/26 | |
NR/NR | |
1,443,069 | ||||||||
| 8,305 | |
Riverside Cnty., CP, 5.125%, 11/1/30 (MBIA) | |
Aaa/AAA | |
8,766,675 | ||||||||
| 575 | |
Roseville, Woodcreek Community Facs. Dist., Special Tax, 6.375%, 9/1/27, (Pre-refunded @ $102, 9/1/10) (b) | |
NR/NR | |
634,415 | ||||||||
|
Sacramento, Special Tax, | |
|
|||||||||||
| 2,945 | |
5.70%, 9/1/23 | |
NR/NR | |
2,992,179 | ||||||||
| 1,350 | |
6.10%, 9/1/21 | |
NR/NR | |
1,410,574 | ||||||||
| 2,560 | |
6.15%, 9/1/26 | |
NR/NR | |
2,671,539 | ||||||||
|
||||||||||||||
4.30.07 | PIMCO Municipal Income Funds Annual Report 17
PIMCO California Municipal Income Fund
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody’s/S&P)* |
|
Value | |||||||||
| $ | 2,000 | |
Sacramento Health Fac. Rev., 5.30%, 1/1/24, Ser. A (CA Mtg. Ins.) |
|
NR/A+ | |
$ | 2,043,580 | ||||||
| 545 | |
San Diego Cnty., CP, 5.25%, 10/1/28 | |
A2/NR | |
567,356 | ||||||||
| 1,000 | |
San Diego Cnty. Water Auth., CP, 5.00%, 5/1/32, Ser. A (MBIA) | |
Aaa/AAA | |
1,044,160 | ||||||||
|
San Francisco Bay Area Transit Financing Auth. Rev. (AMBAC), | |
|
|||||||||||
| 880 | |
5.125%, 7/1/36 | |
Aaa/AAA | |
915,156 | ||||||||
| 2,450 | |
5.125%, 7/1/36, (Pre-refunded @ $100, 7/1/11) (b) | |
Aaa/AAA | |
2,595,996 | ||||||||
| 720 | |
San Francisco City & Cnty. Redev. Agcy. Rev., Special Tax, 6.125%, 8/1/31 | |
NR/NR | |
753,739 | ||||||||
| 5,065 | |
San Joaquin Cnty., CP, 5.00%, 9/1/20 (MBIA) | |
Aaa/AAA | |
|||||||||