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UNITED
STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q |
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OMB
APPROVAL OMB Number: 3235-0578 Expires: February 28, 2006 Estimated average burden hours per response: 20.0 |
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QUARTERLY SCHEDULE OF PORTFOLIO
HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT
COMPANY
Investment Company Act File Number: 811-10377
Registrant Name: PIMCO Municipal Income Fund
Address of Principal Executive Offices: 1345 Avenue of the Americas New York, New York 10105
Name and Address of Agent for Service: Lawrence G. Altadonna — 1345 Avenue of the Americas New York, New York 10105
Registrant’s telephone number, including area code: 212-739-3371
Date of Fiscal Year End: April 30, 2007
Date of Reporting Period: July 31, 2006
Form N-Q is to be used by the registered management investment company, other than a small business investment company registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b 1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (‘‘OMB’’) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. 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–93.2% |
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Alabama–3.3% |
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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 | |
$2,613,750 | ||||||||
| 8,500 | |
Daphne Special Care Facs. Financing Auth. Rev., zero coupon, 8/15/28, (Pre-refunded @ $100, 8/15/08) (a) | |
Aaa/AAA | |
7,856,380 | ||||||||
| 8,000 | |
Huntsville Health Care Auth. Rev., 5.75%, 6/1/31, Ser. A | |
A2/NR | |
8,377,680 | ||||||||
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18,847,810 | |||||||||||
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Alaska–1.1% |
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|||||||||||
| 6,000 | |
Northern Tobacco Securitization Corp. Rev., 5.50%, 6/1/29 | |
Baa3/BBB | |
6,093,420 | ||||||||
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Arizona–1.0% |
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| 2,000 | |
Apache Cnty. Industrial Dev. Auth. Rev., Pollution Control Rev., Tucson Electric Power Co., 5.875%, 3/1/33, Ser. B | |
Ba1/B+ | |
2,001,840 | ||||||||
| 3,500 | |
Salt River Project Agricultural Improvement & Power Dist. Rev., 4.75%, 1/1/35, Ser. A | |
Aa2/AA | |
3,518,340 | ||||||||
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5,520,180 | |||||||||||
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Arkansas–0.3% |
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| 8,500 | |
Arkansas Dev. Finance Auth. Rev., zero coupon, 7/1/36 (AMBAC) | |
NR/AAA | |
1,895,670 | ||||||||
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California–3.7% |
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|||||||||||
| 10,000 | |
Golden State Tobacco Securitization Corp., Tobacco Settlement Rev., 6.75%, 6/1/39, Ser. 2003-A-1 | |
Baa3/BBB | |
11,228,100 | ||||||||
| 10,000 | |
Riverside Cnty. Public Financing Auth., Tax Allocation, 4.50%, 10/1/30, Ser. A (XLCA) | |
Aaa/AAA | |
9,684,300 | ||||||||
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20,912,400 | |||||||||||
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Colorado–2.3% |
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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 | |
2,005,580 | ||||||||
| 1,000 | |
6.00%, 12/1/23 | |
Baa3/BBB | |
1,053,830 | ||||||||
| 12,400 | |
Health Facs. Auth. Retirement Facs. Rev., zero coupon, 7/15/24 | |
NR/AAA | |
5,227,840 | ||||||||
| 4,965 | |
Northwest Parkway Public Highway Auth. Rev., 7.125%, 6/15/41, Ser. D | |
B3/CCC | |
4,620,181 | ||||||||
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12,907,431 | |||||||||||
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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− | |
1,048,140 | ||||||||
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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 | |
5,628,046 | ||||||||
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Florida–1.8% |
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| 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) |
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A2/A+ | |
9,994,590 | ||||||||
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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 | |
10,603,167 | ||||||||
| 300 | |
5.50%, 1/1/20, Ser. Z, (Pre-refunded @ $100, 1/1/13) (a) | |
NR/AAA | |
329,811 | ||||||||
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10,932,978 | |||||||||||
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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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Illinois–11.5% |
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Chicago, GO, Ser. A (FGIC), | |
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| $2,935 | |
5.375%, 1/1/34 | |
Aaa/AAA | |
$3,045,209 | ||||||||
| 6,145 | |
5.375%, 1/1/34, (Pre-refunded @ $101, 1/1/09) (a) | |
Aaa/AAA | |
6,430,558 | ||||||||
| 10,115 | |
Chicago Board of Education, GO, zero coupon, 12/1/31, Ser. A (FGIC) | |
Aaa/AAA | |
2,845,956 | ||||||||
| 2,000 | |
Chicago Water Rev., 5.25%, 11/1/27, (Pre-refunded @ $102, 11/1/07) (FGIC)(a) | |
Aaa/AAA | |
2,076,700 | ||||||||
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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− | |
1,145,283 | ||||||||
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Univ. of Chicago, | |
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| 190 | |
5.25%, 7/1/41 | |
Aa1/AA | |
198,217 | ||||||||
| 4,810 | |
5.25%, 7/1/41, (Pre-refunded @ $101, 7/1/11) (a) | |
Aa1/AA | |
5,150,831 | ||||||||
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Finance Auth. Rev., (Pre-refunded @ $101, 11/15/09) (a), | |
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| 5,000 | |
5.50%, 11/15/29 | |
A2/A+ | |
5,289,600 | ||||||||
| 1,260 | |
5.65%, 11/15/24 | |
A2/A+ | |
1,338,763 | ||||||||
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Health Facs. Auth. Rev., | |
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| 3,000 | |
Decatur Memorial Hospital, 5.75%, 10/1/24 | |
A2/A | |
3,110,670 | ||||||||
| 5,425 | |
Silver Cross Hospital, 5.50%, 8/15/25, (Pre-refunded @ $101, 8/15/09) (a) | |
NR/A | |
5,736,775 | ||||||||
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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 | |
2,822,250 | ||||||||
| 5,000 | |
zero coupon, 2/1/20 | |
Aaa/AAA | |
2,681,800 | ||||||||
| 5,690 | |
zero coupon, 2/1/22 | |
Aaa/AAA | |
2,745,084 | ||||||||
| 7,345 | |
Regional Transportation Auth. Rev., 5.50%, 6/1/23, Ser. B (FGIC) | |
Aaa/AAA | |
8,260,554 | ||||||||
| 3,000 | |
State Sales Tax Rev., 5.125%, 6/15/20, Ser. 1 | |
Aa3/AAA | |
3,139,650 | ||||||||
| 5,000 | |
Univ. Rev., 5.25%, 4/1/32, Ser. B (FGIC) | |
Aaa/AAA | |
5,166,400 | ||||||||
| 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 | |
4,163,040 | ||||||||
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65,347,340 | |||||||||||
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Indiana–1.7% |
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| 6,500 | |
Carmel School Building Corp. Rev., 5.00%, 7/15/22 (MBIA) | |
Aaa/AAA | |
6,698,640 | ||||||||
| 1,225 | |
Richland-Bean Blossom School Building Corp. Rev., 5.00%, 1/15/22 (FGIC) | |
Aaa/AA− | |
1,256,801 | ||||||||
| 1,825 | |
Zionsville Community Schools Building Corp. Rev., 5.00%, 7/15/27, Ser. A (FSA) | |
NR/AAA | |
1,873,983 | ||||||||
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9,829,424 | |||||||||||
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Kansas–3.6% |
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Wichita Hospital Rev., | |
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| 5,000 | |
5.625%, 11/15/31, Ser. III | |
NR/A+ | |
5,251,500 | ||||||||
| 14,370 | |
6.25%, 11/15/24, Ser. XI | |
NR/A+ | |
15,329,772 | ||||||||
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20,581,272 | |||||||||||
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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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Kentucky–0.7% |
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| $3,680 | |
Economic Dev. Finance Auth. Hospital Facs. Rev., St. Luke's Hospital, 6.00%, 10/1/19 | |
A3/A | |
$4,049,104 | ||||||||
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Louisiana–6.1% |
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| 4,905 | |
Local Gov't Environmental Facs. & Community Dev. Auth. Rev., 6.55%, 9/1/25 (ACA) | |
NR/A | |
5,385,837 | ||||||||
| 27,895 | |
Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. 2001-B | |
Baa3/BBB | |
29,319,598 | ||||||||
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34,705,435 | |||||||||||
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Maryland–0.2% |
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| 1,150 | |
Baltimore Water Project Rev., 5.125%, 7/1/42, Ser. A (FGIC) | |
Aaa/AAA | |
1,186,892 | ||||||||
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Massachusetts–1.8% |
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| 9,000 | |
Commonwealth of Massachusetts Rev., 5.50%, 1/1/34 (FGIC) | |
Aaa/AAA | |
10,340,280 | ||||||||
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Michigan–4.3% |
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Detroit, GO, Ser. A-1 (MBIA), | |
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| 1,000 | |
5.375%, 4/1/15 | |
Aaa/AAA | |
1,066,370 | ||||||||
| 1,000 | |
5.375%, 4/1/17 | |
Aaa/AAA | |
1,063,010 | ||||||||
| 5,650 | |
Forest Hills Public Schools, GO, 5.25%, 5/1/18, (Pre-refunded @ $100, 5/1/10) (a) | |
Aa2/NR | |
5,929,054 | ||||||||
| 3,000 | |
Mount Clemens Community School Dist., GO, 5.00%, 5/1/31 | |
Aa2/AA | |
3,069,180 | ||||||||
| 50 | |
Royal Oak Hospital Finance Auth. Rev., William Beaumont Hospital, 5.25%, 11/15/35, Ser. M (MBIA) | |
Aaa/AAA | |
51,340 | ||||||||
| 4,000 | |
State Hospital Finance Auth. Rev., Detroit Medical Center, 6.25%, 8/15/13 | |
Ba3/BB− | |
4,014,600 | ||||||||
| 2,000 | |
State Strategic Fund Ltd. Obligation Rev., Detroit Edison Pollution Control Co., 5.45%, 9/1/29 | |
A3/BBB+ | |
2,089,000 | ||||||||
| 3,000 | |
Taylor Tax Increment Finance Auth., 5.375%, 5/1/17 (FSA) | |
Aaa/AAA | |
3,181,770 | ||||||||
| 6,255 | |
Wayne Charter Cnty. Airport Fac. Rev., 6.75%, 12/1/15 (k) | |
NR/NR | |
4,010,581 | ||||||||
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24,474,905 | |||||||||||
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Minnesota–0.6% |
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Agricultural & Economic Dev. Board Rev., Health Care System, | |
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| 95 | |
6.375%, 11/15/29 | |
A2/A | |
104,359 | ||||||||
| 2,905 | |
6.375%, 11/15/29, (Pre-refunded @ $101, 11/15/10) (a) | |
A2/A | |
3,220,222 | ||||||||
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3,324,581 | |||||||||||
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Missouri–0.5% |
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|||||||||||
| 2,500 | |
Interstate 470 & 350 Transportation Dev. Dist. Rev., 6.35%, 5/1/22 | |
NR/NR | |
2,535,875 | ||||||||
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Nevada–1.4% |
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| 3,000 | |
Clark Cnty. Rev., 5.25%, 7/1/34, Ser. B, (Pre-refunded @ $100, 7/1/11) (FGIC) (a) | |
Aaa/AAA | |
3,190,350 | ||||||||
| 4,250 | |
Truckee Meadows Water Auth. Rev., 5.25%, 7/1/34, Ser. A, (Pre-refunded @ $100, 7/1/11) (FSA) (a) | |
Aaa/AAA | |
4,519,662 | ||||||||
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7,710,012 | |||||||||||
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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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New Hampshire–0.6% |
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| $3,000 | |
State Business Finance Auth. Pollution Control Rev., Conn. Light & Power Co., 5.85%, 12/1/22 | |
Baa1/BBB− | |
$3,143,790 | ||||||||
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New Jersey–3.9% |
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Camden Cnty., Improvement Auth. Rev., Cooper Health System, | |
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|||||||||||
| 240 | |
5.60%, 2/15/07 | |
Baa3/BBB | |
240,082 | ||||||||
| 875 | |
6.00%, 2/15/27, Ser. A (Pre-refunded @ $102, 2/15/07) (a) | |
Baa3/BBB | |
902,440 | ||||||||
| 16,550 | |
Economic Dev. Auth., Kapkowski Landfill Project, 5.75%, 4/1/31 | |
Baa3/NR | |
17,704,197 | ||||||||
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Economic Dev. Auth. Rev., Arbor Glen, | |
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| 2,510 | |
5.875%, 5/15/16 | |
NR/NR | |
2,576,440 | ||||||||
| 490 | |
5.875%, 5/15/16, Ser. A, (Pre-refunded @ $102, 5/15/09) (a) | |
NR/NR | |
524,868 | ||||||||
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21,948,027 | |||||||||||
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New Mexico–0.5% |
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|||||||||||
| 2,500 | |
Farmington Pollution Control Rev., 5.80%, 4/1/22 | |
Baa2/BBB | |
2,528,750 | ||||||||
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New York–2.0% |
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|||||||||||
| 5,000 | |
Liberty Dev. Corp. Rev., Goldman Sachs Headquarters, 5.25%, 10/1/35 | |
Aa3/A+ | |
5,484,450 | ||||||||
| 3,000 | |
New York City Municipal Water Finance Auth., Water & Sewer System Rev., 5.00%, 6/15/39, Ser. A | |
Aa2/AA+ | |
3,068,340 | ||||||||
| 2,875 | |
Westchester Cnty. Healthcare Corp. Rev., 5.875%, 11/1/25, Ser. A | |
Ba2/BB | |
2,915,250 | ||||||||
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11,468,040 | |||||||||||
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North Carolina–0.5% |
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|||||||||||
| 3,000 | |
Capital Facs. Finance Agcy. Rev., Duke Univ. Project, 5.125%, 10/1/41, Ser. A | |
Aa1/AA+ | |
3,078,360 | ||||||||
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Ohio–1.2% |
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Lorain Cnty. Hospital Rev., Catholic Healthcare Partners, | |
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|||||||||||
| 2,500 | |
5.625%, 10/1/17 | |
Aa3/AA− | |
2,661,025 | ||||||||
| 2,565 | |
5.75%, 10/1/18 | |
Aa3/AA− | |
2,738,753 | ||||||||
| 1,235 | |
State Turnpike Commission Rev., 5.50%, 2/15/15 | |
Aa3/AA | |
1,307,421 | ||||||||
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6,707,199 | |||||||||||
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Pennsylvania–4.1% |
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Allegheny Cnty., | |
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| 5,780 | |
Hospital Dev. Auth. Rev., 9.25%, 11/15/30, Ser. B | |
Ba3/B+ | |
6,864,733 | ||||||||
| 1,000 | |
Industrial Dev. Auth. Rev., USX Corp., 5.60%, 9/1/30 | |
Baa1/BBB+ | |
1,031,600 | ||||||||
| 1,095 | |
Port Auth. Rev., 5.25%, 3/1/20 (FGIC) | |
Aaa/AAA | |
1,154,250 | ||||||||
| 2,575 | |
Delaware Cnty. Auth. College Rev., Neumann College, 5.80%, 10/1/17 | |
NR/BBB− | |
2,680,549 | ||||||||
| 6,200 | |
Higher Educational Facs. Auth. Rev., 6.00%, 1/15/31, Ser. A | |
Aa3/A+ | |
6,710,570 | ||||||||
| 4,610 | |
Philadelphia Hospitals & Higher Education Facs. Hospital Rev., Temple Univ. Hospital, 6.625%, 11/15/23, Ser. A | |
Baa2/BBB | |
4,679,150 | ||||||||
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|
|
23,120,852 | |||||||||||
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Puerto Rico–2.2% |
|
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|||||||||||
| 1,600 | |
Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN | |
A3/BBB+ | |
1,643,456 | ||||||||
| 10,665 | |
Gov't Dev. Bank for Puerto Rico Rev., 5.00%, 12/1/08, Ser. B | |
BBB/BAA3 | |
10,858,783 | ||||||||
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|
|
12,502,239 | |||||||||||
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|
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| Principal Amount (000) |
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|
Credit Rating (Moody's/S&P) |
|
Value* | |||||||||
|
Rhode Island–3.3% |
|
|
|||||||||||
| $18,000 | |
Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42, Ser. A | |
Baa3/BBB | |
$18,882,900 | ||||||||
|
South Carolina–4.7% |
|
|
|||||||||||
|
Greenwood Cnty. Hospital Rev., Self Memorial Hospital, | |
|
|||||||||||
| 3,500 | |
5.50%, 10/1/21 | |
A2/A | |
3,654,455 | ||||||||
| 2,000 | |
5.50%, 10/1/26 | |
A2/A | |
2,084,520 | ||||||||
| 3,000 | |
Jobs Economic Dev. Auth. Hospital Facs. Rev., Georgetown Memorial Hospital, 5.375%, 2/1/30 (Radian) | |
NR/AA | |
3,109,470 | ||||||||
| 15,600 | |
Tobacco Settlement Rev., Management Auth. Rev., 6.375%, 5/15/30, Ser. B | |
Baa3/BBB | |
17,554,056 | ||||||||
|
|
|
26,402,501 | |||||||||||
|
Tennessee–0.2% |
|
|
|||||||||||
| 940 | |
Memphis Health Educational & Housing Fac., Wesley Housing Corp. Project, 6.95%, 1/1/20 (e) | |
NR/NR | |
891,858 | ||||||||
|
Texas–13.3% |
|
|
|||||||||||
| 1,750 | |
Austin Convention Enterprises, Inc., 5.75%, 1/1/32, Ser. B | |
A3/NR | |
1,801,993 | ||||||||
| 4,000 | |
Austin Rev., 5.25%, 5/15/31, Ser. A & B (FSA) | |
Aaa/AAA | |
4,134,480 | ||||||||
| 2,935 | |
Bell Cnty. Health Fac. Dev. Corp., 5.25%, 11/15/19 | |
NR/A− | |
2,962,736 | ||||||||
| 10,000 | |
Coppell Independent School Dist., GO, zero coupon, 8/15/29 (PSF-GTD) | |
NR/AAA | |
3,220,600 | ||||||||
|
Corpus Christi Refinance & Improvement, GO (FSA), | |
|
|||||||||||
| 1,125 | |
5.375%, 3/1/18 | |
Aaa/AAA | |
1,192,466 | ||||||||
| 1,740 | |
5.375%, 3/1/18, (Pre-refunded @ $100, 3/1/11) (a) | |
Aaa/AAA | |
1,854,857 | ||||||||
| 9,000 | |
Cypress-Fairbanks Independent School Dist., GO, 4.80%, 2/15/26, Ser. B (PSF-GTD) (c) | |
AAA/AAA | |
9,035,460 | ||||||||
|
Duncanville Independent School Dist., GO, Ser. B (PSF-GTD), | |
|
|||||||||||
| 20 | |
5.25%, 2/15/32 | |
AAA/AAA | |
20,876 | ||||||||
| 3,660 | |
5.25%, 2/15/32, (Pre-refunded @ $100, 2/15/12) (a) | |
AAA/AAA | |
3,916,895 | ||||||||
|
Harris Cnty. Health Facs. Dev. Corp. Rev. (a), | |
|
|||||||||||
| 5,000 | |
Christus Health, 5.375%, 7/1/29, Ser. A, (Pre-refunded @ $101, 7/1/09) (MBIA) | |
Aaa/AAA | |
5,268,200 | ||||||||
| 7,000 | |
Memorial Hermann Healthcare, 6.375%, 6/1/29, (Pre-refunded @ $101, 6/1/11) | |
A2/A | |
7,833,000 | ||||||||
| 1,840 | |
Houston, CP, 6.25%, 12/15/12, Ser. J (AMBAC) | |
Aaa/AAA | |
2,072,760 | ||||||||
| 2,000 | |
Mansfield Independent School Dist., GO, 5.25%, 2/15/23 (PSF-GTD) | |
Aaa/AAA | |
2,087,520 | ||||||||
| 4,380 | |
Southlake Park Dev. Corp. Rev., 5.60%, 8/15/31, (Pre-refunded @ $100, 2/15/11) (AMBAC) (a) | |
Aaa/AAA | |
4,615,863 | ||||||||
| 4,530 | |
State, GO, 5.30%, 8/1/18, Ser. A | |
Aa1/AA | |
4,772,763 | ||||||||
| 19,990 | |
State Turnpike Auth. Rev., zero coupon, 8/15/25, Ser. A (AMBAC) | |
Aaa/AAA | |
7,925,835 | ||||||||
| 4,920 | |
Univ. Rev., 5.00%, 7/1/26, Ser. B | |
Aaa/AAA | |
5,111,880 | ||||||||
| 7,450 | |
Water Dev. Board Rev., 5.125%, 7/15/18 | |
Aaa/AAA | |
7,493,359 | ||||||||
|
|
|
75,321,543 | |||||||||||
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P) |
|
Value* | |||||||||
|
Utah–1.3% |
|
|
|||||||||||
| $7,000 | |
Salt Lake Cnty. Hospital Rev., IHC Health Services, 5.125%, 2/15/33 (AMBAC) | |
Aaa/AAA | |
$7,194,810 | ||||||||
|
Washington–2.2% |
|
|
|||||||||||
|
Cowlitz Cnty. School Dist. No. 458 Kelso, GO (FSA), | |
|
|||||||||||
| 910 | |
5.625%, 12/1/14 | |
NR/NR | |
993,038 | ||||||||
| 985 | |
5.625%, 12/1/14, (Pre-refunded @ $100, 12/1/11) (a) | |
NR/NR | |
1,071,404 | ||||||||
| 1,225 | |
5.625%, 12/1/16, (Pre-refunded @ $100, 12/1/11) (a) | |
Aaa/NR | |
1,332,457 | ||||||||
| 3,415 | |
Kent, GO, 5.375%, 12/1/20 (MBIA) | |
NR/NR | |
3,620,071 | ||||||||
| 5,420 | |
King Cnty. School Dist. No. 1 Seattle, GO, 5.25%, 12/1/21, Ser. A (MBIA) | |
Aaa/AAA | |
5,696,745 | ||||||||
|
|
|
12,713,715 | |||||||||||
|
Wisconsin–4.2% |
|
|
|||||||||||
|
Badger Tobacco Asset Securitization Corp., | |
|
|||||||||||
| 5,000 | |
5.75%, 6/1/12 | |
Baa3/BBB | |
5,254,150 | ||||||||
| 9,785 | |
6.00%, 6/1/17 | |
Baa3/BBB | |
10,308,987 | ||||||||
| 3,515 | |
State, GO, 5.00%, 5/1/22, Ser. A (FGIC) | |
Aaa/AAA | |
3,649,695 | ||||||||
| 2,230 | |
State Health & Educational Facs. Auth. Rev., Kenosha Hospital & Medical Center, 5.625%, 5/15/29 | |
NR/A | |
2,274,243 | ||||||||
| 2,250 | |
Wisconsin Health & Educational Facs. Auth., Divine Savior Healthcare Rev., 5.00%, 5/1/32 | |
NR/BBB | |
2,214,607 | ||||||||
|
|
|
23,701,682 | |||||||||||
|
Total Municipal Bonds & Notes (cost–$502,168,283) | |
|
527,472,051 | ||||||||||
|
VARIABLE RATE NOTES (b)(f)(g)–5.7% |
||||||||||||||
|
Hawaii–0.3% |
|
|
|||||||||||
| 1,388 | |
City & Cnty. of Honolulu Rev., 9.40%, 7/1/23, Ser. 400 (FGIC) | |
Aaa/NR | |
1,592,989 | ||||||||
|
Illinois–1.1% | |
|
|||||||||||
| 2,902 | |
Cook Cnty., GO, 9.40%, 11/15/28, Ser. 458 (FGIC) | |
Aaa/NR | |
3,352,155 | ||||||||
| 2,765 | |
Educational Facs. Auth. Rev., 7.657%, 7/1/38 | |
NR/AA | |
3,032,182 | ||||||||
|
|
|
6,384,337 | |||||||||||
|
Massachusetts–0.5% |
|
|
|||||||||||
| 2,000 | |
State Health & Educational Facs. Auth. Rev., 10.834%, 7/1/32 | |
NR/NR | |
2,648,000 | ||||||||
|
Nevada–0.5% |
|
|
|||||||||||
| 2,440 | |
Washoe Cnty., GO, 9.423%, 1/1/35, Ser. 1241 (MBIA) | |
Aaa/AAA | |
2,817,859 | ||||||||
|
New York–1.7% |
|
|
|||||||||||
| 224 | |
New York City Municipal Water Finance Auth., Water & Sewer System Rev., 9.51%, 6/15/37, Ser. 1226 | |
Aa2/NR | |
253,792 | ||||||||
|
New York City Municipal Water Finance Auth. Rev., | |
|
|||||||||||
| 6,000 | |
6/15/39 (c)(d)(e) | |
AA+/AA2 | |
6,609,480 | ||||||||
| 2,600 | |
6.992%, 6/15/26 | |
NR/AA+ | |
3,006,640 | ||||||||
|
|
|
9,869,912 | |||||||||||
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody's/S&P) |
|
Value* | |||||||||
|
Texas–1.2% |
|
|
|||||||||||
|
Harris Cnty. Health Facs. Dev. Corp. Rev., | |
|
|||||||||||
| $1,720 | |
8.841%, 2/15/26 | |
NR/AA− | |
$2,311,852 | ||||||||
| 3,595 | |
11.28%, 7/1/29, Ser. 357 (MBIA) | |
Aaa/NR | |
4,559,179 | ||||||||
|
|
|
6,871,031 | |||||||||||
|
Washington–0.4% |
|
|
|||||||||||
| 1,800 | |
Seattle, GO, 10.03%, 12/15/28, Ser. 348 | |
Aa1/NR | |
2,007,630 | ||||||||
|
Total Variable Rate Notes (cost–$27,321,101) | |
|
32,191,758 | ||||||||||
|
VARIABLE RATE DEMAND NOTES (g)(h)–1.0% |
||||||||||||||
|
Alaska–0.0% |
|
|
|||||||||||
| 200 | |
Valdez Rev., 3.60%, 8/1/06 | |
VMIG1/A-1+ | |
200,000 | ||||||||
|
California–0.4% |
|
|
|||||||||||
| 165 | |
State Department of Water Res. Rev., 3.66%, 8/1/06 | |
A-1+/A-1+ | |
165,000 | ||||||||
| 2,020 | |
State of California, Daily Kindergarten Univ., GO, 3.63%, 8/1/06 | |
VMIG1/A-1+ | |
2,020,000 | ||||||||
|
|
|
2,185,000 | |||||||||||
|
Indiana–0.0% |
|
|
|||||||||||
| 100 | |
Indiana Health Fac. Financing Auth. Rev., 3.70%, 8/1/06 | |
VMIG1/A-1 | |
100,000 | ||||||||
|
Massachusetts–0.3% |
|
|
|||||||||||
| 1,500 | |
Commonwealth of Massachusetts Rev., GO, 3.62%, 8/1/06, Ser. B | |
A-1+/A-1+ | |
1,500,000 | ||||||||
|
New York–0.3% |
|
|
|||||||||||
| 1,500 | |
New York City Transitional Finance Auth. Rev., 3.65%, 8/1/06 | |
VMIG1/A-1+ | |
1,500,000 | ||||||||
|
Total Variable Rate Demand Notes (cost–$5,485,000) | |
|
5,485,000 | ||||||||||
|
U.S. TREASURY BILLS (i)–0.2% |
||||||||||||||
| 1,190 | |
4.785%-4.85%, 9/14/06 (cost–$1,182,999) | |
|
1,182,999 | |||||||||
|
OPTIONS PURCHASED (j)–0.0% |
||||||||||||||
| Contracts | |
|
|
|||||||||||
|
Put Options–(0.0%) |
|
|
|||||||||||
|
Eurodollar Futures, Chicago Mercantile Exchange, | |
|
|||||||||||
| 125 | |
strike price $92, expires 3/19/07 (cost–$1,187) | |
|
781 | |||||||||
|
Total Investments before options written(cost–$536,158,570)–100.1% |
|
|
566,332,589 | ||||||||||
|
OPTIONS WRITTEN(j)–(0.1)% |
|
|
|||||||||||
|
Call Options–(0.1)% |
|
|
|||||||||||
|
U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade, | |
|
|||||||||||
| 137 | |
strike price $107, expires 8/25/06 | |
|
(14,984) | |||||||||
| 836 | |
strike price $108, expires 11/21/06 | |
|
(248,188) | |||||||||
|
|
|
(263,172) | |||||||||||
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contracts | |
|
|
Value* | ||||||||||
|
Put Options–(0.0)% |
|
|
|||||||||||
|
U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade, | |
|
|||||||||||
| 973 | |
strike price $103, expires 8/25/06 | |
|
$(15,203) | |||||||||
|
Total Options Written (premiums received–$289,394) | |
|
(278,375) | ||||||||||
|
Total Investments net of options written(cost–$535,869,176)–100.0% |
|
|
$566,054,214 | ||||||||||
|
||||||||||||||
Notes to the Schedule of Investments:
|
|
| * | Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotations are not readily available or if a development/event occurs that may significantly impact the value of a security are fair-valued, in good faith, pursuant to guidelines established by the Board of Trustees. The Fund’s investments are valued daily using prices supplied by an independent pricing service or dealer quotations, or are valued using the last sale price on the exchange that is the primary market for such securities, or the last quoted mean price for those securities for which the over-the-counter market is the primary market or for listed securities in which there were no sales. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded options and futures are valued at the settlement price determined by the relevant exchange. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily until settlement at the forward settlement value. Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. The prices used by the Fund to value securities may differ from the value that would be realized if the securities were sold. The Fund's net asset value is determined daily as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the New York Stock Exchange (‘‘NYSE’’) on each day the NYSE is open for business. |
|
|
| (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) | When-issued or delayed-delivery security. To be settled/delivered after July 31, 2006. |
|
|
| (d) | Unsettled security, coupon rate undetermined at July 31, 2006. |
|
|
| (e) | Fair-valued security. |
|
|
| (f) | Residual Interest Municipal Bonds (‘‘RIBS’’)/Residual Interest Tax Exempt Municipal Bonds (‘‘RITES’’) – The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index. |
|
|
| (g) | 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 July 31, 2006. |
|
|
| (h) | Maturity date shown is date of next put. |
|
|
| (i) | All or partial amount segregated as collateral for futures contracts and options written. |
|
|
| (j) | Non-income producing. |
|
|
| (k) | Security in default. |
Glossary:
ACA – insured by American Capital Access Holding Ltd.
AMBAC – insured by American Municipal Bond Assurance Corp.
CP – Certificates of Participation
FGIC – insured by Financial Guaranty Insurance Co.
FSA – insured by Financial Security Assurance, Inc.
GO – General Obligation Bond
GTD – Guaranteed
IBC – Insurance Bond Certificate
MBIA – insured by Municipal Bond Investors Assurance
NR – Not Rated
PSF – Public School Fund
Radian – insured by Radian Guaranty, Inc.
XLCA – insured by XL Capital Assurance
Other Investments:
|
|
| (1) | Futures contracts outstanding at July 31, 2006: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Type | |
|
Notional Amount (000) |
|
|
Expiration Date |
|
|
Unrealized Depreciation |
|||||||||
| Long: | |
|
Euro 90 day Futures | |
|
|
$ | 440 |
|
|
|
6/18/07 | |
|
|
$ | (114,025 |
)
|
|
|
Euro 90 day Futures | |
|
|
|
440 |
|
|
|
9/17/07 | |
|
|
|
(87,800 |
)
|
|
|
|
Euro 90 day Futures | |
|
|
|
440 |
|
|
|
12/17/07 | |
|
|
|
(81,200 |
)
|
|
|
|
Euro 90 day Futures | |
|
|
|
440 |
|
|
|
3/17/08 | |
|
|
|
(76,800 |
)
|
|
| Short: | |
|
U.S. Treasury Bond Futures September 2006 | |
|
|
|
(40 |
)
|
|
|
9/20/06 | |
|
|
|
(56,563 |
)
|
|
|
U.S. Treasury Notes 10 yr. Futures September 2006 | |
|
|
|
(231 |
)
|
|
|
9/20/06 | |
|
|
|
(131,742 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($548,130 |
)
|
||||
|
||||||||||||||||||
|
|
| (2) | Transactions in options written for the three months ended July 31, 2006: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts | |
|
Premiums | |||||||
| Options outstanding, April 30, 2006 | |
|
|
|
2,141 |
|
|
|
|
$ | 544,557 |
|
| Options written | |
|
|
|
2,782 |
|
|
|
|
|
404,240 |
|
| Options expired | |
|
|
|
(1,400 |
)
|
|
|
|
|
(356,388 |
)
|
| Options terminated in closing transactions | |
|
|
|
(1,577 |
)
|
|
|
|
|
(303,015 |
)
|
| Options outstanding, July 31, 2006 | |
|
|
|
1,946 |
|
|
|
|
$ | 289,394 |
|
|
||||||||||||
Item 2. Controls and Procedures
(a) The registrant's President and Chief Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.
(b) There were no significant changes in the registrant's internal controls or in factors that could affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 3. Exhibits
(a) Exhibit 99.302 Cert. – Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: PIMCO Municipal Income Fund
By
/s/ Brian S. Shlissel
President & Chief Executive
Officer
Date: September 26, 2006
By /s/ Lawrence G. Altadonna
Treasurer, Principal
Financial & Accounting Officer
Date: September 26, 2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dated indicated.
By /s/ Brian S. Shlissel
President &
Chief Executive Officer
Date: September 26, 2006
By /s/ Lawrence G. Altadonna
Treasurer, Principal
Financial & Accounting Officer
Date: September 26, 2006