UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC
20549
OMB
APPROVAL
OMB Number: 3235-0578
Expires: February 28,
2006
Estimated average burden hours per response: 20.0
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED
MANAGEMENT INVESTMENT
COMPANY
Investment Company Act File Number: 811-10377
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: 4/30/2006
Date of Reporting Period: 7/31/2005
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.
1
Item 1. Schedule of Investments
PIMCO Municipal Income Fund
Schedule of Investments
July 31, 2005 (unaudited)
Principal Amount (000) |
|
Credit Rating (Moody's/S&P) |
Value* | |||||||||||||||
Municipal Bonds &
Notes—89.9%
|
||||||||||||||||||
Alabama—3.6%
|
||||||||||||||||||
|
$ | 2,500 |
Birmingham Baptist Medical Center, Baptist Health System, 5.875%, 11/15/24, Ser. A |
Baa1/NR | $2,650,725 | |||||||||||||
|
9,900 |
Daphne Special Care Facs. Financing Auth. Rev., zero coupon, 8/15/28 (Pre-refunded @ 100, 8/15/08) (b) |
Aaa/AAA | 8,863,371 | ||||||||||||||
|
8,000 | Huntsville Health Care Auth., 5.75%, 6/1/31, Ser. A | A2/NR | 8,492,720 | ||||||||||||||
|
|
|
20,006,816 | |||||||||||||||
Alaska—1.1%
|
||||||||||||||||||
|
6,000 | Northern Tobacco Securitization Corp., 5.50%, 6/1/29 | Baa3/BBB | 6,104,100 | ||||||||||||||
Arizona—0.4%
|
||||||||||||||||||
|
2,000 |
Apache Cnty. Indl. Dev. Auth., Pollution Control Rev., Tucson Electric Power Co., 5.875%, 3/1/33 |
Ba1/B+ | 2,000,260 | ||||||||||||||
California—2.1%
|
||||||||||||||||||
|
10,000 |
Golden State Tobacco Securitization Corp. Rev., 6.75%, 6/1/39, Ser. 2003-A-1 |
Baa3/BBB | 11,505,500 | ||||||||||||||
Colorado—2.4%
|
|
|||||||||||||||||
|
Denver Health & Hospital Auth. Healthcare Rev., Ser. A, |
|
|
|||||||||||||||
|
2,000 | 5.375%, 12/1/28 | Baa3/BBB | 2,018,640 | ||||||||||||||
|
1,000 | 6.00%, 12/1/23 | Baa3/BBB | 1,053,590 | ||||||||||||||
|
12,400 |
Health Facs. Auth. Retirement Facs. Rev., zero coupon, 7/15/24 |
NR/AAA | 5,103,592 | ||||||||||||||
|
4,965 |
Northwest Parkway Public Highway Auth., 7.125%, 6/15/41, Ser. D |
Ba1/BB+ | 5,358,724 | ||||||||||||||
|
|
|
13,534,546 | |||||||||||||||
Connecticut—0.2%
|
||||||||||||||||||
|
1,000 |
State Dev. Auth. Pollution Control Rev., Conn. Light & Power, 5.85%, 9/1/28 |
Baa1/BBB- | 1,064,920 | ||||||||||||||
District
of Columbia—1.1%
|
||||||||||||||||||
|
5,610 | Tobacco Settlement Financing Corp., 6.25%, 5/15/24 | Baa3/BBB | 6,058,688 | ||||||||||||||
Florida—1.8%
|
||||||||||||||||||
|
9,000 |
Highlands Cnty. Health Facs. Auth. Rev., Adventist Health System, 6.00%, 11/15/31, Ser. A |
A2/A | 9,824,940 | ||||||||||||||
Georgia—2.0%
|
||||||||||||||||||
|
Municipal Electric Auth. Power Rev. (MBIA-IBC), |
|
|
|||||||||||||||
|
9,700 | 5.50%, 1/1/20 | Aaa/AAA | 10,911,045 | ||||||||||||||
|
300 | 5.50%, 1/1/20, Ser. Z (Pre-refunded @ 100, 1/1/13 ) (b) | NR/AAA | 340,098 | ||||||||||||||
|
|
|
11,251,143 | |||||||||||||||
Illinois—11.8%
|
|
|||||||||||||||||
|
10,115 |
Chicago Board of Education, GO, zero coupon, 12/1/31, Ser. A (FGIC) |
Aaa/AAA | 2,842,416 | ||||||||||||||
|
9,080 | Chicago, GO, 5.375%, 1/1/34, Ser. A (FGIC) | Aaa/AAA | 9,646,047 | ||||||||||||||
|
2,000 |
Chicago Water Rev., 5.25%, 11/1/27 (FGIC) (Pre-refunded @ 102, 11/1/07) (b) |
Aaa/AAA | 2,140,640 | ||||||||||||||
|
Dev. Finance Auth. Hospital Rev., Adventist Health System, |
|
|
|||||||||||||||
|
5,000 | 5.50%, 11/15/29 | A2/A | 5,194,150 | ||||||||||||||
|
1,260 | 5.65%, 11/15/24 | A2/A | 1,325,696 | ||||||||||||||
|
Educational Facs. Auth. Rev., Chicago Univ., |
|
|
|||||||||||||||
|
190 | 5.25%, 7/1/41 | Aa1/AA | 201,385 | ||||||||||||||
|
4,810 | 5.25%, 7/1/41 (Pre-refunded @ $101, 7/1/11) (b) | Aa1/AA | 5,314,218 |
1
Principal Amount (000) |
|
Credit Rating (Moody's/S&P) |
Value* | ||||||||||||
|
$ | 1,115 |
Educational Facs. Auth. Rev., Midwestern Univ., 5.50%, 5/15/18, Ser. B |
NR/A- | $1,162,856 | ||||||||||
|
Health Facs. Auth. Rev., Decatur Memorial Hospital, |
|
|
||||||||||||
|
3,000 | 5.75%, 10/1/24 | A2/A | 3,164,970 | |||||||||||
|
Health Facs. Auth. Rev., Silver Cross Hospital, |
|
|
||||||||||||
|
5,425 | 5.50%, 8/15/25 | NR/A- | 5,564,694 | |||||||||||
|
Lake Cnty. Community High School Dist., GO, Ser. B (FGIC), |
|
|
||||||||||||
|
5,000 | zero coupon, 2/1/19 | Aaa/AAA | 2,731,800 | |||||||||||
|
5,000 | zero coupon, 2/1/20 | Aaa/AAA | 2,593,700 | |||||||||||
|
5,690 | zero coupon, 2/1/22 | Aaa/AAA | 2,652,906 | |||||||||||
|
7,345 |
Regional Transportation Auth. Rev., 5.50%, 6/1/23, Ser. B (FGIC) |
Aaa/AAA | 8,554,575 | |||||||||||
|
3,000 | State Sales Tax Rev., 5.125%, 6/15/20 | Aa3/AAA | 3,202,260 | |||||||||||
|
5,000 | Univ. Rev., Auxiliary Fac. System, 5.25%, 4/1/32, Ser. B (FGIC) | Aaa/AAA | 5,241,250 | |||||||||||
|
4,000 |
Winnebago Boone ETC Cntys., Rock Valley Community College, GO, 5.30%, 10/1/18 (FGIC) |
Aaa/NR | 4,247,760 | |||||||||||
|
|
|
65,781,323 | ||||||||||||
Indiana—1.8%
|
|||||||||||||||
|
6,500 |
Carmel School Building Corp., 5.00%, 7/15/22 (MBIA) |
Aaa/AAA | 6,838,520 | |||||||||||
|
1,225 |
Richland Beanblossom School Building Corp., 5.00%, 1/15/22 (FGIC) |
Aaa/AA- | 1,280,688 | |||||||||||
|
1,825 |
Zionsville Community Schools Building Corp. Rev., 5.00%, 7/15/27, Ser. A (FSA) |
NR/AAA | 1,930,522 | |||||||||||
|
|
|
10,049,730 | ||||||||||||
Kansas—3.8%
|
|||||||||||||||
|
Wichita Hospital Rev., |
|
|
||||||||||||
|
5,000 | 5.625%, 11/15/31, Ser. III | NR/A+ | 5,325,350 | |||||||||||
|
14,370 | 6.25%, 11/15/24, Ser. XI | NR/A+ | 15,686,148 | |||||||||||
|
|
|
21,011,498 | ||||||||||||
Kentucky—0.8%
|
|||||||||||||||
|
3,845 |
Dev. Finance Auth. Hospital Rev., 6.00%, 10/1/19 |
A3/A | 4,244,265 | |||||||||||
Louisiana—7.4%
|
|||||||||||||||
|
10,000 |
Local Gov't Environmental Facs., Community Dev. Auth. Rev., 6.55%, 9/1/25 (ACA) |
NR/A | 11,546,400 | |||||||||||
|
27,895 |
Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. B |
Baa3/BBB | 29,528,531 | |||||||||||
|
|
|
41,074,931 | ||||||||||||
Maryland—0.2%
|
|||||||||||||||
|
1,150 | Baltimore Water Project Rev., 5.125%, 7/1/42, Ser. A (FGIC) | Aaa/AAA | 1,206,166 | |||||||||||
Michigan—4.6%
|
|||||||||||||||
|
Detroit, GO, Ser. A-1 (MBIA), |
|
|
||||||||||||
|
1,000 | 5.375%, 4/1/15 | Aaa/AAA | 1,100,150 | |||||||||||
|
1,000 | 5.375%, 4/1/17 | Aaa/AAA | 1,093,200 | |||||||||||
|
5,650 |
Forest Hills Public Schools, GO, 5.25%, 5/1/18 (Pre-refunded @ $100, 5/1/10) (b) |
Aa2/NR | 6,148,048 | |||||||||||
|
3,000 | Mount Clemens Community School Dist., GO, 5.00%, 5/1/31 | Aa2/AA | 3,098,790 | |||||||||||
|
50 |
Royal Oak Hospital Finance Auth., William Beaumont Hospital, 5.25%, 11/15/35, Ser. M (MBIA) |
Aaa/AAA | 52,112 | |||||||||||
|
4,000 |
State Hospital Fac. Rev., Detroit Medical Center, 6.25%, 8/15/13 |
Ba3/BB- | 3,999,920 | |||||||||||
|
2,000 |
State Strategic Fund Ltd. Obligation Rev., Detroit Edison Pollution Control Co., 5.45%, 9/1/29 |
A3/BBB+ | 2,108,680 | |||||||||||
|
3,000 |
Taylor Tax Increment Finance Auth., 5.375%, 5/1/17 (FSA) |
Aaa/AAA | 3,262,590 | |||||||||||
|
6,255 | Wayne Charter Cnty. Airport Fac. Rev., 6.75%, 12/1/15 | NR/NR | 4,910,863 | |||||||||||
|
|
|
25,774,353 |
2
Principal Amount (000) |
|
Credit Rating (Moody's/S&P) |
Value* | ||||||||||||
Minnesota—0.6%
|
|||||||||||||||
|
Agricultural & Economic Dev. Board Rev., Health Care System, |
|
|
||||||||||||
|
$ | 95 | 6.375%, 11/15/29 | A2/A | $106,944 | ||||||||||
|
2,905 | 6.375%, 11/15/29 (Pre-refunded @ $101, 11/15/10) (b) | A2/A | 3,353,009 | |||||||||||
|
|
|
3,459,953 | ||||||||||||
Missouri—0.4%
|
|||||||||||||||
|
2,500 |
Interstate 470 & 350 Transportation Dev., Motranson Rev., 6.35%, 5/1/22 |
NR/NR | 2,555,100 | |||||||||||
Nevada—1.4%
|
|||||||||||||||
|
3,000 | Clark Cnty. Airport Rev., 5.25%, 7/1/34, Ser. B (FGIC) | Aaa/AAA | 3,155,250 | |||||||||||
|
4,250 | Truckee Meadows Water Auth. Rev., 5.25%, 7/1/34, Ser. A (FSA) | Aaa/AAA | 4,467,643 | |||||||||||
|
|
|
7,622,893 | ||||||||||||
New
Hampshire—0.6%
|
|||||||||||||||
|
3,000 |
State Business Finance Auth. Pollution Control Rev., Conn. Light & Power Co., 5.85%, 12/1/22 |
Baa1/BBB- | 3,203,070 | |||||||||||
New
Jersey—4.0%
|
|||||||||||||||
|
Camden Cnty. Improvement Auth. Rev., Cooper Health System, |
|
|
||||||||||||
|
490 | 5.60%, 2/15/07 | Baa3/BBB | 496,223 | |||||||||||
|
875 | 6.00%, 2/15/27 | Baa3/BBB | 895,046 | |||||||||||
|
Economic Dev. Auth. Rev., Arbor Glen, |
|
|
||||||||||||
|
2,510 | 5.875%, 5/15/16 | NR/NR | 2,555,858 | |||||||||||
|
490 | 5.875%, 5/15/16, Ser. A (Pre-refunded @ 102, 5/15/09) (b) | NR/NR | 545,208 | |||||||||||
|
16,550 | Economic Dev., Auth. Rev., Kapkowski Landfill Project, |
|
|
|||||||||||
|
5.75%, 4/1/31 | Baa3/NR | 17,752,689 | ||||||||||||
|
|
|
22,245,024 | ||||||||||||
New
Mexico—0.4%
|
|||||||||||||||
|
2,500 | Farmington Pollution Control Rev., Public Service Co., 5.80%, 4/1/22 | Baa2/BBB | 2,545,200 | |||||||||||
New
York—1.3%
|
|||||||||||||||
|
New York City Municipal Water Finance Auth., Water & Sewer System Rev., |
|
|
||||||||||||
|
1,120 | 5.00%, 6/15/37, Ser. D | Aa2/AA+ | 1,181,521 | |||||||||||
|
3,000 | 5.00%, 6/15/39, Ser. A | Aa2/AA+ | 3,151,050 | |||||||||||
|
2,875 |
Westchester Cnty. Health Care Corp. Rev., 5.875%, 11/1/25, Ser. A |
Ba2/B | 2,882,389 | |||||||||||
|
|
|
7,214,960 | ||||||||||||
North
Carolina—0.6%
|
|||||||||||||||
|
3,000 |
State Facs. Finance Agcy. Rev., Duke Univ. Project, 5.125%, 10/1/41, Ser. A |
Aa1/AA+ | 3,127,590 | |||||||||||
Ohio—1.2%
|
|||||||||||||||
|
Lorain Cnty. Hospital Rev., Catholic Healthcare Partners, |
|
|
||||||||||||
|
2,500 | 5.625%, 10/1/17 | Aa3/AA- | 2,725,050 | |||||||||||
|
2,565 | 5.75%, 10/1/18 | Aa3/AA- | 2,801,467 | |||||||||||
|
1,235 | State Turnpike Rev., 5.50%, 2/15/15 | Aa3/AA | 1,352,412 | |||||||||||
|
|
|
6,878,929 | ||||||||||||
Pennsylvania—4.2%
|
|||||||||||||||
|
5,780 |
Allegheny Cnty. Hospital Dev. Auth. Rev., 9.25%, 11/15/30, Ser. B |
B1/B | 6,933,110 | |||||||||||
|
1,000 |
Allegheny Cnty. Indl. Dev. Auth. Rev., USX Corp., 5.60%, 9/1/30 |
Baa1/BBB+ | 1,044,280 | |||||||||||
|
1,095 | Allegheny Cnty. Port Auth. Rev., 5.25%, 3/1/20 (FGIC) | Aaa/AAA | 1,179,534 | |||||||||||
|
2,575 | Delaware Cnty. Auth. College Rev., Neumann College, 5.80%, 10/1/17 | NR/BBB- | 2,736,118 | |||||||||||
|
4,610 |
Philadelphia Hospital & Higher Education Fac. Hospital Rev., Temple Univ. Hospital, 6.625%, 11/15/23, Ser. A |
Baa2/BBB | 4,665,043 | |||||||||||
|
6,200 |
State Higher Educational Fac. Auth. Rev., UPMC Health System, 6.00%, 1/15/31, Ser. A |
NR/A+ | 6,838,848 | |||||||||||
|
|
|
23,396,933 | ||||||||||||
Puerto
Rico—0.3%
|
|||||||||||||||
|
$ | 1,600 | Electric Power Auth. Rev., 5.125%, 7/1/29, Ser. NN | A3/A- | $1,686,576 |
3
Principal Amount (000) |
|
Credit Rating (Moody's/S&P) |
Value* | ||||||||||||
Rhode
Island—3.5%
|
|||||||||||||||
|
$ | 18,000 | Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42, Ser. A | Baa3/BBB | $19,340,280 | ||||||||||
South
Carolina—4.9%
|
|||||||||||||||
|
Greenwood Cnty. Hospital Rev., Self Memorial Hospital, |
|
|
||||||||||||
|
3,500 | 5.50%, 10/1/21 | A2/A | 3,669,015 | |||||||||||
|
2,000 | 5.50%, 10/1/26 | A2/A | 2,096,580 | |||||||||||
|
3,000 |
Jobs Economic Dev. Auth. Hospital Facs. Rev., Georgetown Memorial Hospital, 5.375%, 2/1/30 (Radian) |
NR/AA | 3,159,120 | |||||||||||
|
15,600 | Tobacco Settlement Rev., 6.375%, 5/15/30, Ser. B | Baa3/BBB | 18,256,836 | |||||||||||
|
|
|
27,181,551 | ||||||||||||
Tennessee—1.6%
|
|||||||||||||||
|
9,320 |
Memphis Health Educational & Housing Fac., Wesley Housing Corp. Project, 6.95%, 1/1/20 (a) |
NR/NR | 9,190,214 | |||||||||||
Texas—12.0%
|
|||||||||||||||
|
1,750 |
Austin Convention Enterprises, Inc., 5.75%, 1/1/32, Ser. B |
A3/NR | 1,818,180 | |||||||||||
|
4,000 |
Austin Water & Wastewater System Rev., 5.25%, 5/15/31, Ser. A & B (FSA) |
Aaa/AAA | 4,192,480 | |||||||||||
|
2,935 |
Bell Cnty. Health Fac. Dev. Corp., Buckner Retirement Fac., 5.25%, 11/15/19 |
NR/A- | 3,005,381 | |||||||||||
|
10,000 |
Coppell Independent School Dist., GO, zero coupon, 8/15/29 (PSF-GTD) |
NR/AAA | 3,131,400 | |||||||||||
|
2,865 |
Corpus Christi Refinance & Improvement, GO, 5.375%, 3/1/18 (FSA) |
Aaa/AAA | 3,100,274 | |||||||||||
|
3,680 |
Duncanville Independent School Dist., GO, 5.25%, 2/15/32, Ser. B (PSF-GTD) |
Aaa/AAA | 3,907,350 | |||||||||||
|
5,000 |
Harris Cnty. Health Facs. Dev. Corp., Christus Health, 5.375%, 7/1/29, Ser. A (MBIA) |
Aaa/AAA | 5,311,700 | |||||||||||
|
7,000 |
Harris Cnty. Health Facs. Dev. Corp., Memorial Hermann Healthcare, 6.375%, 6/1/29 |
A2/A | 7,780,570 | |||||||||||
|
1,840 |
Houston Water Conveyance System, CP, 6.25%, 12/15/12, Ser. J (AMBAC) |
Aaa/AAA | 2,149,065 | |||||||||||
|
2,000 |
Mansfield Independent School Dist., GO, 5.25%, 2/15/23 (PSF-GTD) |
Aaa/AAA | 2,130,120 | |||||||||||
|
4,380 |
Southlake Parks Dev. Corp., Sales Tax Rev., 5.60%, 8/15/31 (AMBAC) (Pre-refunded @ 100, 2/15/11) (b) |
Aaa/AAA | 4,706,704 | |||||||||||
|
19,990 |
State Turnpike Auth. Rev., zero coupon, 8/15/25, Ser. A (AMBAC) |
Aaa/AAA | 7,866,465 | |||||||||||
|
4,530 | State Water Financial Assistance, GO, 5.30%, 8/1/18, Ser. A | Aa1/AA | 4,883,431 | |||||||||||
|
4,920 | University of Texas, Permanent Univ. Fund, 5.00%, 7/1/26, Ser. B | Aaa/AAA | 5,206,147 | |||||||||||
|
7,450 | Water Dev. Board Rev., 5.125%, 7/15/18 | Aaa/AAA | 7,648,319 | |||||||||||
|
|
|
66,837,586 | ||||||||||||
Utah—1.3%
|
|||||||||||||||
|
7,000 |
Salt Lake Cnty. Hospital Rev., IHC Health Services, 5.125%, 2/15/33 (AMBAC) |
Aaa/AAA | 7,305,550 | |||||||||||
Washington—2.6%
|
|||||||||||||||
|
Cowlitz Cnty. School Dist., GO, (FSA), |
|
|
||||||||||||
|
910 | 5.625%, 12/1/14 | NR/NR | 1,023,259 | |||||||||||
|
985 | 5.625%, 12/1/14 (Pre-refunded @ $100, 12/01/11) (b) | NR/NR | 1,108,184 | |||||||||||
|
1,225 | 5.625%, 12/1/16 (Pre-refunded @ $100, 12/01/11) (b) | Aaa/NR | 1,378,198 | |||||||||||
|
Kent, GO, (MBIA) |
|
|
||||||||||||
|
3,415 | 5.375%, 12/1/20 | NR/NR | 3,708,588 | |||||||||||
|
1,585 | 5.375%, 12/1/20, (Pre-refunded @ $101, 12/01/10) (b) | NR/NR | 1,758,542 | |||||||||||
|
5,420 |
King Cnty. School Dist., GO, 5.25%, 12/1/21, Ser. A (MBIA) |
Aaa/AAA | 5,823,356 | |||||||||||
|
|
|
14,800,127 |
4
Principal Amount (000) |
|
Credit Rating (Moody's/S&P) |
Value* | ||||||||||||
Wisconsin—3.9%
|
|||||||||||||||
|
Badger Tobacco Asset Corp., |
|
|
||||||||||||
|
$ | 5,000 | 5.75%, 6/1/12 | Baa3/BBB | $5,455,600 | ||||||||||
|
9,785 | 6.00%, 6/1/17 | Baa3/BBB | 10,402,433 | |||||||||||
|
3,515 | State, GO, 5.00%, 5/1/22, Ser. A (FGIC) | Aaa/AAA | 3,714,406 | |||||||||||
|
2,230 |
State Health & Educational Facs. Auth. Rev., Kenosha Hospital & Medical Center, 5.625%, 5/15/29 |
NR/A | 2,300,892 | |||||||||||
|
|
|
21,873,331 | ||||||||||||
Total Municipal Bonds & Notes (cost—$465,750,623) |
500,958,046 | ||||||||||||||
Variable Rate Notes
(c)(d)(e)—6.4%
|
|||||||||||||||
Hawaii—0.3%
|
|||||||||||||||
|
1,388 |
City & Cnty. of Honolulu Rev., 14.60%, 7/1/23, Ser. 400 (FGIC) |
Aaa/NR | 1,770,242 | |||||||||||
Illinois—1.2%
|
|||||||||||||||
|
2,902 | Cook Cnty., GO, 14.68%, 11/15/28, Ser. 458 (FGIC) | Aaa/NR | 3,429,768 | |||||||||||
|
2,765 | Educational Facs. Auth. Rev., 13.673%, 7/1/38 | NR/AA | 3,179,557 | |||||||||||
|
|
|
6,609,325 | ||||||||||||
Massachusetts—0.5%
|
|||||||||||||||
|
2,000 |
State Health & Educational Facs. Auth. Rev., 16.863%, 7/1/32 |
NR/NR | 2,953,200 | |||||||||||
New
York—1.3%
|
|||||||||||||||
|
6,500 |
New York City Municipal Water Finance Auth. Rev., 6.997%, 6/15/26 |
NR/AA+ | 7,090,200 | |||||||||||
Tennessee—0.5%
|
|||||||||||||||
|
2,000 |
Memphis Electric System Rev., 14.685%, 12/1/11, Ser. 880 (MBIA) |
Aaa/NR | 2,891,700 | |||||||||||
Texas—2.2%
|
|||||||||||||||
|
Harris Cnty. Health Fac. Dev. Corp. Rev., |
|
|
||||||||||||
|
8,988 | 8.16%, 7/1/21, Ser. 357 (MBIA) | Aaa/NR | 10,108,061 | |||||||||||
|
1,720 | 14.783%, 2/15/26 | NR/AA- | 2,081,682 | |||||||||||
|
|
|
12,189,743 | ||||||||||||
Washington—0.4%
|
|||||||||||||||
|
1,800 | Seattle, GO, 15.23%, 12/15/28, Ser. 348 | Aa1/NR | 2,058,390 | |||||||||||
Total
Variable Rate Notes (cost—$29,095,336)
|
35,562,800 | ||||||||||||||
Variable Rate Demand Notes
(d)(f)—2.9%
|
|||||||||||||||
District
of Columbia—0.8%
|
|||||||||||||||
|
4,500 |
John F. Kennedy Ctr. Performing Arts Rev., 2.30%, 8/3/05 (AMBAC) |
VMIG1/A-1+ | 4,500,000 | |||||||||||
Massachusetts—0.9%
|
|||||||||||||||
|
5,060 |
State Health & Educational Facs. Auth. Rev., 2.26%, 8/4/05 |
NR/A-1+ | 5,060,000 | |||||||||||
New
York—0.3%
|
|||||||||||||||
|
300 |
New York City Municipal Water Finance Auth. Rev., 2.23%, 8/1/05, Ser. C |
VMIG1/A-1+ | 300,000 | |||||||||||
|
300 |
New York City Transitional Finance Auth., GO, 2.26%, 8/1/05, Ser. H-7 |
VMIG1/A-1 | 300,000 | |||||||||||
|
1,075 | New York City Transitional Finance Auth. Rev., |
|
|
|||||||||||
|
2.30%, 8/3/05, Ser. 2E | VMIG1/A-1+ | 1,075,000 | ||||||||||||
|
|
|
1,675,000 | ||||||||||||
Pennsylvania—0.6%
|
|||||||||||||||
|
3,100 | Univ. of Pittsburgh Rev., 2.37%, 8/3/05, Ser. A | VMIG1/A-1+ | 3,100,000 | |||||||||||
South
Dakota—0.3%
|
|||||||||||||||
|
1,730 |
State Housing Dev. Auth. Rev., 2.25%, 8/4/05, Ser. C-2 |
VMIG1/A-1+ | 1,730,000 | |||||||||||
Total Variable Rate Demand Notes
(cost—$16,065,000) |
16,065,000 |
5
Principal Amount (000) |
|
Credit Rating (Moody's/S&P) |
Value* | ||||||||||||
U.S. Treasury Bills
(g)—0.9%
|
|||||||||||||||
|
$ | 5,265 | 2.95%-3.038%, 9/15/05 (cost—5,244,615) | Aaa/AAA | $5,244,547 | ||||||||||
Total Investments before options written
(cost—$516,155,574)—100.1% |
557,830,393 | ||||||||||||||
Options
Written (h)—(0.1)%
|
|||||||||||||||
Contracts
|
|
|
|
||||||||||||
|
Call options—(0.0)% | ||||||||||||||
|
U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade, |
|
|
||||||||||||
|
12 | Strike price $112, expires 8/26/05 |
|
(3,000) | |||||||||||
|
1,448 | Strike price $113, expires 8/26/05 |
|
(113,125) | |||||||||||
|
|
|
(116,125) | ||||||||||||
|
Put Options—(0.1)% |
|
|
||||||||||||
|
U.S. Treasury Bond Futures, Chicago Board of Trade, |
|
|
||||||||||||
|
(1,120 | ) | Strike price $113, expires 8/26/05 |
|
(367,500) | ||||||||||
Total Options Written (premiums
received—$1,909,678) |
(483,625) | ||||||||||||||
Total
Investments net of options written
(cost—$514,245,896)—100.0%
|
$557,346,768 |
6
Other Investments:
Futures contracts outstanding at July 31, 2005:
Type |
Notional Value (000) |
Expiration Date |
Unrealized Appreciation |
||||||||||||||||||||
Short: U.S. Treasury 30 Year Bond |
$ | (23,900 | ) | 9/21/05 | $ | 487,500 |
Notes to 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 maybe fair-valued, in good faith, pursuant to guidelines established by the Board of Trustees. The Fund's investments are valued daily by an independent pricing service. The independent pricing service uses information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded options and futures, are valued at the settlement price determined by the relevant exchange. Short-term investments maturing in 60 days or less are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. The prices used by the Fund's to value securities may differ from the value that would be realized if the securities were sold. The Fund's net asset value is determined daily at the close of regular trading (normally 4:00 p.m. Eastern time) on the New York Stock Exchange.
(a)
Illiquid security.
(b)
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.
(c)
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.
(d)
Variable Rate Notes - Instruments whose interest rates change on a specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). The rate shown is the rate in effect at July 31, 2005.
(e)
Residual Interest/Tax Exempt Municipal Bonds - The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index.
(f)
Maturity date shown is date of next call.
(g)
All or partial amount segregated as collateral for futures contracts.
(h)
Non-income producing.
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 - insured by Insurance Bond Certificate
MBIA - insured by Municipal Bond Investors Assurance
NR - Not Rated
PSF- Public School Fund
Radian - insured by Radian Guaranty, Inc.
7
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, 2005
By /s/
Lawrence G. Altadonna
Treasurer, Principal Financial &
Accounting Officer
Date: September 26, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dated indicated.
By /s/
Brian S. Shlissel
President & Chief Executive Officer
Date: September 26, 2005
By /s/ Lawrence G.
Altadonna
Treasurer, Principal Financial & Accounting
Officer
Date: September 26, 2005