OMB APPROVAL |
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OMB Number: 3235-0578 |
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Expires: April 30, 2010
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Estimated average burden hours per response: 10.5 |
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Investment Company Act File Number:
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811-10377 | |
Registrant Name:
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PIMCO Municipal Income Fund | |
Address of Principal Executive Offices:
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1345 Avenue of the Americas, | |
New York, NY 10105 | ||
Name and Address of Agent for Service:
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Lawrence G. Altadonna | |
1345 Avenue of the Americas, | ||
New York, NY 10105 | ||
Registrants telephone number, including area
code:
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212-739-3371 | |
Date of Fiscal Year End:
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April 30, 2009 | |
Date of Reporting Period:
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July 31, 2008 |
Principal | ||||||||||||
Amount | Credit Rating | |||||||||||
(000) | (Moodys/S&P) | Value* | ||||||||||
MUNICIPAL BONDS & NOTES91.4% | ||||||||||||
Alabama2.7% |
||||||||||||
$ | 2,500 | Birmingham Baptist Medical Centers Special Care Facs. Financing Auth. Rev., 5.875%, 11/15/24, Ser. A |
Baa1/NR | $ | 2,500,200 | |||||||
8,000 | Huntsville Health Care Auth. Rev., 5.75%, 6/1/31, Ser. A, (Pre-refunded @ $101, 6/1/11) (c) |
A2/NR | 8,684,720 | |||||||||
Huntsville-Redstone Village Special Care Facs. Financing Auth. Rev., |
||||||||||||
250 | 5.50%, 1/1/28 |
NR/NR | 212,858 | |||||||||
885 | 5.50%, 1/1/43 |
NR/NR | 706,407 | |||||||||
1,350 | Montgomery Medical Clinic Board, Jackson Hospital & Clinic Rev., 5.25%, 3/1/31 |
Baa2/BBB- | 1,181,884 | |||||||||
1,400 | Tuscaloosa Educational Building Auth. Rev., Stillman College, 5.00%, 6/1/26 |
NR/BBB- | 1,199,926 | |||||||||
14,485,995 | ||||||||||||
Alaska1.7% |
||||||||||||
900 | Industrial Dev. & Export Auth., Boys & Girls Home Rev., 6.00%, 12/1/36 |
NR/NR | 778,806 | |||||||||
Northern Tobacco Securitization Corp. Rev., |
||||||||||||
2,400 | 5.00%, 6/1/46, Ser. A |
Baa3/NR | 1,714,008 | |||||||||
6,000 | 5.50%, 6/1/29, (Pre-refunded @ $100, 6/1/11) (c) |
Aaa/AAA | 6,401,040 | |||||||||
8,893,854 | ||||||||||||
Arizona1.6% |
||||||||||||
2,000 | Apache Cnty. Industrial Dev. Auth. Pollution Control Rev., Tucson Electric Power Co., 5.875%, 3/1/33 |
Baa3/BB+ | 1,911,160 | |||||||||
2,750 | Health Facs. Auth. Rev., Beatitudes Project, 5.20%, 10/1/37 |
NR/NR | 2,163,095 | |||||||||
1,260 | Pima Cnty. Industrial Dev. Auth. Rev., Tuscon Day School, 5.00%, 6/1/37 |
NR/BBB- | 1,024,884 | |||||||||
4,200 | Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 |
Aa3/AA- | 3,515,316 | |||||||||
8,614,455 | ||||||||||||
Arkansas0.5% |
||||||||||||
8,500 | Arkansas Dev. Finance Auth. Rev., zero coupon, 7/1/36 (AMBAC) |
Aaa/NR | 1,859,885 | |||||||||
Little Rock Municipal Property Owners |
||||||||||||
Multipurpose Improvement Dist., Special Tax, Ser.A, |
||||||||||||
385 | 5.00%, 3/1/16 |
NR/NR | 370,886 | |||||||||
500 | 5.25%, 3/1/23 |
NR/NR | 458,875 | |||||||||
2,689,646 | ||||||||||||
California5.4% |
||||||||||||
Golden State
Tobacco Securitization Corp. Rev., Ser. A-1, |
||||||||||||
6,000 | 5.00%, 6/1/33 |
Baa3/BBB | 4,681,020 | |||||||||
10,000 | 6.75%, 6/1/39, (Pre-refunded @ $100, 6/1/13) (c) |
Aaa/AAA | 11,396,700 | |||||||||
State, GO, |
||||||||||||
300 | 5.00%, 6/1/37 |
A1/A+ | 291,066 | |||||||||
11,500 | 5.00%, 11/1/37, Ser. 2670 (h) |
A1/A+ | 11,155,345 | |||||||||
1,000 | Statewide Community Dev. Auth. Rev., Catholic Healthcare West, 5.50%, 7/1/31, Ser. E |
A2/A | 979,190 | |||||||||
28,503,321 | ||||||||||||
Colorado2.8% |
||||||||||||
500 | Confluence Metropolitan Dist. Rev., 5.45%, 12/1/34 |
NR/NR | 422,045 | |||||||||
Denver Health & Hospital Auth. Healthcare Rev., Ser. A (c), |
||||||||||||
2,000 | 5.375%, 12/1/28, (Pre-refunded @ $101, 12/1/08) |
NR/BBB | 2,043,540 | |||||||||
1,000 | 6.00%, 12/1/23, (Pre-refunded @ $100, 12/1/11) |
NR/BBB | 1,100,460 |
Principal | ||||||||||||
Amount | Credit Rating | |||||||||||
(000) | (Moodys/S&P) | Value* | ||||||||||
Colorado (continued) |
||||||||||||
$ | 12,400 | Health Facs. Auth. Rev., Liberty Heights, zero coupon, 7/15/24 |
Aaa/AAA | $ | 5,581,116 | |||||||
4,940 | Northwest Parkway Public Highway Auth. Rev., 7.125%, 6/15/41, Ser. D, (Pre-refunded @ $102, 6/15/11) (c) |
NR/NR | 5,583,731 | |||||||||
14,730,892 | ||||||||||||
Connecticut0.2% |
||||||||||||
1,000 | State Dev. Auth. Pollution Control Rev., 5.85%, 9/1/28 |
Baa1/BBB- | 1,001,730 | |||||||||
District of Columbia0.9% |
||||||||||||
4,600 | Tobacco Settlement Financing Corp. Rev., 6.25%, 5/15/24 |
Baa3/BBB | 4,527,044 | |||||||||
Florida2.3% |
||||||||||||
1,000 | Beacon Lakes Community Dev. Dist., Special Assessment, 6.00%, 5/1/38, Ser. A |
NR/NR | 836,620 | |||||||||
940 | Dev. Finance Corp. Rev., Learning Gate Community School, 6.00%, 2/15/37 |
NR/BBB- | 862,309 | |||||||||
9,000 | Highlands Cnty. Health Facs. Auth. Rev., Adventist/Sunbelt Health System, 6.00%, 11/15/31, Ser. A, (Pre-refunded @ $101, 11/15/11) (c) |
A1/NR | 9,989,640 | |||||||||
500 | Lee Cnty. Industrial Dev. Auth. Rev., 5.375%, 6/15/37, Ser. A |
NR/BB | 400,440 | |||||||||
12,089,009 | ||||||||||||
Georgia0.3% |
||||||||||||
2,300 | Medical Center Hospital Auth. Rev., 5.25%, 7/1/37 |
NR/NR | 1,836,872 | |||||||||
Illinois11.3% |
||||||||||||
10,115 | Chicago Board of Education School Reform, GO, zero coupon, 12/1/31, Ser. A (FGIC) |
A1/AA- | 2,802,361 | |||||||||
Chicago, GO,
Ser. A (FGIC), |
||||||||||||
2,935 | 5.375%, 1/1/34 |
Aaa/AA- | 2,959,126 | |||||||||
4,145 | 5.375%, 1/1/34, (Pre-refunded @ $101, 1/1/09) (c) |
Aaa/AA- | 4,248,749 | |||||||||
Educational Facs. Auth. Rev., Univ. of Chicago, |
||||||||||||
190 | 5.25%, 7/1/41 |
Aa1/AA | 192,732 | |||||||||
4,810 | 5.25%, 7/1/41, (Pre-refunded @ $101, 7/1/11) (c) |
Aa1/AA | 5,186,596 | |||||||||
Finance Auth. Rev., |
||||||||||||
Adventist Health System, (Pre-refunded @ $101, 11/15/09) (c), |
||||||||||||
5,000 | 5.50%, 11/15/29 |
A1/NR | 5,272,200 | |||||||||
1,260 | 5.65%, 11/15/24 |
A1/NR | 1,330,963 | |||||||||
1,000 | Fairview, 6.25%, 8/15/35, Ser. A |
NR/NR | 917,410 | |||||||||
3,800 | Monarch Landing, Inc., 7.00%, 12/1/37, Ser. A |
NR/NR | 3,689,154 | |||||||||
Health Fac. Auth. Rev., |
||||||||||||
3,000 | Decatur Memorial Hospital, 5.75%, 10/1/24 |
A2/A | 3,062,070 | |||||||||
5,425 | Silver Cross Hospital, 5.50%, 8/15/25, (Pre-refunded @ $101, 8/15/09) (c) |
NR/A | 5,692,019 | |||||||||
Hillside, Tax Allocation, Mannheim Redev. Project, |
||||||||||||
1,770 | 6.55%, 1/1/20 |
NR/NR | 1,743,379 | |||||||||
1,140 | 7.00%, 1/1/28 |
NR/NR | 1,113,928 | |||||||||
Lake Cnty. Community High School Dist., GO, Ser. B (FGIC), |
||||||||||||
5,000 | zero coupon, 2/1/19 |
Baa3/AA- | 3,018,450 | |||||||||
5,000 | zero coupon, 2/1/20 |
Baa3/AA- | 2,831,850 | |||||||||
5,690 | zero coupon, 2/1/22 |
Baa3/AA- | 2,835,725 | |||||||||
7,345 | Regional Transportation Auth. Rev., 5.50%, 6/1/23, Ser. B (FGIC) |
Aa2/AA+ | 8,007,813 |
Principal | ||||||||||||
Amount | Credit Rating | |||||||||||
(000) | (Moodys/S&P) | Value* | ||||||||||
Illinois (continued) |
||||||||||||
Univ. Rev. (FGIC), |
||||||||||||
$ | 1,495 | 5.25%, 4/1/32 |
Aa3/AA- | $ | 1,503,716 | |||||||
3,505 | 5.25%, 4/1/32, (Pre-refunded @ $100, 4/1/11) (c) |
Aa3/AA- | 3,735,208 | |||||||||
60,143,449 | ||||||||||||
Indiana0.7% |
||||||||||||
500 | Anderson Rev., 5.00%, 10/1/32 |
NR/NR | 435,460 | |||||||||
4,000 | Health & Educational Facs. Financing Auth. Rev., Community Foundation of Northwest Indiana, 5.50%, 3/1/37 |
NR/BBB- | 3,441,920 | |||||||||
3,877,380 | ||||||||||||
Iowa1.9% |
||||||||||||
4,890 | Finance Auth. Rev., Deerfield Retirement Community, Inc., 5.50%, 11/15/37 |
NR/NR | 3,498,159 | |||||||||
Edgewater LLC, |
||||||||||||
3,500 | 6.75%, 11/15/37 |
NR/NR | 3,320,520 | |||||||||
1,500 | 6.75%, 11/15/42 |
NR/NR | 1,410,720 | |||||||||
2,000 | Finance Auth. Rev., Wedum Walnut Ridge LLC, 5.625%, 12/1/45, Ser. A |
NR/NR | 1,632,600 | |||||||||
9,861,999 | ||||||||||||
Kansas4.1% |
||||||||||||
500 | Lenexa Rev., 5.50%, 5/15/39 |
NR/BBB- | 433,645 | |||||||||
1,000 | Lenexa, City Center East Tax Allocation, 6.00%, 4/1/27 |
NR/NR | 936,060 | |||||||||
650 | Manhattan Rev., 5.125%, 5/15/42 |
NR/NR | 509,360 | |||||||||
Wichita Hospital Rev., |
||||||||||||
5,000 | 5.625%, 11/15/31, Ser. III |
NR/A+ | 5,015,500 | |||||||||
14,370 | 6.25%, 11/15/24, Ser. XI |
NR/A+ | 14,775,521 | |||||||||
21,670,086 | ||||||||||||
Kentucky0.2% |
||||||||||||
860 | Economic Dev. Finance Auth. Rev., St. Lukes Hospital, 6.00%, 10/1/19, Ser. B |
A3/A | 865,100 | |||||||||
Louisiana5.4% |
||||||||||||
4,300 | Local Govt Environmental Facs. & Community Dev. Auth. Rev., 6.55%, 9/1/25 (ACA) |
NR/NR | 4,063,758 | |||||||||
27,895 | Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. 2001-B |
Baa3/BBB | 24,420,678 | |||||||||
28,484,436 | ||||||||||||
Maryland0.2% |
||||||||||||
1,150 | Baltimore Water Project Rev., 5.125%, 7/1/42, Ser. A (FGIC) |
A2/A+ | 1,127,288 | |||||||||
Massachusetts0.1% |
||||||||||||
550 | Dev. Finance Agcy. Rev., Linden Ponds, 5.75%, 11/15/35, Ser. A |
NR/NR | 479,325 | |||||||||
Michigan2.3% |
||||||||||||
1,000 | Detroit, GO, 5.375%, 4/1/17, Ser. A-1 (MBIA) |
Aaa/AAA | 1,047,280 | |||||||||
775 | East Lansing Economic Corp., Burcham Hills Rev., 5.25%, 7/1/37 |
NR/NR | 635,570 | |||||||||
4,550 | Garden City Hospital Finance Auth. Rev., 5.00%, 8/15/38, Ser. A |
NR/NR | 3,304,210 | |||||||||
775 | Public Educational Facs. Auth. Rev., 5.00%, 9/1/22 |
NR/BBB- | 708,900 | |||||||||
50 | Royal Oak Hospital Finance Auth. Rev., William Beaumont Hospital, 5.25%, 11/15/35, Ser. M (MBIA) |
Aaa/AAA | 50,354 | |||||||||
460 | Star International Academy, CP, 6.125%, 3/1/37 |
NR/BB+ | 408,977 |
Principal | ||||||||||||
Amount | Credit Rating | |||||||||||
(000) | (Moodys/S&P) | Value* | ||||||||||
Michigan (continued) |
||||||||||||
$ | 4,000 | State Hospital Finance Auth. Rev., Detroit Medical Center, 6.25%, 8/15/13 |
Ba3/BB- | $ | 4,012,840 | |||||||
2,000 | Strategic Fund Ltd. Obligation Rev., Detroit Edison Pollution Control Co., 5.45%, 9/1/29 |
A3/A- | 1,882,320 | |||||||||
12,050,451 | ||||||||||||
Minnesota0.4% |
||||||||||||
95 | Agricultural & Economic Dev. Board Rev., Health Care System, 6.375%, 11/15/29 |
A2/A | 98,350 | |||||||||
North Oaks Presbyterian Homes Rev., |
||||||||||||
1,070 | 6.00%, 10/1/33 |
NR/NR | 1,024,450 | |||||||||
620 | 6.125%, 10/1/39 |
NR/NR | 597,035 | |||||||||
100 | Rochester Healthcare Housing Rev., 5.30%, 4/1/37, Ser. A |
NR/NR | 84,482 | |||||||||
500 | Washington Cnty. Housing & Redev. Auth. Rev., 5.625%, 6/1/37, Ser. A |
NR/NR | 448,050 | |||||||||
2,252,367 | ||||||||||||
Missouri0.3% |
||||||||||||
750 | Branson Regional Airport Transportation Dev. Dist. Rev., 6.00%, 7/1/37, Ser. A |
NR/NR | 642,720 | |||||||||
1,000 | Joplin Industrial Dev. Auth. Rev., 5.75%, 5/15/26, Ser. F |
NR/NR | 938,520 | |||||||||
1,581,240 | ||||||||||||
Nevada2.3% |
||||||||||||
12,185 | Washoe Cnty., GO, 5.00%, 1/1/35 (MBIA)(h) |
NR/AAA | 12,191,945 | |||||||||
New Hampshire0.6% |
||||||||||||
3,000 | Business Finance Auth. Pollution Control Rev., Conn. Light & Power Co., 5.85%, 12/1/22 |
Baa1/BBB- | 3,034,950 | |||||||||
New Jersey4.9% |
||||||||||||
Economic Dev. Auth. Rev., |
||||||||||||
Arbor Glen, |
||||||||||||
2,510 | 5.875%, 5/15/16 |
NR/NR | 2,535,627 | |||||||||
450 | 5.875%, 5/15/16, Ser. A, (Pre-refunded @ $102, 5/15/09) (c) |
NR/NR | 473,616 | |||||||||
16,550 | Kapkowski Road Landfill, Special Assessment, 5.75%, 4/1/31 |
Baa3/NR | 15,672,519 | |||||||||
1,000 | Health Care Facs. Financing Auth. Rev., Trinitas Hospital, 5.25%, 7/1/30, Ser. A |
Baa3/BBB- | 833,610 | |||||||||
9,100 | Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/41, Ser. 1A (h) |
Baa3/BBB | 6,459,089 | |||||||||
25,974,461 | ||||||||||||
New Mexico0.5% |
||||||||||||
2,500 | Farmington Pollution Control Rev., 5.80%, 4/1/22 |
Baa3/BB+ | 2,451,325 | |||||||||
New York1.5% |
||||||||||||
4,200 | Nassau Cnty. Industrial Dev. Agcy. Rev., Amsterdam at Harborside, 6.70%, 1/1/43, Ser. A |
NR/NR | 4,138,554 | |||||||||
1,120 | New York City Municipal Water Finance Auth.,
5.00%, 6/15/37, Ser. D (h) |
Aa2/AA+ | 1,126,395 | |||||||||
2,875 | Westchester Cnty. Healthcare Corp. Rev., 5.875%, 11/1/25, Ser. A |
Baa3/BBB- | 2,866,979 | |||||||||
8,131,928 | ||||||||||||
Principal | ||||||||||||
Amount | Credit Rating | |||||||||||
(000) | (Moodys/S&P) | Value* | ||||||||||
North Carolina0.8% |
||||||||||||
Capital Facs. Finance Agcy., Duke Univ. Rev., Ser. A, |
||||||||||||
$ | 570 | 5.125%, 10/1/41 |
Aa1/AA+ | $ | 574,497 | |||||||
2,430 | 5.125%, 10/1/41, (Pre-refunded @ $100, 10/1/11) (c) |
Aaa/AAA | 2,610,063 | |||||||||
1,500 | Medical Care Commission Rev., Village at Brookwood, 5.25%, 1/1/32 |
NR/NR | 1,221,960 | |||||||||
4,406,520 | ||||||||||||
North Dakota1.0% |
||||||||||||
5,400 | Stark Cnty. Healthcare Rev., Benedictine Living Communities, 6.75%, 1/1/33 |
NR/NR | 5,092,578 | |||||||||
Ohio2.7% |
||||||||||||
11,000 | Buckeye Tobacco Settlement Financing Auth. Rev., 5.875%, 6/1/47, Ser. A-2 |
Baa3/BBB | 8,887,010 | |||||||||
Lorain Cnty. Hospital Rev., Catholic Healthcare, |
||||||||||||
2,500 | 5.625%, 10/1/17 |
A1/AA- | 2,604,950 | |||||||||
2,565 | 5.75%, 10/1/18 |
A1/AA- | 2,685,093 | |||||||||
14,177,053 | ||||||||||||
Pennsylvania5.2% |
||||||||||||
Allegheny Cnty. Hospital Dev. Auth. Rev., |
||||||||||||
8,600 | 5.375%, 11/15/40, Ser. A |
Ba2/BB | 6,693,982 | |||||||||
5,780 | 9.25%, 11/15/30, Ser. B, (Pre-refunded @ $102, 11/15/10) (c) |
Ba3/AAA | 6,750,289 | |||||||||
1,000 | Allegheny Cnty. Industrial Dev. Auth. Rev., 5.60%, 9/1/30 |
Baa1/BBB+ | 945,530 | |||||||||
500 | Cumberland Cnty. Auth., Retirement Community Rev., Messiah Village, 5.625%, 7/1/28, Ser. A |
NR/BBB- | 463,045 | |||||||||
2,575 | Delaware Cnty. Auth. College Rev., Neumann College, 5.80%, 10/1/17 |
NR/BBB | 2,664,610 | |||||||||
2,000 | Harrisburg Auth. Rev., 6.00%, 9/1/36 |
NR/NR | 1,907,460 | |||||||||
6,200 | Higher Educational Facs. Auth. Rev., Ser. A, 6.00%, 1/15/31 |
Aa3/AA- | 6,480,178 | |||||||||
1,000 | LaSalle Univ., 5.00%, 5/1/37 |
NR/BBB | 889,190 | |||||||||
Lancaster Cnty. Hospital Auth. Rev., Ser. A, |
||||||||||||
750 | 6.25%, 7/1/26 |
NR/NR | 735,705 | |||||||||
85 | 6.375%, 7/1/30 |
NR/NR | 82,507 | |||||||||
27,612,496 | ||||||||||||
Puerto Rico0.7% |
||||||||||||
135 | Commonwealth of Puerto Rico, GO, 5.00%, 7/1/35 |
Baa3/BBB- | 123,972 | |||||||||
Sales Tax Financing Corp. Rev., Ser. A, |
||||||||||||
32,550 | zero coupon, 8/1/54 (AMBAC) |
Aaa/AAA | 2,225,118 | |||||||||
29,200 | zero coupon, 8/1/56 |
A1/A+ | 1,625,564 | |||||||||
3,974,654 | ||||||||||||
Rhode Island4.0% |
||||||||||||
23,800 | Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42, Ser. A |
Baa3/BBB | 21,481,880 | |||||||||
South Carolina5.0% |
||||||||||||
Greenwood Cnty. Hospital Rev., Self Memorial Hospital, |
||||||||||||
3,500 | 5.50%, 10/1/21 |
A2/A | 3,561,495 | |||||||||
2,000 | 5.50%, 10/1/26 |
A2/A | 2,013,640 | |||||||||
Jobs Economic Dev. Auth. Rev., |
||||||||||||
3,000 | Georgetown Memorial Hospital, 5.375%, 2/1/30 (Radian) |
NR/AA | 2,923,530 |
Principal | ||||||||||||
Amount | Credit Rating | |||||||||||
(000) | (Moodys/S&P) | Value* | ||||||||||
South Carolina (continued) |
||||||||||||
$ | 450 | Lutheran Homes, 5.50%, 5/1/28 |
NR/NR | $ | 391,743 | |||||||
15,600 | Tobacco Settlement Rev. Management Auth. Rev., 6.375%, 5/15/30, Ser. B |
Baa3/BBB | 17,378,088 | |||||||||
26,268,496 | ||||||||||||
Tennessee0.7% |
||||||||||||
940 | Memphis Health Educational & Housing Fac. Rev., Wesley Housing Corp. Project, 6.95%, 1/1/20 (a)(b) |
NR/NR | 470,000 | |||||||||
3,500 | Sumner Cnty. Health Educational & Housing Facs. Board, 5.50%, 11/1/37 |
NR/NR | 3,153,395 | |||||||||
3,623,395 | ||||||||||||
Texas8.7% |
||||||||||||
1,750 | Austin Convention Enterprises, Inc. Rev., 5.75%, 1/1/32, Ser. B, (Pre-refunded @ $100, 1/1/11) (c) |
Aaa/NR | 1,874,722 | |||||||||
4,000 | Austin Rev., 5.25%, 5/15/31, Ser. A & B, (Partially pre-refunded @ $100, 5/15/11) (FSA)(c) |
Aaa/AAA | 4,061,560 | |||||||||
2,935 | Bell Cnty. Health Fac. Dev. Corp. Rev., 5.25%, 11/15/19, (Pre-refunded @ $101, 11/15/08) (c) |
NR/AAA | 2,990,589 | |||||||||
10,000 | Coppell Independent School Dist., GO, zero coupon, 8/15/29 (PSF-GTD) |
Aaa/AAA | 3,208,400 | |||||||||
Duncanville Independent School Dist., GO, Ser. B (PSF-GTD), |
||||||||||||
20 | 5.25%, 2/15/32 |
Aaa/AAA | 20,321 | |||||||||
3,660 | 5.25%, 2/15/32, (Pre-refunded @ $100, 2/15/12) (c) |
Aaa/AAA | 3,951,519 | |||||||||
Harris Cnty. Health Facs. Dev. Corp. Rev. (c), |
||||||||||||
5,000 | Christus Health, 5.375%, 7/1/29, Ser. A, (Pre-refunded @ $101, 7/1/09) (MBIA) |
Aaa/AAA | 5,210,350 | |||||||||
7,000 | Memorial Hermann Healthcare, 6.375%, 6/1/29, (Pre-refunded @ $101, 6/1/11) |
A2/A | 7,706,720 | |||||||||
285 | Mansfield Independent School Dist., GO, 5.25%, 2/15/23 (PSF-GTD) |
Aaa/AAA | 292,171 | |||||||||
8,800 | North Texas Tollway Auth. Rev., 5.625%, 1/1/33, Ser. A |
A2/A- | 8,793,664 | |||||||||
400 | State Public Finance Auth. Rev., 5.875%, 12/1/36, Ser. A |
Baa3/BBB- | 373,148 | |||||||||
19,990 | State Turnpike Auth. Central Turnpike System Rev., zero coupon, 8/15/25, Ser. A (AMBAC) |
Aaa/AAA | 7,676,960 | |||||||||
46,160,124 | ||||||||||||
Utah1.5% |
||||||||||||
7,000 | Salt Lake Cnty. Hospital Rev., IHC Health Services, 5.125%, 2/15/33 (AMBAC) |
Aaa/AAA | 7,338,660 | |||||||||
600 | Utah Cnty. Lincoln Academy Charter School Rev., GO, 5.875%, 6/15/37, Ser. A (d) |
NR/NR | 541,308 | |||||||||
7,879,968 | ||||||||||||
Virginia0.3% |
||||||||||||
2,000 | Peninsula Town Center Community Dev. Auth. Rev., 6.45%, 9/1/37 |
NR/NR | 1,831,720 | |||||||||
Washington2.0% |
||||||||||||
2,000 | Health Care Facs. Auth. Rev., Virginia Mason Medical Center, 6.125%, 8/15/37, Ser. A |
Baa2/BBB | 1,887,200 | |||||||||
5,420 | King Cnty. School Dist. No. 1 Seattle, GO, 5.25%, 12/1/21, Ser. A (MBIA) |
Aaa/AAA | 5,587,641 | |||||||||
State Housing Finance Commission Rev., Skyline at First Hill, Ser. A, |
||||||||||||
275 | 5.25%, 1/1/17 |
NR/NR | 266,277 | |||||||||
3,600 | 5.625%, 1/1/38 |
NR/NR | 3,113,532 | |||||||||
10,854,650 | ||||||||||||
Principal | ||||||||||||
Amount | Credit Rating | |||||||||||
(000) | (Moodys/S&P) | Value* | ||||||||||
Wisconsin3.7% |
||||||||||||
Badger Tobacco Asset Securitization Corp. Rev., |
||||||||||||
$ | 5,000 | 5.75%, 6/1/12 |
Baa3/BBB | $ | 5,111,150 | |||||||
9,785 | 6.00%, 6/1/17 |
Baa3/BBB | 9,813,768 | |||||||||
2,250 |
Health & Educational Facs. Auth. Rev., Divine Savior Heathcare Rev., 5.00%, 5/1/32 |
NR/BBB | 1,911,577 | |||||||||
2,230 |
Kenosha Hospital & Medical Center, 5.625%, 5/15/29 |
NR/A | 2,217,623 | |||||||||
550 | Milwaukee Redev. Auth. Rev., 5.65%, 8/1/37, Ser. A |
NR/NR | 477,186 | |||||||||
19,531,304 | ||||||||||||
Total Municipal Bonds & Notes (cost$493,055,247) |
484,445,386 | |||||||||||
VARIABLE RATE NOTES (a)(d)(f)3.7% | ||||||||||||
Hawaii0.3% |
||||||||||||
1,388 | Honolulu City & Cnty. Wastewater System Rev., First Board Resolution, 0.13%, 7/1/23, Ser. 400 (FGIC)(e) |
A1/NR | 1,456,154 | |||||||||
Illinois0.6% |
||||||||||||
2,902 | Cook Cnty., GO, 14.84%, 11/15/28, Ser. 458 (FGIC)(e) |
Aa2/NR | 2,994,451 | |||||||||
New York1.7% |
||||||||||||
New York City Municipal Water Finance Auth., Water & Sewer System Rev., |
||||||||||||
6,000 | 9.799%, 6/15/39 |
Aa2/NR | 6,137,040 | |||||||||
2,600 | 13.743%, 6/15/26 (e) |
NR/AA+ | 2,733,770 | |||||||||
8,870,810 | ||||||||||||
Texas0.8% |
||||||||||||
3,595 | Harris Cnty. Health Facs. Dev. Corp. Rev., 18.52%, 7/1/29, Ser. 357 (MBIA)(e) |
Aaa/NR | 4,351,208 | |||||||||
Washington0.3% |
||||||||||||
1,800 | Seattle, GO, 17.27%, 12/15/28, Ser. 348 (e) |
Aa1/NR | 1,916,190 | |||||||||
Total Variable Rate Notes (cost$17,832,107) |
19,588,813 | |||||||||||
VARIABLE RATE DEMAND NOTES (f)(g)4.9% | ||||||||||||
Illinois1.9% |
||||||||||||
8,000 | Chicago Sales Tax Rev., 1.35%, 8/1/08 |
VMIG1/A-1+ | 8,000,000 | |||||||||
2,000 | Finance Auth. Rev., Elmhurst Memorial Healthcare, 1.35%, 8/1/08, Ser. B |
VMIG1/NR | 2,000,000 | |||||||||
10,000,000 | ||||||||||||
Massachusetts0.7% |
||||||||||||
4,000 | Health & Educational Facs. Auth. Rev., Museum, 1.30%, 8/1/08, Ser. A |
VMIG1/A-1+ | 4,000,000 | |||||||||
Missouri0.8% |
||||||||||||
4,100 | State Health & Educational Facilities Auth. Rev., 2.07%, 8/1/08, Ser. C |
VMIG1/A-1+ | 4,100,000 | |||||||||
New York1.5% |
||||||||||||
8,000 | New York City, GO, 1.20%, 8/1/08, Ser. J |
VMIG1/A-1+ | 8,000,000 | |||||||||
Total Variable Rate Demand Notes (cost$26,100,000) |
26,100,000 | |||||||||||
Total Investments (cost$536,987,354)100.0% |
$ | 530,134,199 | ||||||||||
* | Portfolio securities and other financial instruments for which market quotations are readily
available are stated at market value. Market
value is generally determined on the basis of last reported sales
prices, or if no sales are reported, based on quotes obtained from a
quotation reporting system, established market makers, or
pricing services.
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 procedures
established by the Board of Trustees or persons acting at their discretion pursuant to procedures
established by the Board of Trustees. The Funds investments are valued daily using prices supplied
by an independent pricing service or dealer quotations, are valued at the last quoted bid 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. Prices obtained by
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. 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 Funds net asset value is normally 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) | Private PlacementRestricted as to resale and may not have a readily available market. Securities with an aggregate value of $20,058,813, representing 3.78% of total investments. | |
(b) | Security in default. | |
(c) | 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). | |
(d) | 144A SecuritySecurity 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. | |
(e) | Inverse FloaterThe interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index. The interest rate disclosed reflects the rate in effect on July 31, 2008. | |
(f) | Variable Rate NotesInstruments 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, 2008. | |
(g) | Maturity date shown is date of next put. | |
(h) | Residual Interest Bonds held in trustSecurities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. |
Market | ||||||||||||||||
Value | Expiration | Unrealized | ||||||||||||||
Type | Contracts | (000) | Date | Depreciation | ||||||||||||
Short: U.S. Treasury Bond Futures |
(689) | $(79,580) | 9/19/08 | $(432,939) | ||||||||||||
Contracts | Premiums | |||||||
Options outstanding, April 30, 2008 |
276 | $ | 225,464 | |||||
Options terminated in closing transactions |
(276 | ) | (225,464 | ) | ||||
Options outstanding, July 31, 2008 |
| $ | | |||||
| Level 1 quoted prices in active markets for identical investments | ||
| Level 2 other significant observable inputs (including quoted prices for similar
investments, interest rates, prepayment speeds, credit risk, etc.) |
||
| Level 3 significant unobservable inputs (including the Funds own assumptions in
determining the fair value of investments) |
Investments in | Other Financial | |||||||
Valuation Inputs | Securities | Instruments | ||||||
Level 1 - Quoted Prices |
$ | | $ | (432,939 | ) | |||
Level 2 - Other Significant Observable Inputs |
530,134,199 | | ||||||
Level 3 - Significant Unobservable Inputs |
| | ||||||
Total |
$ | 530,134,199 | $ | (432,939 | ) | |||