1345 Avenue of the Americas, New York, NY | 10105 | |
(Address of principal executive offices) | (Zip code) |
Contents | ||||
Letter to Shareholders
|
1 | |||
Fund Insights/Performance & Statistics
|
2-7 | |||
Schedules of Investments
|
8-24 | |||
Statements of Assets and Liabilities
|
26 | |||
Statements of Operations
|
27 | |||
Statements of Changes in Net Assets
|
28-29 | |||
Notes to Financial Statements
|
30-40 | |||
Financial Highlights
|
41-43 | |||
Report of Independent Registered Public Accounting Firm | 44 | |||
Portfolio Manager Change/Changes to the Funds Investment Policies and Related Risks | 45 | |||
Tax Information/Annual Shareholder Meeting Results | 46 | |||
Privacy Policy/Proxy Voting Policies & Procedures | 47 | |||
Dividend Reinvestment Plan
|
48 | |||
Board of Trustees
|
49-50 | |||
Fund Officers
|
51 |
| During the fiscal year ended April 30, 2009, PIMCO Municipal Income Fund (Municipal Income) declined 20.44% on net asset value (NAV) and 24.58% on market price, compared with declines of 9.02% and 9.85%, respectively, for the Lipper Analytical General Municipal Debt Funds (Leveraged) average. |
| High-quality municipal bond yields decreased across the yield curve during the reporting period with a more pronounced decline in the front end of the yield curve. The second half of 2008 experienced higher yields, but thus far in 2009 there has been a rebound across the yield curve. |
| Duration hedging strategies in longer-maturity swaps detracted from performance, as longer-maturity swap rates moved significantly lower during the reporting period. Most of the move came during the fourth quarter of 2008. |
| Municipal-to-Treasury yield ratios were volatile during the reporting period, crossing levels never before experienced. However, the yield ratios ended the reporting period at only a slight change from the beginning of 2009, with the 10-year ratio decreasing to 94% and the 30-year ratio increasing to 114%. |
| Tobacco securitization sector holdings detracted from performance, as the sector underperformed primarily during the fourth quarter of 2008, although the sector has rebounded since the beginning of 2009. |
| Municipal Incomes exposure to corporate-backed municipals detracted from performance, as this sector underperformed in line with the taxable corporate securities. |
| Pre-refunded bond exposure contributed positively to performance, as this sector benefited from investor risk aversion in light of the financial crisis. |
| Municipal Incomes exposure to zero-coupon municipals detracted from performance, as the sector underperformed with the Barclays Capital Zero Coupon Index declining 8.85% during the reporting period. |
| The municipal yield curve steepened significantly during the reporting period with investor demand more concentrated on shorter maturities. Although longer-maturity yields declined slightly, they declined less than the shorter maturities. The 15-, 20-, and 30-year maturity AAA General Obligation yields decreased 43, 18, and three basis points, respectively, while the two-year yield decreased 142 basis points. In this environment, the Municipal Incomes significant exposure to longer-maturity municipals detracted from performance, as this portion of the yield curve underperformed. |
| Compared to longer-maturity bonds in the taxable sectors, comparable-maturity municipal bonds underperformed primarily due to the treasury rally. The Barclays Capital Long Municipal Bond Index declining 3.95%, while the Barclays Capital Long Government/Credit and the Barclays Capital Long U.S. Treasury Indices declining 0.03% and an advancing of 9.30%, respectively. |
| Municipal bond issuance in 2008 was approximately 9.00% lower than 2007. Municipal bond issuance became more robust with a variety of issuers accessing the market which they had avoided at the end of 2008. Year-to-date issuance through April 30, 2009 was approximately 11% lower than the same period of prior year at $121.7 billion. |
Total Return(1): | Market Price | NAV | ||||||
1 Year
|
(24.58 | )% | (20.44 | )% | ||||
5 Year
|
3.43 | % | (0.87 | )% | ||||
Commencement of Operations (6/29/01) to 4/30/09
|
3.34 | % | 1.68 | % | ||||
Market Price/NAV:
|
||
Market Price
|
$11.40 | |
NAV
|
$9.38 | |
Premium to NAV
|
21.54% | |
Market Price Yield(2)
|
8.55% | |
(1) | Past performance is no guarantee of future results. Total return is calculated by determining the percentage change in net asset value or market share price (as applicable) in the specified period. The calculation assumes that all income dividends and capital gain distributions have been reinvested. Total return does not reflect broker commissions or sales charges. Total return for a period of more than one year represents the average annual total return. |
(2) | Market Price Yield is determined by dividing the annualized current monthly per share dividend (comprised from net investment income) payable to common shareholders by the market price per common share at April 30, 2009. |
| For the fiscal year ended April 30, 2009, PIMCO California Municipal Income Fund (California Municipal Income) declined 15.49% on net asset value (NAV) and 16.72% on market price, compared with declines of 8.98% and 13.72%, respectively, for the Lipper Analytical California Municipal Debt Funds average. |
| High-quality municipal bond yields decreased across the yield curve during the reporting period with a more pronounced decline in the front end of the yield curve. The second half of 2008 experienced higher yields, but thus far in 2009 there has been a rebound across the yield curve. |
| Duration hedging strategies in longer-maturity swaps detracted from performance, as longer-maturity swap rates moved significantly lower during the reporting period. Most of the move came during the fourth quarter of 2008. |
| Municipal-to-Treasury yield ratios were volatile during the reporting period, crossing levels never before experienced. However, the yield ratios ended the reporting period at only a slight change from the beginning of 2009, with the 10-year ratio decreasing to 94% and the 30-year ratio increasing to 114%. |
| Tobacco securitization sector holdings detracted from performance, as this sector underperformed primarily during the fourth quarter of 2008, although the sector has rebounded since the beginning of 2009. |
| California Municipal Incomes exposure to corporate-backed municipals detracted from performance, as this sector underperformed in line with the taxable corporate securities. |
| Pre-refunded bond exposure contributed positively to California Municipal Incomes performance, as this sector benefited from investor risk aversion in light of the financial crisis. |
| California Municipal Incomes exposure to zero-coupon municipals detracted from performance, as the sector underperformed with the Barclays Capital Zero Coupon Index, declining 8.85% during the reporting period. |
| Municipal bonds within California underperformed the Barclays Capital Municipal Bond Index (national index) returning 1.40%, compared to 3.11% for the national index during the reporting period. Year-to-date through April 2009, California issued $24.76 billion, which was 5.00% higher than the same period in 2008. |
| Long California municipal bonds underperformed the Barclays Capital Long Municipal Bond Index, declining 6.13% compared to a decline of 3.95%, respectively. The California municipal yield curve also steepened with 30-year yields increased 60 basis points, while two-year yields decreased 57 basis points. California Municipal Incomes significant exposure to the longer maturities detracted from performance, as this portion of the yield curve underperformed. |
Total Return(1): | Market Price | NAV | ||||||
1 Year
|
(16.72 | )% | (15.49 | )% | ||||
5 Year
|
5.09 | % | 1.32 | % | ||||
Commencement of Operations (6/29/01) to 4/30/09
|
3.89 | % | 2.78 | % | ||||
Market Price/NAV:
|
||
Market Price
|
$12.18 | |
NAV
|
$10.61 | |
Premium to NAV
|
14.80% | |
Market Price Yield(2)
|
7.59% | |
(1) | Past performance is no guarantee of future results. Total return is calculated by determining the percentage change in net asset value or market share price (as applicable) in the specified period. The calculation assumes that all income dividends and capital gain distributions have been reinvested. Total return does not reflect broker commissions or sales charges. Total return for a period of more than one year represents the average annual total return. |
(2) | Market Price Yield is determined by dividing the annualized current monthly per share dividend (comprised from net investment income) payable to common shareholders by the market price per common share at April 30, 2009. |
| For the fiscal year ended April 30, 2009, PIMCO New York Municipal Income Fund (New York Municipal Income) declined 22.66% on net asset value (NAV) and 18.80% on market price, compared with declines of 8.08% and 9.34%, respectively, for the Lipper Analytical New York Municipal Debt Funds average. |
| High-quality municipal bond yields decreased across the yield curve during the reporting period with a more pronounced decline in the front end of the yield curve. The second half of 2008 experienced higher yields, but thus far in 2009 there has been a rebound across the yield curve. |
| Duration hedging strategies in longer-maturity swaps detracted from performance, as longer-maturity swap rates moved significantly lower during the reporting period. Most of the move came during the fourth quarter of 2008. |
| Municipal-to-Treasury yield ratios were volatile during the reporting period, crossing levels never before experienced. However, the yield ratios ended the reporting period at only a slight change from the beginning of 2009, with the 10-year ratio decreasing to 94% and the 30-year ratio increasing to 114%. |
| Tobacco securitization sector holdings detracted from performance, as the sector underperformed primarily during the fourth quarter of 2008, although the sector has rebounded since the beginning of 2009. |
| New York Municipal Incomes exposure to corporate-backed municipals detracted from performance, as this sector underperformed in line with the taxable corporate securities. |
| Pre-refunded bond exposure contributed positively to New York Municipal Incomes performance, as this sector benefited from investor risk aversion in light of the financial crisis. |
| New York Municipal Incomes exposure to zero-coupon municipals detracted from performance, as this sector underperformed with the Barclays Capital Zero Coupon Index, declining 8.85% during the reporting period. |
| Municipal bonds within New York slightly outperformed the Barclays Capital Municipal Bond Index (national index) returning 3.34% compared to 3.11% for the national index during the reporting period. Year-to-date through April 2009, issuers in New York State issued $13.4 billion in bonds, which was roughly the same amount as the same period in 2008. |
| Long New York municipal bonds outperformed the Barclays Capital Long Municipal Bond Index with a decline of 2.62% compared to a decline of 3.95%, respectively. The New York yield curve also steepened during the reporting period with 30-year yields increased 19 basis points, while two-year yields decreased 82 basis points. New York Municipal Income held significant positions in the longer portions of the yield curve, which detracted from performance as this portion of the yield curve underperformed the shorter maturities |
Total Return(1): | Market Price | NAV | ||||||
1 Year
|
(18.80 | )% | (22.66 | )% | ||||
5 Year
|
1.13 | % | (1.44 | )% | ||||
Commencement of Operations (6/29/01) to 4/30/09
|
0.93 | % | 0.58 | % | ||||
Market Price/NAV:
|
||
Market Price
|
$9.90 | |
NAV
|
$9.19 | |
Premium to NAV
|
7.73% | |
Market Price Yield(2)
|
6.91% | |
(1) | Past performance is no guarantee of future results. Total return is calculated by determining the percentage change in net asset value or market share price (as applicable) in the specified period. The calculation assumes that all income dividends and capital gain distributions have been reinvested. Total return does not reflect broker commissions or sales charges. Total return for a period of more than one year represents the average annual total return. |
(2) | Market Price Yield is determined by dividing the annualized current monthly per share dividend (comprised from net investment income) payable to common shareholders by the market price per common share at April 30, 2009. |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P)* | Value | ||||||||
MUNICIPAL BONDS & NOTES91.6%
|
||||||||||
Alabama0.8% | ||||||||||
$ | 2,500 |
Birmingham Baptist Medical Centers Special Care Facs. Financing
Auth. Rev., Baptist Health Systems Inc., 5.875%, 11/15/24, Ser. A |
Baa1/NR | $ | 2,036,125 | |||||
Huntsville-Redstone Village Special Care Facs. Financing Auth. Rev., | ||||||||||
250 |
5.50%, 1/1/28
|
NR/NR | 171,732 | |||||||
885 |
5.50%, 1/1/43
|
NR/NR | 545,001 | |||||||
1,350 | Montgomery Medical Clinic Board Rev., Jackson Hospital & Clinic, 5.25%, 3/1/31 | Baa2/BBB− | 998,352 | |||||||
3,751,210 | ||||||||||
Alaska1.2% | ||||||||||
3,280 | Boro of Matanuska-Susitna Rev., Goose Creek Correctional Center, 6.00%, 9/1/32 | Aa2/AAA | 3,541,711 | |||||||
900 |
Industrial Dev. & Export Auth. Boys & Girls Home Rev.,
6.00%, 12/1/36
|
NR/NR | 547,209 | |||||||
2,400 | Northern Tobacco Securitization Corp. Rev., 5.00%, 6/1/46, Ser. A | Baa3/NR | 1,251,384 | |||||||
5,340,304 | ||||||||||
Arizona4.0% | ||||||||||
5,000 |
Apache Cnty. Industrial Dev. Auth. Pollution Control Rev.,
Tucson Electric Power Co., Project, 5.875%, 3/1/33 |
Baa3/BBB− | 4,166,000 | |||||||
Health Facs. Auth. Rev., | ||||||||||
800 | Banner Health, 5.50%, 1/1/38, Ser. D | NR/AA− | 758,912 | |||||||
2,750 | Beatitudes Campus Project, 5.20%, 10/1/37 | NR/NR | 1,512,307 | |||||||
4,150 | Pima Cnty. Industrial Dev. Auth. Rev., Tucson Electric Power, 6.375%, 9/1/29, Ser. A | Baa3/BBB− | 3,758,240 | |||||||
5,000 | Salt River Project Agricultural Improvement & Power Dist. Rev., 5.00%, 1/1/39, Ser. A (k) | Aa1/AA | 5,022,500 | |||||||
4,200 | Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 | A3/A | 2,862,972 | |||||||
18,080,931 | ||||||||||
Arkansas0.4% | ||||||||||
8,500 | Arkansas Dev. Finance Auth. Rev., zero coupon, 7/1/36 (AMBAC) | Aa3/NR | 1,942,760 | |||||||
California5.8% | ||||||||||
6,000 |
Golden State Tobacco Securitization Corp. Rev.,
5.00%, 6/1/33, Ser. A-1
|
Baa3/BBB | 3,828,900 | |||||||
4,175 | Montebello Unified School Dist., GO, 5.00%, 8/1/33 (FSA) | Aa3/AAA | 4,065,949 | |||||||
State, | ||||||||||
300 |
5.00%, 6/1/37
|
A2/A | 273,477 | |||||||
4,200 |
6.00%, 4/1/38
|
A2/A | 4,345,530 | |||||||
1,000 | Statewide Communities Dev. Auth. Rev., Catholic Healthcare West, 5.50%, 7/1/31, Ser. E | A2/A | 959,710 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P)* | Value | ||||||||
California (continued) | ||||||||||
Methodist Hospital (FHA), | ||||||||||
$2,600 |
6.625%, 8/1/29
|
Aa2/AA | $2,769,780 | |||||||
9,500 |
6.75%, 2/1/38
|
Aa2/AA | 10,045,490 | |||||||
26,288,836 | ||||||||||
Colorado1.7% | ||||||||||
500 | Confluence Metropolitan Dist. Rev., 5.45%, 12/1/34 | NR/NR | 299,085 | |||||||
4,940 | Northwest Parkway Public Highway Auth. Rev., 7.125%, 6/15/41, Ser. D, (Pre-refunded @ $102, 6/15/11) (c) | NR/NR | 5,337,917 | |||||||
500 | Public Auth. for Colorado Energy Rev., 6.50%, 11/15/38 | A2/A | 409,725 | |||||||
1,500 | Univ. of Colorado Rev., 5.375%, 6/1/38, Ser. A | Aa3/AA− | 1,568,190 | |||||||
7,614,917 | ||||||||||
Connecticut0.2% | ||||||||||
1,000 | State Dev. Auth. Pollution Control Rev., 5.85%, 9/1/28 | Baa1/BBB | 988,500 | |||||||
District of Columbia1.4% | ||||||||||
2,500 | Dist. of Columbia Rev., Brookings Institution, 5.75%, 10/1/39 | Aa3/A+ | 2,577,925 | |||||||
4,175 | Tobacco Settlement Financing Corp. Rev., 6.25%, 5/15/24 | Baa3/BBB | 3,775,578 | |||||||
6,353,503 | ||||||||||
Florida4.1% | ||||||||||
905 |
Beacon Lakes Community Dev. Dist., Special Assessment, 6.00%, 5/1/38, Ser. A
|
NR/NR | 539,715 | |||||||
3,900 | Board of Education, GO, 5.00%, 6/1/38, Ser. D (k) | Aa1/AAA | 3,823,677 | |||||||
4,000 | Broward Cnty. Rev., 5.25%, 10/1/34, Ser. A (k) | Aa3/AA | 4,044,200 | |||||||
500 | Lee Cnty. Industrial Dev. Auth. Rev., 5.375%, 6/15/37, Ser. A | NR/BB | 283,580 | |||||||
3,000 | Miami-Dade Cnty. Rev., 5.50%, 10/1/36, Ser. A (e) | A2/A− | 2,888,970 | |||||||
1,250 | Miami-Dade Cnty. School Board, CP, 5.375%, 2/1/34, Ser. A | Aa2/AAA | 1,255,062 | |||||||
5,685 | State Board of Governors Rev., Florida Univ., 6.50%, 7/1/33 | Aa2/AA | 6,099,436 | |||||||
18,934,640 | ||||||||||
Georgia0.3% | ||||||||||
2,300 |
Medical Center Hospital Auth. Rev., Spring Harbor Green Island
Project, 5.25%, 7/1/37 |
NR/NR | 1,467,239 | |||||||
Hawaii1.5% | ||||||||||
6,935 | City & Cnty. of Honolulu Sewer Rev., 5.00%, 7/1/23 (FGIC) (NPFGC) | A1/AA− | 6,982,505 | |||||||
Illinois6.8% | ||||||||||
Chicago, GO, | ||||||||||
5,000 |
5.00%, 1/1/34, Ser. C (k)
|
Aa3/AA− | 4,895,600 | |||||||
2,935 |
5.375%, 1/1/34, Ser. A (FGIC) (NPFGC)
|
Aa3/AA− | 2,938,992 | |||||||
10,115 |
Chicago Board of Education School Reform, GO, zero coupon, 12/1/31, Ser. A (FGIC) (NPFGC) |
A1/AA | 2,611,389 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P)* | Value | ||||||||
Illinois (continued) | ||||||||||
$190 | Educational Facs. Auth. Rev., Univ. of Chicago, 5.25%, 7/1/41, Ser. A | Aa1/AA | $192,075 | |||||||
Finance Auth. Rev., | ||||||||||
400 | OSF Healthcare Systems, 7.125%, 11/15/37, Ser. A | A2/A | 404,696 | |||||||
10,000 | Univ. of Chicago, 5.50%, 7/1/37, Ser. B (k) | Aa1/AA | 10,452,700 | |||||||
5,345 |
Regional Transportation Auth. Rev.,
5.50%, 6/1/23, Ser. B (FGIC) (NPFGC)
|
Aa2/AA+ | 6,108,106 | |||||||
1,900 | Springfield Power Rev., 5.00%, 3/1/36 | Aa3/AA− | 1,897,074 | |||||||
1,495 | Univ. Rev., 5.25%, 4/1/32, Ser. B (FGIC) (NPFGC) | Aa3/AA− | 1,506,766 | |||||||
31,007,398 | ||||||||||
Indiana0.2% | ||||||||||
1,000 | Municipal Power Agency Rev., 6.00%, 1/1/39, Ser. B | A1/A+ | 1,030,190 | |||||||
Iowa1.6% | ||||||||||
Finance Auth. Rev., | ||||||||||
4,890 | Deerfield Retirement Community, Inc., 5.50%, 11/15/37 | NR/NR | 2,729,891 | |||||||
Edgewater LLC Project,
|
||||||||||
3,500 |
6.75%, 11/15/37
|
NR/NR | 2,504,250 | |||||||
1,500 |
6.75%, 11/15/42
|
NR/NR | 1,056,285 | |||||||
2,000 | Wedum Walnut Ridge LLC Project, 5.625%, 12/1/45, Ser. A | NR/NR | 1,098,640 | |||||||
7,389,066 | ||||||||||
Kansas4.5% | ||||||||||
1,000 | Lenexa City Center East, Tax Allocation, 6.00%, 4/1/27 | NR/NR | 724,310 | |||||||
650 |
Manhattan Rev., Meadowlark Hills Retirement,
5.125%, 5/15/42, Ser. B
|
NR/NR | 407,921 | |||||||
Wichita Hospital Rev., | ||||||||||
5,000 |
5.625%, 11/15/31, Ser. III
|
NR/A+ | 4,799,700 | |||||||
14,370 |
6.25%, 11/15/24, Ser. XI
|
NR/A+ | 14,570,605 | |||||||
20,502,536 | ||||||||||
Kentucky0.7% | ||||||||||
Economic Dev. Finance Auth. Hospital Facs. Rev., Baptist
Healthcare System, Ser. A,
|
||||||||||
1,000 |
5.375%, 8/15/24
|
Aa3/NR | 1,036,280 | |||||||
1,200 |
5.625%, 8/15/27
|
Aa3/NR | 1,225,716 | |||||||
810 | Economic Dev. Finance Auth. Rev., St. Lukes Hospital, 6.00%, 10/1/19, Ser. B | A3/A | 810,073 | |||||||
3,072,069 | ||||||||||
Louisiana5.0% | ||||||||||
4,300 | Local Govt Environmental Facs. & Community Dev. Auth. Rev., 6.55%, 9/1/25, (ACA) | NR/NR | 3,530,386 | |||||||
27,895 | Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. B | Baa3/BBB | 19,429,146 | |||||||
22,959,532 | ||||||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P)* | Value | ||||||||
Massachusetts0.4% | ||||||||||
$550 | Dev. Finance Agcy. Rev., Linden Ponds, Inc., 5.75%, 11/15/35, Ser. A | NR/NR | $316,107 | |||||||
1,500 | State College Building Auth. Rev., 5.50%, 5/1/39, Ser. A | A1/A+ | 1,552,440 | |||||||
1,868,547 | ||||||||||
Michigan2.4% | ||||||||||
1,000 | Detroit, GO, 5.375%, 4/1/17, Ser. A-1 (NPFGC) | Baa1/AA− | 869,560 | |||||||
4,550 | Garden City Hospital Finance Auth. Rev., 5.00%, 8/15/38, Ser. A | NR/NR | 2,604,011 | |||||||
Royal Oak Hospital Finance Auth. Rev., William Beaumont Hospital, | ||||||||||
50 |
5.25%, 11/15/35, Ser. M (NPFGC)
|
A1/AA− | 39,733 | |||||||
1,500 |
8.25%, 9/1/39
|
A1/A | 1,663,770 | |||||||
4,000 |
State Hospital Finance Auth. Rev., Detroit Medical Center,
6.25%, 8/15/13, Ser. A
|
Ba3/BB− | 3,817,920 | |||||||
2,000 |
Strategic Fund Ltd. Obligation Rev., Detroit Edison Pollution
Control Co., 5.45%, 9/1/29
|
A3/A− | 1,978,040 | |||||||
10,973,034 | ||||||||||
Minnesota0.1% | ||||||||||
95 | Agricultural & Economic Dev. Board Rev., Health Care System, 6.375%, 11/15/29, Ser. A | A2/A | 95,778 | |||||||
500 |
Washington Cnty. Housing & Redev. Auth. Rev., Birchwood &
Woodbury Projects, 5.625%, 6/1/37, Ser. A
|
NR/NR | 339,420 | |||||||
435,198 | ||||||||||
Missouri0.2% | ||||||||||
1,000 |
Joplin Industrial Dev. Auth. Rev., Christian Homes, Inc.,
5.75%, 5/15/26, Ser. F
|
NR/NR | 703,390 | |||||||
Nevada3.7% | ||||||||||
5,000 | Clark Cnty., GO, 4.75%, 6/1/30 (FSA) | Aa1/AAA | 4,489,750 | |||||||
12,185 | Washoe Cnty., GO, 5.00%, 1/1/35 (NPFGC) | Aa2/AA | 12,266,518 | |||||||
16,756,268 | ||||||||||
New Hampshire0.7% | ||||||||||
3,000 |
Business Finance Auth. Pollution Control Rev., Conn. Light & Power Co.,
5.85%, 12/1/22, Ser. A
|
Baa1/BBB | 3,051,120 | |||||||
New Jersey4.7% | ||||||||||
16,550 |
Economic Dev. Auth., Special Assessment, Kapkowski Road Landfill
Project, 5.75%, 4/1/31
|
Baa3/NR | 12,097,222 | |||||||
2,000 | Economic Dev. Auth. Rev., 5.50%, 12/15/34, Ser. Z | Aa2/AAA | 2,125,660 | |||||||
1,000 |
Health Care Facs. Financing Auth. Rev., Trinitas Hospital,
5.25%, 7/1/30, Ser. A
|
Baa3/BBB− | 698,190 | |||||||
2,000 | New Jersey State Turnpike Auth. Rev., 5.25%, 1/1/40, Ser. E | A3/A+ | 2,013,420 | |||||||
9,100 | Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/41, Ser. 1A | Baa3/BBB | 4,680,949 | |||||||
21,615,441 | ||||||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P)* | Value | ||||||||
New Mexico0.5% | ||||||||||
$2,500 | Farmington Pollution Control Rev., 5.80%, 4/1/22, Ser. A | Baa3/BB+ | $2,249,550 | |||||||
New York5.8% | ||||||||||
Liberty Dev. Corp. Rev., Goldman Sachs Headquarters, | ||||||||||
5,000 |
5.25%, 10/1/35
|
A1/A | 4,346,500 | |||||||
3,000 |
5.50%, 10/1/37
|
A1/A | 2,698,620 | |||||||
4,200 | Nassau Cnty. Industrial Dev. Agcy. Rev., Amsterdam at Harborside, 6.70%, 1/1/43, Ser. A | NR/NR | 3,130,092 | |||||||
New York City Municipal Water Finance Auth. Rev., (k), | ||||||||||
13,000 |
5.00%, 6/15/26, Ser. E
|
Aa2/AAA | 13,152,360 | |||||||
670 |
5.00%, 6/15/37, Ser. D
|
Aa2/AAA | 673,116 | |||||||
1,000 | State Dormitory Auth. Rev., 5.00%, 3/15/38, Ser. A | NR/AAA | 1,002,250 | |||||||
1,625 | Westchester Cnty. Healthcare Corp. Rev., 5.875%, 11/1/25, Ser. A | Baa3/BBB− | 1,403,626 | |||||||
26,406,564 | ||||||||||
North Carolina0.3% | ||||||||||
570 |
Capital Facs. Finance Agcy. Rev., Duke Univ. Project,
5.125%, 10/1/41, Ser. A
|
Aa1/AA+ | 576,202 | |||||||
1,500 |
Medical Care Commission Rev., Village at Brookwood,
5.25%, 1/1/32
|
NR/NR | 898,560 | |||||||
1,474,762 | ||||||||||
Ohio2.7% | ||||||||||
11,000 |
Buckeye Tobacco Settlement Financing Auth. Rev.,
5.875%, 6/1/47, Ser. A-2
|
Baa3/BBB | 6,160,770 | |||||||
500 |
Cnty. of Montgomery Rev., Miami Valley Hospital,
6.25%, 11/15/39, Ser. A
|
Aa3/NR | 507,295 | |||||||
Lorain Cnty. Hospital Rev., Catholic Healthcare, | ||||||||||
2,500 |
5.625%, 10/1/17, Ser. A
|
A1/AA− | 2,595,650 | |||||||
2,565 |
5.75%, 10/1/18, Ser. A
|
A1/AA− | 2,674,577 | |||||||
500 |
State Higher Educational Fac. Commission Rev., Univ. Hospital
Health Systems, 6.75%, 1/15/39, Ser. A |
A2/A | 502,420 | |||||||
12,440,712 | ||||||||||
Oregon0.1% | ||||||||||
600 |
State Department of Administrative Services, CP,
5.25%, 5/1/39, Ser. A
|
Aa3/AA− | 613,098 | |||||||
Pennsylvania4.5% | ||||||||||
1,000 |
Allegheny Cnty. Industrial Dev. Auth. Rev., USX Corp.,
5.60%, 9/1/30
|
Baa1/BBB+ | 840,190 | |||||||
2,000 | Harrisburg Auth. Rev., 6.00%, 9/1/36 | NR/NR | 1,560,180 | |||||||
6,200 |
Higher Educational Facs. Auth. Rev., UPMC Health System,
6.00%, 1/15/31, Ser. A
|
Aa3/AA− | 6,310,174 | |||||||
Lancaster Cnty. Hospital Auth. Rev., Brethren Village, Ser. A, | ||||||||||
750 |
6.25%, 7/1/26
|
NR/NR | 615,878 | |||||||
85 |
6.375%, 7/1/30
|
NR/NR | 68,020 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P)* | Value | ||||||||
Pennsylvania (continued) | ||||||||||
$4,700 |
Philadelphia Hospitals & Higher Education Facs. Auth.
Rev., Temple Univ. Hospital, 6.625%, 11/15/23, Ser. A |
Baa3/BBB | $4,293,215 | |||||||
7,000 | Philadelphia, GO, 5.25%, 12/15/32, Ser. A (FSA) | Aa3/AAA | 7,004,830 | |||||||
20,692,487 | ||||||||||
Puerto Rico0.5% | ||||||||||
135 | Commonwealth of Puerto Rico, GO, 5.00%, 7/1/35, Ser. B | Baa3/BBB− | 110,263 | |||||||
Sales Tax Financing Corp. Rev., | ||||||||||
32,550 |
zero coupon, 8/1/54, Ser. A (AMBAC)
|
A1/A+ | 1,226,484 | |||||||
29,200 |
zero coupon, 8/1/56, Ser. A
|
A1/A+ | 951,920 | |||||||
2,288,667 | ||||||||||
Rhode Island3.8% | ||||||||||
23,800 | Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42, Ser. A | Baa3/BBB | 17,589,390 | |||||||
South Carolina1.3% | ||||||||||
Greenwood Cnty. Hospital Rev., Self Memorial Hospital, | ||||||||||
3,500 |
5.50%, 10/1/21
|
A2/A | 3,509,170 | |||||||
2,000 |
5.50%, 10/1/26
|
A2/A | 1,907,300 | |||||||
450 | Jobs Economic Dev. Auth. Rev., Lutheran Homes, 5.50%, 5/1/28 | NR/NR | 307,575 | |||||||
5,724,045 | ||||||||||
Tennessee3.6% | ||||||||||
940 |
Memphis Health Educational & Housing Fac. Rev., Wesley
Housing Corp. Project, 6.95%, 1/1/20 (a)(b)(f) |
NR/NR | 470,000 | |||||||
5,000 |
Metropolitan Govt Nashville & Davidson Cnty.
Health & Educational Facs. Rev., Vanderbilt Univ., 5.00%, 10/1/39, Ser. B (k) |
Aa2/AA | 5,072,749 | |||||||
State Energy Acquisition Corp. Rev., | ||||||||||
370 |
5.00%, 2/1/21, Ser. C
|
Baa1/A | 312,772 | |||||||
6,460 |
5.25%, 9/1/17, Ser. A
|
Ba1/BBB+ | 5,823,367 | |||||||
600 |
5.25%, 9/1/21, Ser. A
|
Ba1/BBB+ | 516,546 | |||||||
300 |
5.25%, 9/1/22, Ser. A
|
Ba1/BBB+ | 255,567 | |||||||
5,000 |
5.25%, 9/1/24, Ser. A
|
Ba1/BBB+ | 4,196,750 | |||||||
16,647,751 | ||||||||||
Texas7.7% | ||||||||||
10,000 |
Coppell Independent School Dist., GO,
zero coupon 8/15/29, (PSF-GTD)
|
Aaa/AAA | 3,666,300 | |||||||
1,200 | Dallas Water Rev., 5.25%, 8/15/38 | Aa2/AAA | 1,207,476 | |||||||
20 |
Duncanville Independent School Dist., GO,
5.25%, 2/15/32, Ser. B (PSF-GTD)
|
Aaa/AAA | 20,370 | |||||||
285 | Mansfield Independent School Dist., GO, 5.25%, 2/15/23 (PSF-GTD) | Aaa/AAA | 293,063 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P)* | Value | ||||||||
Texas (continued) | ||||||||||
Municipal Gas Acquisition & Supply Corp. I Rev., | ||||||||||
$150 |
5.25%, 12/15/25, Ser. A
|
A2/A | $112,329 | |||||||
6,500 |
6.25%, 12/15/26, Ser. D
|
A2/A | 5,534,295 | |||||||
North Harris Cnty. Regional Water Auth. Rev., | ||||||||||
4,200 |
5.25%, 12/15/33
|
A3/A+ | 4,053,588 | |||||||
4,200 |
5.50%, 12/15/38
|
A3/A+ | 4,157,328 | |||||||
North Texas Tollway Auth. Rev., | ||||||||||
6,050 |
5.625%, 1/1/33, Ser. A
|
A2/A− | 5,983,208 | |||||||
600 |
5.75%, 1/1/33, Ser. F
|
A3/BBB+ | 565,962 | |||||||
6,500 |
State Municipal Gas Acquisition & Supply Corp. I Rev.,
5.25%, 12/15/23, Ser. A
|
A2/A | 4,966,520 | |||||||
400 | State Public Finance Auth. Rev., 5.875%, 12/1/36, Ser. A | Baa3/BBB− | 277,244 | |||||||
4,000 |
Tarrant Cnty. Cultural Education Facs. Finance Corp. Rev.,
Baylor Health Care Systems Project, 6.25%, 11/15/29 |
Aa2/AA− | 4,223,120 | |||||||
35,060,803 | ||||||||||
Utah1.6% | ||||||||||
7,000 |
Salt Lake Cnty. Hospital Rev., IHC Health Services,
5.125%, 2/15/33 (AMBAC)
|
Baa1/AA+ | 7,188,930 | |||||||
Virginia0.5% | ||||||||||
1,000 | Fairfax Cnty. Industrial Dev. Auth. Rev., Inova Health System, 5.50%, 5/15/35, Ser. A | Aa2/AA+ | 1,013,830 | |||||||
2,000 | Peninsula Town Center Community Dev. Auth. Rev., 6.45%, 9/1/37 | NR/NR | 1,337,080 | |||||||
2,350,910 | ||||||||||
Washington1.1% | ||||||||||
Health Care Facs. Auth. Rev., | ||||||||||
700 |
6.00%, 8/15/39, Ser. B
|
Aa2/AAA | 711,193 | |||||||
250 | Seattle Cancer Care Alliance, 7.375%, 3/1/38 | A3/NR | 262,518 | |||||||
2,000 | Virginia Mason Medical Center, 6.125%, 8/15/37, Ser. A | Baa2/BBB | 1,583,800 | |||||||
State Housing Finance Commission Rev., Skyline at First Hill, Ser. A, | ||||||||||
275 |
5.25%, 1/1/17
|
NR/NR | 217,745 | |||||||
3,600 |
5.625%, 1/1/38
|
NR/NR | 2,087,100 | |||||||
4,862,356 | ||||||||||
Wisconsin5.2% | ||||||||||
9,785 |
Badger Tobacco Asset Securitization Corp. Rev.,
6.00%, 6/1/17, (Pre-refunded @ $100, 6/1/12) (c)
|
Aaa/AAA | 10,883,562 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P)* | Value | ||||||||
Wisconsin (continued) | ||||||||||
Health & Educational Facs. Auth. Rev., | ||||||||||
$2,230 | Kenosha Hospital & Medical Center Project, 5.625%, 5/15/29 | NR/A | $2,062,393 | |||||||
500 | Prohealth Care, Inc., 6.625%, 2/15/39 | A1/A+ | 499,050 | |||||||
10,000 | State Rev., 6.00%, 5/1/36, Ser. A | A1/AA− | 10,529,500 | |||||||
23,974,505 | ||||||||||
Total Municipal Bonds & Notes (cost$453,733,713) | 418,673,664 | |||||||||
VARIABLE RATE NOTES (a)(d)(g)(h)3.2%
|
||||||||||
Illinois1.6% | ||||||||||
7,252 | Cook Cnty., GO, 8.77%, 11/15/28, Ser. 458 (FGIC) | Aa2/NR | 7,223,272 | |||||||
Texas0.0% | ||||||||||
200 |
JPMorgan Chase Putters/Drivers Trust Rev.,
9.593%, 2/1/27, Ser. 3224
|
Aa1/NR | 223,266 | |||||||
Washington1.6% | ||||||||||
6,670 |
JPMorgan Chase Putters/Drivers Trust, GO,
13.045%, 8/1/28, Ser. 3388
|
NR/AA+ | 7,110,554 | |||||||
Total Variable Rate Notes (cost$13,621,426) | 14,557,092 | |||||||||
CORPORATE BONDS & NOTES (j)2.1%
|
||||||||||
10,000 | American General Finance Corp., 4.625%, 9/1/10 | Baa2/BB+ | 5,985,360 | |||||||
4,500 | CIT Group, Inc., 5.80%, 7/28/11 | Ba2/BBB− | 2,993,629 | |||||||
600 | International Lease Finance Corp., 1.469%, 5/24/10, FRN | Baa2/BBB+ | 524,614 | |||||||
Total Corporate Bonds & Notes (cost$10,592,897) | 9,503,603 | |||||||||
SHORT-TERM INVESTMENTS3.1%
|
||||||||||
Variable Rate Demand Notes (h)(i)1.3%
|
||||||||||
California0.6% | ||||||||||
3,000 |
Los Angeles Cnty. Metropolitan Transportation Auth. Rev.,
0.20%, 6/1/09, Ser. A2
|
NR/AA+ | 3,000,000 | |||||||
Colorado0.1% | ||||||||||
500 | Denver City & Cnty., CP, 0.20%, 6/1/09, Ser. A2 | VMIG1/NR | 500,000 | |||||||
New York0.6% | ||||||||||
800 |
New York City Municipal Water Finance Auth. Rev.,
0.14%, 5/15/09, Ser. BB-5
|
VMIG1/AA+ | 800,000 | |||||||
2,000 | State Dormitory Auth. Rev., Cornell Univ., 0.20%, 6/1/09, Ser. B | VMIG1/A-1+ | 2,000,000 | |||||||
2,800,000 | ||||||||||
Total Variable Rate Demand Notes (cost$6,300,000) | 6,300,000 | |||||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P)* | Value | ||||||||
Corporate Bonds & Notes1.8%
|
||||||||||
American General Finance Corp., | ||||||||||
$1,600 |
1.542%, 10/2/09, FRN (j)
|
Baa2/BB+ | $1,211,541 | |||||||
1,100 |
4.625%, 5/15/09
|
Baa2/BB+ | 1,082,325 | |||||||
4,400 | CIT Group, Inc., 4.125%, 11/3/09 (j) | Ba2/BBB− | 3,929,121 | |||||||
International Lease Finance Corp., (j), | ||||||||||
500 |
1.531%, 1/15/10, FRN
|
Baa2/BBB+ | 453,294 | |||||||
1,500 |
4.75%, 7/1/09
|
Baa2/BBB+ | 1,466,174 | |||||||
Total Corporate Bonds & Notes (cost$8,508,685) | 8,142,455 | |||||||||
Total Short-term Investments (cost$14,808,685) | 14,442,455 | |||||||||
Total Investments (cost$492,756,721)100.0% | $ | 457,176,814 | ||||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P)* | Value | ||||||||
CALIFORNIA MUNICIPAL BONDS & NOTES91.2%
|
||||||||||
$ | 1,385 | Alvord Unified School Dist., GO, 5.375%, 8/1/29, Ser. C (FSA) | Aa3/NR | $ | 1,406,135 | |||||
Assoc. of Bay Area Govt Finance Auth. Rev., | ||||||||||
1,000 | Channing House, Rev., CP, 5.375%, 2/15/19 | NR/BBB− | 868,890 | |||||||
1,000 |
Poway Housing, Inc. Project,
5.375%, 11/15/25, Ser. A (CA Mtg. Ins.)
|
NR/A | 989,730 | |||||||
10,000 | Bay Area Toll Auth. Rev., 5.00%, 4/1/34, Ser. F1 | Aa3/AA | 9,929,100 | |||||||
Contra Costa Cnty. Public Financing Auth., Tax Allocation, | ||||||||||
2,150 |
5.125%, 8/1/19
|
NR/BBB | 1,884,346 | |||||||
350 |
5.85%, 8/1/33, Ser. A
|
NR/NR | 290,602 | |||||||
4,650 |
5.85%, 8/1/33, Ser. A, (Pre-refunded @ $100, 8/1/13) (c)
|
NR/BBB | 5,431,712 | |||||||
3,635 |
Cucamonga Cnty. Water Dist. Rev., CP,
5.125%, 9/1/35 (FGIC-NPFGC)
|
NR/AA− | 3,393,709 | |||||||
5,000 | Desert Community College Dist., GO, 5.00%, 8/1/37, Ser. C (FSA) | Aa3/AAA | 4,781,200 | |||||||
6,300 | Eastern Municipal Water Dist., CP, 5.00%, 7/1/35, Ser. H | Aa3/AA | 6,025,131 | |||||||
Educational Facs. Auth. Rev., | ||||||||||
10,200 | Claremont McKenna College, 5.00%, 1/1/39 (k) | Aa2/NR | 9,907,566 | |||||||
Univ. of Southern California, Ser. A,
|
||||||||||
5,000 |
5.00%, 10/1/38
|
Aa1/AA+ | 5,097,500 | |||||||
10,000 |
5.00%, 10/1/39 (k)
|
Aa1/AA+ | 10,081,700 | |||||||
2,975 |
El Dorado Irrigation Dist. & El Dorado Water Agcy., CP,
5.75%, 8/1/39, Ser. A
|
Aa2/AAA | 3,002,786 | |||||||
El Monte, CP (AMBAC), | ||||||||||
10,790 |
4.75%, 6/1/30
|
A3/A+ | 9,409,959 | |||||||
14,425 |
5.25%, 1/1/34
|
A3/A | 13,434,724 | |||||||
Fremont Community Dist., Special Tax, | ||||||||||
165 |
6.00%, 9/1/18
|
NR/NR | 144,986 | |||||||
505 |
6.00%, 9/1/19
|
NR/NR | 429,624 | |||||||
3,500 |
6.30%, 9/1/31
|
NR/NR | 2,760,415 | |||||||
Golden State Tobacco Securitization Corp. Rev., | ||||||||||
9,000 |
5.00%, 6/1/33, Ser. A-1
|
Baa3/BBB | 5,743,350 | |||||||
3,000 |
5.00%, 6/1/35, Ser. A (FGIC)
|
A3/A− | 2,477,100 | |||||||
6,000 |
5.00%, 6/1/38, Ser. A (FGIC)
|
A3/A− | 4,902,300 | |||||||
1,600 |
5.00%, 6/1/45 (AMBAC-TCRS)
|
A2/A | 1,257,296 | |||||||
3,655 |
6.25%, 6/1/33, Ser. A-1
|
Aaa/AAA | 4,029,345 | |||||||
540 |
7.875%, 6/1/42, Ser. A-3, (Pre-refunded @ $100, 6/1/13) (c)
|
Aaa/AAA | 656,143 | |||||||
Health Facs. Finance Auth. Rev., | ||||||||||
4,630 | Adventist Health System, 5.00%, 3/1/33, Ser. A | NR/A | 3,849,336 | |||||||
Catholic Healthcare West, Ser. A,
|
||||||||||
1,980 |
5.00%, 7/1/18
|
A2/A | 1,981,406 | |||||||
875 |
5.00%, 7/1/28
|
A2/A | 772,835 | |||||||
5,315 | Northern California Presbyterian, 5.125%, 7/1/18 | NR/BBB+ | 4,476,612 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P)* | Value | ||||||||
$ | 6,250 | Infrastructure & Economic Dev. Bank Rev., Bay Area Toll Bridges, 5.00%, 7/1/36, Ser. A, (Pre-refunded @ $100, 1/1/28) (AMBAC) (c) | Aaa/AAA | $ | 7,101,312 | |||||
10,590 | Kern Cnty., CP, 5.75%, 8/1/35, Ser. A | Aa2/AAA | 10,659,576 | |||||||
La Quinta Redev. Agcy., Tax Allocation (AMBAC), | ||||||||||
3,000 |
5.00%, 9/1/21
|
Baa1/A+ | 2,776,530 | |||||||
10,000 |
5.10%, 9/1/31
|
Baa1/A+ | 8,179,100 | |||||||
1,000 |
5.125%, 9/1/32
|
Baa1/A+ | 812,110 | |||||||
1,495 |
Lincoln Public Financing Auth. Rev., Twelve Bridges Ltd.,
6.125%, 9/2/27
|
NR/NR | 1,233,853 | |||||||
Long Beach Bond Finance Auth. Rev., Ser. A, | ||||||||||
3,900 |
5.50%, 11/15/37
|
A2/A | 2,909,283 | |||||||
1,000 | Long Beach Natural Gas, 5.50%, 11/15/27 | A2/A | 794,650 | |||||||
Los Angeles Department of Water & Power Rev., | ||||||||||
5,000 |
4.75%, 7/1/30, Ser. A-2 (FSA) (k)
|
Aaa/AAA | 4,914,550 | |||||||
3,930 |
5.125%, 7/1/41, Ser. A
|
Aa3/AA | 3,812,296 | |||||||
3,000 |
5.375%, 7/1/34, Ser. A (k)
|
Aa3/AA | 3,085,110 | |||||||
7,000 |
5.375%, 7/1/38, Ser. A (k)
|
Aa3/AA | 7,150,220 | |||||||
Los Angeles Unified School Dist., GO, | ||||||||||
13,000 |
5.00%, 1/1/29, Ser. I
|
Aa3/AA− | 12,465,830 | |||||||
5,000 |
5.00%, 1/1/34, Ser. I (k)
|
Aa3/AA− | 4,794,550 | |||||||
10,000 |
5.00%, 7/1/29, Ser. I (k)
|
Aa3/AA− | 9,874,300 | |||||||
250 |
5.30%, 1/1/34, Ser. D
|
Aa3/AA− | 249,982 | |||||||
2,900 | Municipal Finance Auth. Rev., Biola Univ., 5.875%, 10/1/34 | Baa1/NR | 2,393,631 | |||||||
5,000 | Orange Cnty. Sanitation Dist., CP, 5.00%, 2/1/39, Ser. A (e) | NR/AAA | 4,893,500 | |||||||
1,080 |
Palm Springs Community Redev. Agcy., Tax Allocation,
5.50%, 8/1/21
|
NR/A | 1,114,560 | |||||||
Riverside, Improvement Board Act 1915, Special Assessment, | ||||||||||
500 |
6.15%, 9/2/19
|
NR/NR | 462,490 | |||||||
1,350 |
6.375%, 9/2/26
|
NR/NR | 1,231,862 | |||||||
8,305 | Riverside Cnty., CP, 5.125%, 11/1/30 (NPFGC) | A2/AA− | 8,088,655 | |||||||
545 | San Diego Cnty., CP, 5.25%, 10/1/28 | A2/NR | 530,743 | |||||||
San Diego Cnty. Water Auth., CP, Ser. A, | ||||||||||
1,000 |
5.00%, 5/1/32 (NPFGC)
|
Aa3/AA+ | 1,002,860 | |||||||
6,250 |
5.00%, 5/1/38 (FSA)
|
Aa3/AAA | 5,982,750 | |||||||
3,285 |
San Diego Regional Building Auth. Rev., Cnty. Operations Center &
Annex, 5.375%, 2/1/36, Ser. A
|
A1/AA+ | 3,285,953 | |||||||
5,000 | San Diego Unified School Dist., GO, 4.75%, 7/1/27, Ser. D-2 (FSA) | Aa2/AAA | 5,003,050 | |||||||
880 | San Francisco Bay Area Transit Financing Auth. Rev. (AMBAC), 5.125%, 7/1/36 | Aa3/AA+ | 889,865 | |||||||
720 |
San Francisco City & Cnty. Redev. Agcy. Rev., Special Tax,
6.125%, 8/1/31, Ser. B
|
NR/NR | 572,566 | |||||||
5,065 |
San Joaquin Cnty., General Hospital Project, CP,
5.00%, 9/1/20 (NPFGC)
|
A2/AA− | 4,902,971 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P)* | Value | ||||||||
San Joaquin Hills Transportation Corridor Agcy. Toll Road Rev., Ser. A, | ||||||||||
$ | 5,000 |
5.50%, 1/15/28
|
Ba2/BB− | $ | 3,563,200 | |||||
5,000 |
5.70%, 1/15/19
|
Ba2/BB− | 4,285,150 | |||||||
230 | San Jose, Improvement Board Act 1915, Special Assessment, 5.60%, 9/2/17, Ser. Q | NR/NR | 206,982 | |||||||
600 | Santa Ana Financing Auth. Rev., 5.60%, 9/1/19, Ser. C | NR/BBB | 605,802 | |||||||
1,815 | Santa Clara, CP, 5.00%, 2/1/32 (AMBAC) | Aa3/AA | 1,824,692 | |||||||
1,300 |
Santa Cruz Cnty. Redev. Agcy., Tax Allocation,
7.00%, 9/1/36, Ser. A
|
A2/A | 1,386,437 | |||||||
State, GO, | ||||||||||
5,885 |
5.00%, 9/1/35
|
A2/A | 5,382,715 | |||||||
3,300 |
5.00%, 12/1/37
|
A2/A | 3,006,729 | |||||||
8,000 |
6.00%, 4/1/38
|
A2/A | 8,277,200 | |||||||
2,000 |
State Public Works Board Rev., Regents Univ.,
5.00%, 4/1/34, Ser. E
|
Aa2/AA− | 1,928,180 | |||||||
Statewide Communities Dev. Auth. Rev., | ||||||||||
900 | Baptist Univ., 5.50%, 11/1/38, Ser. A | NR/NR | 545,580 | |||||||
1,000 | Catholic Healthcare West, 5.50%, 7/1/31, Ser. D | A2/A | 959,710 | |||||||
5,320 | Gross-Gillispie School, 6.625%, 10/1/31 | NR/NR | 4,110,817 | |||||||
15,250 |
Henry Mayo Newhall Memorial Hospital,
5.125%, 10/1/30 (CA Mtg. Ins.)
|
NR/A | 13,803,842 | |||||||
8,000 | Internext Group, CP, 5.375%, 4/1/30 | NR/BBB | 5,503,600 | |||||||
3,000 | Jewish Home, 5.50%, 11/15/33 (CA St. Mtg.) | NR/A | 2,803,800 | |||||||
1,000 | Kaiser Permanente, 5.25%, 3/1/45, Ser. B | NR/A+ | 858,310 | |||||||
Methodist Hospital Project (FHA),
|
||||||||||
2,100 |
6.625%, 8/1/29
|
Aa2/AA | 2,237,130 | |||||||
7,700 |
6.75%, 2/1/38
|
Aa2/AA | 8,142,134 | |||||||
St. Joseph,
|
||||||||||
100 |
5.125%, 7/1/24 (NPFGC)
|
Aa3/AA | 97,561 | |||||||
3,200 |
5.75%, 7/1/47, Ser. A (FGIC)
|
Aa3/AA− | 2,993,312 | |||||||
2,380 | St. Marks School, 6.75%, 6/1/28 (a)(b) | NR/NR | 2,259,191 | |||||||
4,000 | Sutter Health, 5.50%, 8/15/34, Ser. B | Aa3/AA− | 3,935,240 | |||||||
910 | Windrush School, 5.50%, 7/1/37 | NR/NR | 606,288 | |||||||
2,000 | Turlock, Emanuel Medical Center, CP, 5.50%, 10/15/37, Ser. B | NR/BBB | 1,435,180 | |||||||
Tustin Unified School Dist., Special Tax, Ser. B, | ||||||||||
2,345 |
5.50%, 9/1/22
|
NR/NR | 1,861,461 | |||||||
2,520 |
5.60%, 9/1/29
|
NR/NR | 1,868,756 | |||||||
2,000 |
5.625%, 9/1/32
|
NR/NR | 1,461,580 | |||||||
Univ. Rev., | ||||||||||
8,000 |
4.75%, 5/15/35, Ser. F (FSA) (k)
|
NR/AAA | 7,587,840 | |||||||
10,000 |
5.00%, 5/15/36, Ser. A (AMBAC)
|
Aa1/AA | 9,825,200 | |||||||
Total California Municipal Bonds & Notes (cost$356,897,061) | 343,947,865 | |||||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P)* | Value | ||||||||
OTHER MUNICIPAL BONDS & NOTES3.3%
|
||||||||||
Illinois1.4% | ||||||||||
$ | 5,260 |
Educational Facs. Auth. Rev., Univ. of Chicago,
5.00%, 7/1/33, Ser. A
|
Aa1/AA | $ | 5,302,816 | |||||
Iowa1.4% | ||||||||||
8,700 | Tobacco Settlement Auth. Rev., 5.60%, 6/1/34, Ser. B | Baa3/BBB | 5,306,478 | |||||||
Louisiana0.3% | ||||||||||
1,750 |
Tobacco Settlement Financing Corp. Rev.,
5.875%, 5/15/39, Ser.2001- B
|
Baa3/BBB | 1,218,892 | |||||||
New York0.1% | ||||||||||
450 |
New York City Municipal Water Finance Auth. Rev.,
5.00%, 6/15/37, Ser. D (k)
|
Aa2/AAA | 452,092 | |||||||
South Carolina0.1% | ||||||||||
340 |
Tobacco Settlement Rev. Management Auth. Rev.,
6.375%, 5/15/30, Ser. B
|
Baa3/BBB | 402,509 | |||||||
Total Other Municipal Bonds & Notes (cost$16,244,306) | 12,682,787 | |||||||||
CORPORATE BONDS & NOTES (j)2.0%
|
||||||||||
7,800 | American General Finance Corp., 4.625%, 9/1/10 | Baa2/BB+ | 4,668,581 | |||||||
3,500 | CIT Group, Inc., 5.80%, 7/28/11 | Ba2/BBB− | 2,328,378 | |||||||
500 | International Lease Finance Corp., 1.469%, 5/24/10, FRN | Baa2/BBB+ | 437,178 | |||||||
Total Corporate Bonds & Notes (cost$8,281,361) | 7,434,137 | |||||||||
OTHER VARIABLE RATE NOTES (a)(d)(h)1.7%
|
||||||||||
Illinois1.7% | ||||||||||
6,670 | Chicago Water Supply System Rev., | NR/AA- | ||||||||
12.431%, 5/1/14, Ser. 1419 (AMBAC) (cost$6,976,631)
|
6,173,819 | |||||||||
CALIFORNIA VARIABLE RATE NOTES (a)(h)0.4%
|
||||||||||
1,670 | Sacramento Cnty. Sanitation Dist. Rev., | NR/AA | ||||||||
12.359%, 8/1/13, Ser. 1034 (NPFGC) (cost$1,863,651)
|
1,650,144 | |||||||||
SHORT-TERM INVESTMENTS1.4%
|
||||||||||
Corporate Bonds & Notes (j)1.4%
|
||||||||||
American General Finance Corp., | ||||||||||
1,200 |
1.542%, 10/2/09, FRN
|
Baa2/BB+ | 908,655 | |||||||
900 |
4.625%, 5/15/09
|
Baa2/BB+ | 885,539 | |||||||
3,400 | CIT Group, Inc., 4.125%, 11/3/09 | Ba2/BBB− | 3,036,139 | |||||||
400 | International Lease Finance Corp., 1.531%, 1/15/10, FRN | Baa2/BBB+ | 362,636 | |||||||
Total Corporate Bonds & Notes (cost$5,478,357) | 5,192,969 | |||||||||
California Variable Rate Demand Notes
(h)(i)0.0%
|
||||||||||
100 | Irvine, Special Assessment, 0.40%, 6/1/09 (cost$100,000) | NR/A-1+ | 100,000 | |||||||
Total Short-Term Investments (cost$5,578,357) | 5,292,969 | |||||||||
Total Investments (cost$395,841,367)100.0% | $ | 377,181,721 | ||||||||
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P)* | Value | ||||||||
NEW YORK MUNICIPAL BONDS & NOTES91.2%
|
||||||||||
$ | 1,600 | Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev., 6.00%, 11/15/36, Ser. A | NR/NR | $ | 1,003,552 | |||||
Liberty Dev. Corp. Rev., Goldman Sachs Headquarters, | ||||||||||
11,410 |
5.25%, 10/1/35, Ser. 1251(k)
|
A1/A | 9,918,713 | |||||||
1,925 |
5.50%, 10/1/37
|
A1/A | 1,731,614 | |||||||
2,300 | Long Island Power Auth. Rev., 5.75%, 4/1/39, Ser. A | A3/A− | 2,357,454 | |||||||
Metropolitan Transportation Auth. Rev., | ||||||||||
8,150 |
5.00%, 7/1/30, Ser. A (AMBAC)
|
A1/AA− | 8,107,375 | |||||||
1,375 |
5.125%, 1/1/29, Ser. A
|
A1/AA− | 1,349,026 | |||||||
2,000 |
5.25%, 11/15/31, Ser. E
|
A2/A | 1,979,120 | |||||||
1,600 |
Nassau Cnty. Industrial Dev. Agcy. Rev., Amsterdam at Harborside,
6.70%, 1/1/43, Ser. A
|
NR/NR | 1,192,416 | |||||||
New York City, GO, Ser. J, | ||||||||||
2,595 |
5.125%, 5/15/29 (NPFGC)
|
Aa3/AA | 2,595,701 | |||||||
5 |
5.25%, 6/1/28
|
Aa3/AA | 5,042 | |||||||
New York City Industrial Dev. Agcy. Rev., | ||||||||||
1,000 | Liberty Interactive Corp., 5.00%, 9/1/35 | Ba2/BB+ | 677,300 | |||||||
900 | Queens Baseball Stadium, 6.50%, 1/1/46 | Aa2/AAA | 977,886 | |||||||
1,820 | Vaughn College Aeronautics, 5.25%, 12/1/36, Ser. B | NR/BB+ | 1,137,300 | |||||||
3,200 | Yankee Stadium, 7.00%, 3/1/49 | Aa2/AAA | 3,504,192 | |||||||
New York City Municipal Water Finance Auth., Water & Sewer System Rev., | ||||||||||
5,105 |
4.75%, 6/15/31, Ser. A (FGIC-NPFGC)
|
Aa2/AAA | 4,928,520 | |||||||
3,000 |
5.00%, 6/15/32, Ser. A
|
Aa2/AAA | 3,009,960 | |||||||
5,000 |
5.125%, 6/15/33, Ser. C
|
Aa2/AAA | 5,037,550 | |||||||
5,000 |
5.25%, 6/15/25, Ser. D
|
Aa2/AAA | 5,161,850 | |||||||
New York City Municipal Water Finance Auth. Rev., | ||||||||||
5,000 |
4.75%, 6/15/35, Ser. DD (k)
|
Aa3/AA+ | 4,818,600 | |||||||
2,500 |
5.00%, 6/15/40, Ser. FF-2
|
Aa3/AA+ | 2,468,750 | |||||||
New York City Transitional Finance Auth. Rev., | ||||||||||
7,345 |
4.75%, 11/1/23, Ser. B
|
Aa1/AAA | 7,439,457 | |||||||
5,000 |
5.25%, 1/15/39, Ser. S-3
|
A1/AA− | 4,911,000 | |||||||
300 |
New York City Trust for Cultural Res. Rev., Julliard School,
5.00%, 1/1/34, Ser. A
|
Aa2/AA | 303,648 | |||||||
1,000 | Niagara Falls Public Water Auth. Water & Sewer System Rev., 5.00%, 7/15/34, Ser. A (NPFGC) | Baa1/AA− | 1,000,300 | |||||||
Port Auth. of New York & New Jersey Rev., Ser. 132, | ||||||||||
3,000 |
5.00%, 9/1/29
|
Aa3/AA− | 3,061,680 | |||||||
4,300 |
5.00%, 9/1/38
|
Aa3/AA− | 4,318,189 | |||||||
State Dormitory Auth. Rev., | ||||||||||
3,850 | Lenox Hill Hospital, 5.50%, 7/1/30 | Ba1/NR | 2,801,260 | |||||||
1,825 | Mount Sinai Health, 6.50%, 7/1/25, Ser. A | A3/NR | 1,844,473 | |||||||
7,000 | NY & Presbyterian Hospital, 4.75%, 8/1/27 (AMBAC-FHA) | Baa1/A | 6,670,860 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P)* | Value | ||||||||
$ | 1,500 | NYU Hospital Center, 5.00%, 7/1/26, Ser. A | Ba2/BB+ | $ | 1,162,935 | |||||
2,900 | Orange Regional Medical Center, 6.25%, 12/1/37 | Ba1/NR | 2,171,520 | |||||||
4,000 | Sloan-Kettering Center Memorial, 5.00%, 7/1/34, Ser. 1 | Aa2/AA | 3,904,640 | |||||||
Teachers College,
|
||||||||||
1,500 |
5.00%, 7/1/32 (NPFGC)
|
A1/NR | 1,519,545 | |||||||
1,800 |
5.50%, 3/1/39
|
A1/NR | 1,817,532 | |||||||
1,275 | Winthrop Univ. Hospital Assoc., 5.25%, 7/1/31, Ser. A (AMBAC) | Baa1/A | 1,248,748 | |||||||
2,000 | State Environmental Facs. Corp., State Clean Water & Drinking Rev., 5.125%, 6/15/31 | Aaa/AAA | 2,032,920 | |||||||
1,800 | State Urban Dev. Corp. Rev., 5.00%, 3/15/36, Ser. B-1 (k) | NR/AAA | 1,799,892 | |||||||
Triborough Bridge & Tunnel Auth. Rev., | ||||||||||
755 |
5.00%, 1/1/32, Ser. A
|
Aa2/AA− | 756,253 | |||||||
3,000 |
5.25%, 11/15/34, Ser. A-2 (k)
|
Aa2/AA− | 3,072,240 | |||||||
2,945 | Warren & Washington Cntys. Industrial Dev. Agcy. Rev., Glens Falls Hospital, 5.00%, 12/1/27, Ser. C (FSA) | Aa3/AAA | 3,032,113 | |||||||
Total New York Municipal Bonds & Notes (cost$120,163,603) | 116,831,126 | |||||||||
OTHER MUNICIPAL BONDS & NOTES3.4%
|
||||||||||
Louisiana0.4% | ||||||||||
750 |
Tobacco Settlement Financing Corp. Rev.,
5.875%, 5/15/39, Ser.2001- B
|
Baa3/BBB | 522,383 | |||||||
Puerto Rico3.0% | ||||||||||
Aqueduct & Sewer Auth. Rev., Ser. A, | ||||||||||
3,100 |
6.00%, 7/1/38
|
Baa3/BBB− | 2,925,129 | |||||||
1,000 |
6.00%, 7/1/44
|
Baa3/BBB− | 940,250 | |||||||
3,865,379 | ||||||||||
Total Other Municipal Bonds & Notes (cost$4,596,287) | 4,387,762 | |||||||||
CORPORATE BONDS & NOTES (j)1.5%
|
||||||||||
2,900 | American General Finance Corp., 4.625%, 9/1/10 | Baa2/BB+ | 1,735,755 | |||||||
200 | International Lease Finance Corp., 1.469%, 5/24/10, FRN | Baa2/BBB+ | 174,871 | |||||||
Total Corporate Bonds & Notes (cost$2,108,100) | 1,910,626 | |||||||||
OTHER VARIABLE RATE NOTES (h)1.4%
|
||||||||||
Puerto Rico1.4% | ||||||||||
2,500 |
Commonwealth of Puerto Rico, GO,
4.655%, 7/1/19, Ser. A (cost$2,116,974)
|
Aa2/AAA | 1,771,300 | |||||||
SHORT-TERM INVESTMENTS2.5%
|
||||||||||
Corporate Bonds & Notes (j)2.4%
|
||||||||||
300 | American General Finance Corp., 4.625%, 5/15/09 | Baa2/BB+ | 295,179 | |||||||
CIT Group, Inc., | ||||||||||
300 |
1.358%, 8/17/09
|
Ba2/BBB− | 273,197 | |||||||
800 |
4.125%, 11/3/09
|
Ba2/BBB− | 714,386 | |||||||
1,700 | Goldman Sachs Group, Inc., 1.318%, 11/16/09, FRN | A1/A | 1,677,431 |
Principal |
||||||||||
Amount |
Credit Rating |
|||||||||
(000) | (Moodys/S&P)* | Value | ||||||||
Corporate Bonds & Notes (continued)
|
||||||||||
$ | 100 | International Lease Finance Corp., 1.531%, 1/15/10, FRN | Baa2/BBB+ | $ | 90,659 | |||||
Total Corporate Bonds & Notes (cost$3,099,724) | 3,050,852 | |||||||||
New York Variable Rate Demand Notes
(h)(i)0.1%
|
||||||||||
100 | New York City, GO, 0.43%, 6/1/09, Ser. L-6 (cost$100,000) | NR/A-1+ | 100,000 | |||||||
Total Short-Term Investments (cost$3,199,724) | 3,150,852 | |||||||||
Total Investments (cost$132,184,688)100.0% | $ | 128,051,666 | ||||||||
* | Unaudited | |
(a) | Private Placement Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $15,027,092, representing 3.29% of total investments in Municipal Income. Securities with an aggregate value of $10,083,154, representing 2.67% of total investments in California Municipal Income. | |
(b) | Illiquid security. |
(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 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. | |
(e) | When-issued security. To be settled after April 30, 2009. |
(f) | In default. |
(g) | Inverse Floater The 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 April 30, 2009. | |
(h) | Variable Rate Notes Instruments whose interest rates change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on April 30, 2009. |
(i) | Maturity date shown is date of next put. | |
(j) | All or partial amount segregated as collateral for reverse repurchase agreements. |
(k) | Residual Interest Bonds held in Trust Securities 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. |
California |
New York |
|||||||||||||
Municipal | Municipal | Municipal | ||||||||||||
Assets:
|
||||||||||||||
Investments, at value (cost$492,756,721, $395,841,367
and $132,184,688, respectively) |
$457,176,814 | $377,181,721 | $128,051,666 | |||||||||||
Cash
|
587,566 | 65,876 | 236,799 | |||||||||||
Interest receivable
|
8,657,366 | 5,853,486 | 2,142,548 | |||||||||||
Receivable for investments sold
|
430,000 | 10,812,564 | | |||||||||||
Prepaid expenses and other assets
|
3,091,299 | 968,255 | 1,089,036 | |||||||||||
Total Assets
|
469,943,045 | 394,881,902 | 131,520,049 | |||||||||||
Liabilities:
|
||||||||||||||
Payable for floating rate notes
|
27,711,643 | 35,078,085 | 10,476,876 | |||||||||||
Payable for reverse repurchase agreements
|
13,240,000 | 10,028,000 | 3,952,000 | |||||||||||
Payable for investments purchased
|
2,929,290 | 4,953,700 | | |||||||||||
Dividends payable to common and preferred shareholders
|
2,037,119 | 1,407,956 | 432,811 | |||||||||||
Investment management fees payable
|
203,061 | 166,470 | 56,605 | |||||||||||
Interest payable
|
162,381 | 152,481 | 48,287 | |||||||||||
Interest payable for reverse repurchase agreements
|
6,076 | 4,882 | 1,624 | |||||||||||
Accrued expenses and other liabilities
|
146,332 | 241,230 | 69,432 | |||||||||||
Total Liabilities
|
46,435,902 | 52,032,804 | 15,037,635 | |||||||||||
Preferred shares ($25,000 net asset and liquidation
value per share applicable to an aggregate of 7,600, 6,000 and
1,880 shares issued and outstanding, respectively)
|
190,000,000 | 150,000,000 | 47,000,000 | |||||||||||
Net Assets Applicable to Common Shareholders
|
$233,507,143 | $192,849,098 | $69,482,414 | |||||||||||
Composition of Net Assets Applicable to Common
Shareholders:
|
||||||||||||||
Common Stock (no par value):
|
||||||||||||||
Paid-in-capital
|
$353,763,344 | $258,129,392 | $106,448,814 | |||||||||||
Dividends in excess of net investment income
|
(2,037,119 | ) | (1,192,408 | ) | (432,809 | ) | ||||||||
Accumulated net realized loss
|
(82,852,502 | ) | (45,248,493 | ) | (31,051,110 | ) | ||||||||
Net unrealized depreciation of investments
|
(35,366,580 | ) | (18,839,393 | ) | (5,482,481 | ) | ||||||||
Net Assets Applicable to Common Shareholders
|
$233,507,143 | $192,849,098 | $69,482,414 | |||||||||||
Common Shares Outstanding
|
24,897,488 | 18,172,949 | 7,557,384 | |||||||||||
Net Asset Value Per Common Share
|
$9.38 | $10.61 | $9.19 | |||||||||||
California |
New York |
||||||||||||
Municipal | Municipal | Municipal | |||||||||||
Investment Income:
|
|||||||||||||
Interest
|
$32,177,324 | $23,135,430 | $8,040,788 | ||||||||||
Expenses:
|
|||||||||||||
Investment management fees
|
2,987,058 | 2,331,903 | 882,746 | ||||||||||
Interest expense
|
581,515 | 567,431 | 181,954 | ||||||||||
Auction agent fees and commissions
|
523,565 | 397,351 | 156,717 | ||||||||||
Custodian and accounting agent fees
|
173,832 | 126,509 | 101,141 | ||||||||||
Legal fees
|
85,750 | 66,685 | 33,792 | ||||||||||
Audit and tax services
|
58,949 | 53,685 | 57,175 | ||||||||||
Trustees fees and expenses
|
53,754 | 43,797 | 23,194 | ||||||||||
Transfer agent fees
|
38,090 | 35,875 | 37,060 | ||||||||||
Shareholder communications
|
35,840 | 28,993 | 16,304 | ||||||||||
New York Stock Exchange listing fees
|
21,841 | 21,652 | 21,503 | ||||||||||
Insurance expense
|
10,585 | 8,247 | 3,612 | ||||||||||
Miscellaneous
|
5,797 | 5,926 | 11,827 | ||||||||||
Total expenses
|
4,576,576 | 3,688,054 | 1,527,025 | ||||||||||
Less: investment management fees waived
|
(273,313 | ) | (212,483 | ) | (81,171 | ) | |||||||
custody credits earned on cash balances
|
(31,553 | ) | (8,558 | ) | (9,340 | ) | |||||||
Net expenses
|
4,271,710 | 3,467,013 | 1,436,514 | ||||||||||
Net Investment Income
|
27,905,614 | 19,668,417 | 6,604,274 | ||||||||||
Realized and Change In Unrealized Gain (Loss)
|
|||||||||||||
Net realized gain (loss) on:
|
|||||||||||||
Investments
|
(21,707,854 | ) | (9,875,052 | ) | (7,255,362 | ) | |||||||
Futures contracts
|
(909,673 | ) | (309,819 | ) | (383,176 | ) | |||||||
Options written
|
225,464 | 169,915 | 66,986 | ||||||||||
Swaps
|
(24,481,849 | ) | (11,790,267 | ) | (10,425,135 | ) | |||||||
Net change in unrealized appreciation/depreciation of:
|
|||||||||||||
Investments
|
(40,550,391 | ) | (31,697,650 | ) | (8,179,983 | ) | |||||||
Futures contracts
|
(309,320 | ) | (277,937 | ) | (158,766 | ) | |||||||
Options written
|
(152,152 | ) | (114,665 | ) | (45,205 | ) | |||||||
Net realized and change in unrealized loss on investments,
futures contracts, options written and swaps
|
(87,885,775 | ) | (53,895,475 | ) | (26,380,641 | ) | |||||||
Net Decrease in Net Assets Resulting from
Investment Operations |
(59,980,161 | ) | (34,227,058 | ) | (19,776,367 | ) | |||||||
Dividends on Preferred Shares from Net Investment Income
|
(4,964,321 | ) | (3,740,623 | ) | (1,545,412 | ) | |||||||
Net Decrease in Net Assets Applicable to Common
Shareholders Resulting from Investment Operations |
$(64,944,482 | ) | $(37,967,681 | ) | $(21,321,779 | ) | |||||||
PIMCO Municipal Income Funds |
Statements of
Changes in Net Assets Applicable to Common Shareholders |
Municipal | ||||||||
Year Ended |
Year Ended |
|||||||
April 30, 2009 | April 30, 2008 | |||||||
Investment Operations:
|
||||||||
Net investment income
|
$27,905,614 | $27,581,652 | ||||||
Net realized gain (loss) on investments, futures contracts,
options written and swaps
|
(46,873,912 | ) | (5,514,686 | ) | ||||
Net change in unrealized appreciation/depreciation of
investments, futures contracts, options written and swaps
|
(41,011,863 | ) | (37,830,459 | ) | ||||
Net decrease in net assets resulting from investment operations
|
(59,980,161 | ) | (15,763,493 | ) | ||||
Dividends on Preferred Shares from Net Investment Income
|
(4,964,321 | ) | (7,111,992 | ) | ||||
Net decrease in net assets applicable to common shareholders
resulting from investment operations |
(64,944,482 | ) | (22,875,485 | ) | ||||
Dividends to Common Shareholders from Net Investment
Income
|
(24,225,508 | ) | (24,103,636 | ) | ||||
Capital Share Transactions:
|
||||||||
Reinvestment of dividends
|
1,409,202 | 2,263,389 | ||||||
Total decrease in net assets applicable to common shareholders
|
(87,760,788 | ) | (44,715,732 | ) | ||||
Net Assets Applicable to Common Shareholders:
|
||||||||
Beginning of year
|
321,267,931 | 365,983,663 | ||||||
End of year (including dividends in excess of net investment
income of $(2,037,119) and $(890,326); $(1,192,408) and
$(390,187); $(432,809) and $(436,049); respectively)
|
$233,507,143 | $321,267,931 | ||||||
Common Shares Issued in Reinvestment of Dividends
|
110,169 | 148,191 | ||||||
PIMCO Municipal Income Funds |
Statements of
Changes in Net Assets Applicable to Common Shareholders (continued) |
California Municipal | New York Municipal | |||||||||||||
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||
April 30, 2009 | April 30, 2008 | April 30, 2009 | April 30, 2008 | |||||||||||
$19,668,417 | $19,381,280 | $6,604,274 | $7,275,242 | |||||||||||
(21,805,223 | ) | 221,523 | (17,996,687 | ) | 24,717 | |||||||||
(32,090,252 | ) | (19,890,355 | ) | (8,383,954 | ) | (7,691,572 | ) | |||||||
(34,227,058 | ) | (287,552 | ) | (19,776,367 | ) | (391,613 | ) | |||||||
(3,740,623 | ) | (5,026,208 | ) | (1,545,412 | ) | (2,245,279 | ) | |||||||
(37,967,681 | ) | (5,313,760 | ) | (21,321,779 | ) | (2,636,892 | ) | |||||||
(16,768,120 | ) | (16,681,528 | ) | (5,165,556 | ) | (5,143,675 | ) | |||||||
971,936 | 1,547,398 | 278,849 | 436,455 | |||||||||||
(53,763,865 | ) | (20,447,890 | ) | (26,208,486 | ) | (7,344,112 | ) | |||||||
246,612,963 | 267,060,853 | 95,690,900 | 103,035,012 | |||||||||||
$192,849,098 | $246,612,963 | $69,482,414 | $95,690,900 | |||||||||||
72,038 | 102,530 | 23,211 | 33,359 | |||||||||||
| Level 1 quoted prices in active markets for identical investments that the Funds have the ability to access | |
| Level 2 valuations based on other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) or quotes from inactive exchanges | |
| Level 3 valuations based on significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments) |
Municipal Income | California Municipal | New York Municipal | ||||||||||
Investments in |
Investments |
Investments |
||||||||||
Valuation Inputs | Securities | in Securities | in Securities | |||||||||
Level 1 Quoted Prices
|
$ | $ | $ | |||||||||
Level 2 Other Significant Observable Inputs
|
457,176,814 | 377,181,721 | 128,051,666 | |||||||||
Level 3 Significant Unobservable Inputs
|
| | | |||||||||
Total
|
$457,176,814 | $377,181,721 | $128,051,666 | |||||||||
California |
New York |
|||||
Municipal | Municipal | Municipal | ||||
Purchases
|
$281,235,626 | $164,552,594 | $49,858,336 | |||
Sales
|
289,038,773 | 157,203,537 | 64,462,690 |
Contracts | Premiums | |||||
Municipal Income:
|
||||||
Options outstanding, April 30, 2008
|
276 | $225,464 | ||||
Options expired
|
(276 | ) | (225,464) | |||
Options outstanding, April 30, 2009
|
| $ | ||||
California Municipal:
|
||||||
Options outstanding, April 30, 2008
|
208 | $169,915 | ||||
Options expired
|
(208 | ) | (169,915) | |||
Options outstanding, April 30, 2009
|
| $ | ||||
New York Municipal:
|
||||||
Options outstanding, April 30, 2008
|
82 | $66,986 | ||||
Options expired
|
(82 | ) | (66,986) | |||
Options outstanding, April 30, 2009
|
| $ | ||||
Principal & |
||||||||||||
Counterparty | Rate | Trade Date | Maturity Date | Interest | Principal | |||||||
Municipal Income:
|
||||||||||||
Barclays Bank
|
0.80% | 4/16/09 | 5/18/09 | $4,308,436 | $4,307,000 | |||||||
0.85% | 4/9/09 | 5/8/09 | 8,937,640 | 8,933,000 | ||||||||
$13,240,000 | ||||||||||||
California Municipal:
|
||||||||||||
Barclays Bank
|
0.80% | 4/16/09 | 5/18/09 | $1,759,586 | $1,759,000 | |||||||
0.85% | 4/9/09 | 5/8/09 | 8,273,296 | 8,269,000 | ||||||||
$10,028,000 | ||||||||||||
New York Municipal:
|
||||||||||||
Barclays Bank
|
0.80% | 4/16/09 | 5/18/09 | $2,302,767 | $2,302,000 | |||||||
0.85% | 4/9/09 | 5/8/09 | 1,650,857 | 1,650,000 | ||||||||
$3,952,000 | ||||||||||||
Year ended |
Year ended |
|||||||
April 30, 2009 | April 30, 2008 | |||||||
Ordinary Income
|
$2,587,230 | $868,183 | ||||||
Tax Exempt Income
|
$26,602,599 | $30,347,445 |
Year ended |
Year ended |
|||||||
April 30, 2009 | April 30, 2008 | |||||||
Ordinary Income
|
$1,840,392 | $882,491 | ||||||
Tax Exempt Income
|
$18,668,351 | $20,825,245 |
Year ended |
Year ended |
|||||||
April 30, 2009 | April 30, 2008 | |||||||
Ordinary Income
|
$521,345 | $253,271 | ||||||
Tax Exempt Income
|
$6,189,623 | $7,135,683 |
Gross |
Gross |
Net |
||||||
Cost of |
Unrealized |
Unrealized |
Unrealized |
|||||
Investments | Appreciation | Depreciation | Depreciation | |||||
Municipal
|
$468,162,504 | $16,040,878 | $(51,706,883) | $(35,666,005) | ||||
California Municipal
|
361,692,387 | 8,802,329 | (27,599,621) | (18,797,292) | ||||
New York Municipal
|
123,384,188 | 3,881,476 | (8,634,095) | (4,752,619) |
High | Low | At April 30, 2009 | ||||
Municipal:
|
||||||
Series A
|
11.347% | 0.640% | 0.792% | |||
Series B
|
12.565% | 0.640% | 0.792% | |||
Series C
|
12.261% | 0.594% | 0.761% | |||
Series D
|
11.728% | 0.594% | 0.792% | |||
Series E
|
10.205% | 0.594% | 0.792% | |||
California Municipal:
|
||||||
Series A
|
11.347% | 0.640% | 0.792% | |||
Series B
|
12.261% | 0.625% | 0.761% | |||
Series C
|
10.205% | 0.625% | 0.792% | |||
New York Municipal:
|
||||||
Series A
|
12.565% | 0.685% | 0.792% |
New York |
||||||
Municipal (a) | Municipal (b) | |||||
Beginning balance, April 30, 2008
|
$200,000,000 | $63,000,000 | ||||
Redemptions
|
(10,000,000) | (16,000,000) | ||||
Ending balance, April 30, 2009
|
$190,000,000 | $47,000,000 | ||||
(a) | Redeemed January 26, 2009 January 30, 2009 | |
(b) | Redeemed January 7, 2009 |
Municipal
|
$0.08125 per common share | |
California Municipal
|
$0.077 per common share | |
New York Municipal
|
$0.057 per common share |
Municipal
|
$0.08125 per common share | |
California Municipal
|
$0.077 per common share | |
New York Municipal
|
$0.057 per common share |
Year ended April 30 | ||||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||
Net asset value, beginning of year
|
$12.96 | $14.85 | $14.54 | $14.84 | $14.11 | |||||||||||||||||||
Investment Operations:
|
||||||||||||||||||||||||
Net investment income
|
1.13 | 1.12 | 1.07 | 1.10 | 1.15 | |||||||||||||||||||
Net realized and change in unrealized gain
(loss) on investments, futures contracts, options written and swaps |
(3.53 | ) | (1.74 | ) | 0.50 | (0.21 | ) | 0.68 | ||||||||||||||||
Total from investment operations
|
(2.40 | ) | (0.62 | ) | 1.57 | 0.89 | 1.83 | |||||||||||||||||
Dividends on Preferred Shares
from Net Investment Income |
(0.20 | ) | (0.29 | ) | (0.28 | ) | (0.21 | ) | (0.12 | ) | ||||||||||||||
Net increase (decrease) in net assets
applicable to common shareholders resulting from investment operations |
(2.60 | ) | (0.91 | ) | 1.29 | 0.68 | 1.71 | |||||||||||||||||
Dividends to Common Shareholders
from Net Investment Income |
(0.98 | ) | (0.98 | ) | (0.98 | ) | (0.98 | ) | (0.98 | ) | ||||||||||||||
Net asset value, end of year
|
$9.38 | $12.96 | $14.85 | $14.54 | $14.84 | |||||||||||||||||||
Market price, end of year
|
$11.40 | $16.46 | $18.00 | $16.22 | $14.64 | |||||||||||||||||||
Total Investment Return (1)
|
(24.58 | )% | (2.47 | )% | 17.77 | % | 18.13 | % | 15.68 | % | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets applicable to common
shareholders, end of year (000) |
$233,507 | $321,268 | $365,984 | $355,877 | $360,699 | |||||||||||||||||||
Ratio of expenses to average net assets,
including interest expense (2)(3)(4)(5) |
1.64 | % | 1.51 | % | 1.32 | % | 1.18 | % | 1.06 | % | ||||||||||||||
Ratio of expenses to average net assets,
excluding interest expense (2)(3)(5) |
1.42 | % | 1.20 | % | 1.00 | % | 0.98 | % | 0.97 | % | ||||||||||||||
Ratio of net investment income to average
net assets (2)(5) |
10.65 | % | 8.07 | % | 7.23 | % | 7.41 | % | 7.97 | % | ||||||||||||||
Preferred shares asset coverage per share
|
$55,722 | $65,143 | $70,727 | $69,462 | $70,077 | |||||||||||||||||||
Portfolio turnover
|
60 | % | 32 | % | 6 | % | 13 | % | 11 | % | ||||||||||||||
(1) | Total investment return is calculated assuming a purchase of a share of common stock at the current market price on the first day of each period and a sale of a share of common stock at the current market price on the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Funds dividend reinvestment plan. Total investment return does not reflect brokerage commissions or sales charges. | |
(2) | Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders. | |
(3) | Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank. (See Note 1(n) in Notes to Financial Statements). | |
(4) | Interest expense relates to the liability for floating rate notes issued in connection with inverse floater transactions. | |
(5) | During the fiscal periods indicated above, the Investment Manager waived a portion of its investment management fee. The effect of such waiver relative to the average net assets of common shareholders was 0.10%, 0.17%, 0.24%, 0.32% and 0.31% for the years ended April 30, 2009, April 30, 2008, April 30, 2007, April 30, 2006 and April 30, 2005, respectively. |
Year ended April 30 | ||||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||
Net asset value, beginning of year
|
$13.62 | $14.84 | $14.48 | $14.60 | $13.92 | |||||||||||||||||||
Investment Operations:
|
||||||||||||||||||||||||
Net investment income
|
1.08 | 1.07 | 1.10 | 1.05 | 1.07 | |||||||||||||||||||
Net realized and change in unrealized gain
(loss) on investments, futures contracts, options written and swaps |
(2.96 | ) | (1.09 | ) | 0.44 | (0.05 | ) | 0.64 | ||||||||||||||||
Total from investment operations
|
(1.88 | ) | (0.02 | ) | 1.54 | 1.00 | 1.71 | |||||||||||||||||
Dividends on Preferred Shares
from Net Investment Income |
(0.21 | ) | (0.28 | ) | (0.26 | ) | (0.20 | ) | (0.11 | ) | ||||||||||||||
Net increase (decrease) in net assets
applicable to common shareholders resulting from investment operations |
(2.09 | ) | (0.30 | ) | 1.28 | 0.80 | 1.60 | |||||||||||||||||
Dividends to Common Shareholders
from Net Investment Income |
(0.92 | ) | (0.92 | ) | (0.92 | ) | (0.92 | ) | (0.92 | ) | ||||||||||||||
Net asset value, end of year
|
$10.61 | $13.62 | $14.84 | $14.48 | $14.60 | |||||||||||||||||||
Market price, end of year
|
$12.18 | $15.83 | $17.70 | $15.87 | $14.20 | |||||||||||||||||||
Total Investment Return (1)
|
(16.72 | )% | (4.88 | )% | 18.20 | % | 18.93 | % | 15.05 | % | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets applicable to common
shareholders, end of year (000) |
$192,849 | $246,613 | $267,061 | $259,127 | $259,978 | |||||||||||||||||||
Ratio of expenses to average net assets,
including interest expense (2)(3)(4)(5) |
1.66 | % | 1.41 | % | 1.26 | % | 1.08 | % | 1.00 | % | ||||||||||||||
Ratio of expenses to average net assets,
excluding interest expense (2)(3)(5) |
1.39 | % | 1.15 | % | 1.05 | % | 0.99 | % | 1.00 | % | ||||||||||||||
Ratio of net investment income to average
net assets (2)(5) |
9.42 | % | 7.57 | % | 7.48 | % | 7.19 | % | 7.56 | % | ||||||||||||||
Preferred shares asset coverage per share
|
$57,140 | $66,086 | $69,491 | $68,164 | $68,319 | |||||||||||||||||||
Portfolio turnover
|
42 | % | 14 | % | 4 | % | 8 | % | 5 | % | ||||||||||||||
(1) | Total investment return is calculated assuming a purchase of a share of common stock at the current market price on the first day of each period and a sale of a share of common stock at the current market price on the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Funds dividend reinvestment plan. Total investment return does not reflect brokerage commissions or sales charges. | |
(2) | Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders. | |
(3) | Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank. (See Note 1(n) in Notes to Financial Statements). | |
(4) | Interest expense relates to the liability for floating rate notes issued in connection with inverse floater transactions. | |
(5) | During the fiscal periods indicated above, the Investment Manager waived a portion of its investment management fee. The effect of such waiver relative to the average net assets of common shareholders was 0.10%, 0.17%, 0.25%, 0.32% and 0.31% for the years ended April 30, 2009, April 30, 2008, April 30, 2007, April 30, 2006 and April 30, 2005, respectively. |
Year ended April 30 | ||||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||
Net asset value, beginning of year
|
$12.70 | $13.74 | $13.47 | $13.83 | $13.44 | |||||||||||||||||||
Investment Operations:
|
||||||||||||||||||||||||
Net investment income
|
0.87 | 0.97 | 0.97 | 0.98 | 1.01 | |||||||||||||||||||
Net realized and change in unrealized gain
(loss) on investments, futures contracts, options written and swaps |
(3.50 | ) | (1.03 | ) | 0.37 | (0.23 | ) | 0.40 | ||||||||||||||||
Total from investment operations
|
(2.63 | ) | (0.06 | ) | 1.34 | 0.75 | 1.41 | |||||||||||||||||
Dividends on Preferred Shares
from Net Investment Income |
(0.20 | ) | (0.30 | ) | (0.28 | ) | (0.22 | ) | (0.12 | ) | ||||||||||||||
Net increase (decrease) in net assets
applicable to common shareholders resulting from investment operations |
(2.83 | ) | (0.36 | ) | 1.06 | 0.53 | 1.29 | |||||||||||||||||
Dividends to Common Shareholders
from Net Investment Income |
(0.68 | ) | (0.68 | ) | (0.79 | ) | (0.89 | ) | (0.90 | ) | ||||||||||||||
Net asset value, end of year
|
$9.19 | $12.70 | $13.74 | $13.47 | $13.83 | |||||||||||||||||||
Market price, end of year
|
$9.90 | $13.06 | $15.02 | $14.56 | $13.90 | |||||||||||||||||||
Total Investment Return (1)
|
(18.80 | )% | (8.31 | )% | 8.89 | % | 11.45 | % | 17.04 | % | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets applicable to common
shareholders, end of year (000) |
$69,482 | $95,691 | $103,035 | $100,367 | $102,112 | |||||||||||||||||||
Ratio of expenses to average net assets,
including interest expense (2)(3)(4)(5) |
1.86 | % | 2.00 | % | 1.94 | % | 1.57 | % | 1.44 | % | ||||||||||||||
Ratio of expenses to average net assets,
excluding interest expense (2)(3)(5) |
1.62 | % | 1.32 | % | 1.23 | % | 1.09 | % | 1.12 | % | ||||||||||||||
Ratio of net investment income to average
net assets (2)(5) |
8.49 | % | 7.41 | % | 7.06 | % | 7.04 | % | 7.48 | % | ||||||||||||||
Preferred shares asset coverage per share
|
$61,957 | $62,969 | $65,863 | $64,809 | $65,509 | |||||||||||||||||||
Portfolio turnover
|
37 | % | 14 | % | 2 | % | 15 | % | 6 | % | ||||||||||||||
(1) | Total investment return is calculated assuming a purchase of a share of common stock at the current market price on the first day of each period and a sale of a share of common stock at the current market price on the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Funds dividend reinvestment plan. Total investment return does not reflect brokerage commissions or sales charges. | |
(2) | Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders. | |
(3) | Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank. (See Note 1(n) in Notes to Financial Statements). | |
(4) | Interest expense relates to the liability for floating rate notes issued in connection with inverse floater transactions. | |
(5) | During the fiscal periods indicated above, the Investment Manager waived a portion of its investment management fee. The effect of such waiver relative to the average net assets of common shareholders was 0.10%, 0.18%, 0.26%, 0.33% and 0.33% for the years ended April 30, 2009, April 30, 2008, April 30, 2007, April 30, 2006 and April 30, 2005, respectively. |
PIMCO Municipal Income Funds |
Portfolio
Manager Change/Changes to the Funds Investment Policies
and Related Risks |
Municipal Income
|
8.86 | % | ||
California Municipal
|
8.97 | % | ||
New York Municipal
|
7.77 | % |
Withheld |
||||
Affirmative | Authority | |||
Municipal
|
||||
Re-election of John C. Maney Class III to serve until 2011
|
22,132,181 | 1,084,020 | ||
Re-election of R. Peter Sullivan III Class III to
serve until 2011
|
22,144,416 | 1,071,786 | ||
Election of Diana L. Taylor* Class II to serve until 2010
|
6,483 | 574 | ||
California Municipal
|
||||
Re-election of John C. Maney Class III to serve until 2011
|
15,501,913 | 1,291,309 | ||
Re-election of R. Peter Sullivan III Class III to
serve until 2011
|
15,496,793 | 1,296,429 | ||
Election of Diana L. Taylor* Class II to serve until 2010
|
4,623 | 75 | ||
New York Municipal
|
||||
Re-election of John C. Maney Class III to serve until 2011
|
6,358,063 | 729,779 | ||
Re-election of R. Peter Sullivan III Class III to
serve until 2011
|
6,352,832 | 735,010 | ||
Election of Diana L. Taylor* Class II to serve until 2010
|
1,850 | 260 |
* | Preferred Shares Trustee; Diana L. Taylor was appointed to serve as a Preferred Shares Trustee to fill a vacancy resulting from the death of John J. Delessandro in September 2008. |
(1) | If on the payment date the net asset value of the Shares is equal to or less than the market price per Share plus estimated brokerage commissions that would be incurred upon the purchase of Shares on the open market, the Funds will issue new shares at the greater of (i) the net asset value per Share on the payment date or (ii) 95% of the market price per Share on the payment date; or |
(2) | If on the payment date the net asset value of the Shares is greater than the market price per Share plus estimated brokerage commissions that would be incurred upon the purchase of Shares on the open market, the Plan Agent will receive the dividend or distribution in cash and will purchase Shares in the open market, on the NYSE or elsewhere, for the participants accounts. It is possible that the market price for the Shares may increase before the Plan Agent has completed its purchases. Therefore, the average purchase price per share paid by the Plan Agent may exceed the market price on the payment date, resulting in the purchase of fewer shares than if the dividend or distribution had been paid in Shares issued by the Funds. The Plan Agent will use all dividends and distributions received in cash to purchase Shares in the open market on or shortly after the payment date, but in no event later than the ex-dividend date for the next distribution. Interest will not be paid on any uninvested cash payments. |
Name, Date of Birth, Position(s) Held with |
||
Fund, Length of Service, Other Trusteeships/ |
||
Directorships Held by Trustee; Number of |
||
Portfolios in Fund Complex/Outside Fund |
||
Complexes Currently Overseen by Trustee | Principal Occupation(s) During Past 5 Years: | |
The address of each trustee is 1345 Avenue of the Americas, New York, NY 10105 |
||
Hans W. Kertess Date of Birth: 7/12/39 Chairman of the Board of Trustees since: 2007 Trustee since: 2001 Term of office: Expected to stand for re-election at 2009 annual meeting of shareholders. Trustee/Director of 48 Funds in Fund Complex; Trustee/Director of no funds outside of Fund Complex |
President, H. Kertess & Co., a financial advisory company. Formerly, Managing Director, Royal Bank of Canada Capital Markets. | |
Paul Belica Date of Birth: 9/27/21 Trustee since: 2001 Term of office: Expected to stand for re-election at 2010 annual meeting of shareholders. Trustee/Director of 48 funds in Fund Complex Trustee/Director of no funds outside of Fund Complex |
Retired. Formerly Director, Student Loan Finance Corp., Education Loans, Inc., Goal Funding, Inc., Goal Funding II, Inc. and Surety Loan Fund, Inc. Formerly, Manager of Stratigos Fund LLC, Whistler Fund LLC, Xanthus Fund LLC & Wynstone Fund LLC. | |
Robert E. Connor Date of Birth: 9/17/34 Trustee since: 2001 Term of office: Expected to stand for re-election at 2009 annual meeting of shareholders. Trustee/Director of 48 funds in Fund Complex Trustee/Director of no funds outside of Fund Complex |
Retired. Formerly, Senior Vice President, Corporate Office, Smith Barney Inc. | |
William B. Ogden, IV Date of Birth: 1/11/45 Trustee since: 2006 Term of office: Expected to stand for election at 2009 annual meeting of shareholders. Trustee/Director of 48 Funds in Fund Complex; Trustee/Director of no funds outside of Fund Complex |
Asset Management Industry Consultant. Formerly, Managing Director, Investment Banking Division of Citigroup Global Markets Inc. | |
R. Peter Sullivan III Date of Birth: 9/4/41 Trustee since: 2002 Term of office: Expected to stand for re-election at 2011 annual meeting of shareholders. Trustee/Director of 48 funds in Fund Complex Trustee/Director of no funds outside of Fund Complex |
Retired. Formerly, Managing Partner, Bear Wagner Specialists LLC, specialist firm on the New York Stock Exchange. | |
Diana L. Taylor Date of Birth: 2/16/55 Trustee since: 2008 Term of office: Expected to stand for re-election at 2010 annual meeting of shareholders. Trustee/Director of 44 Funds in Fund Complex Trustee/Director of Brookfield Properties Corporation of Sothebys |
Managing Director, Wolfensohn & Co., 2007-present. Formerly, Superintendent of Banks, State of New York, 2003-2007. | |
Name, Date of Birth, Position(s) Held with |
||
Fund, Length of Service, Other Trusteeships/ |
||
Directorships Held by Trustee; Number of |
||
Portfolios in Fund Complex/Outside Fund |
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Complexes Currently Overseen by Trustee | Principal Occupation(s) During Past 5 Years: | |
John C. Maney Date of Birth: 8/3/59 Trustee since: 2006 Term of office: Expected to stand for re-election at 2011 annual meeting of shareholders. Trustee/Director of 79 Funds in Fund Complex Trustee/Director of No Funds outside the Fund Complex |
Management Board of Allianz Global Investors Fund Management LLC; Management Board and Managing Director of Allianz Global Investors of America L.P. since January 2005 and Chief Operating Officer of Allianz Global Investors L.P. since November 2006. Formerly, Executive Vice President and Chief Financial Officer of Apria Healthcare Group, Inc. |
| Mr. Maney is an interested person of the Fund due to his affiliation with Allianz Global Investors of America L.P. In addition to Mr. Maneys positions set forth in the table above, he holds the following positions with affiliated persons: Management Board, Managing Director and Chief Operating Officer of Allianz Global Investors of America L.P., Allianz Global Investors of America LLC and Allianz-Pac Life Partners LLC; Member Board of Directors and Chief Operating Officer of Allianz Global Investors of America Holdings Inc., Oppenheimer Group, Inc. and PFP Holdings, Inc.; Managing Director and Chief Operating Officer of Allianz Global Investors NY Holdings LLC; Management Board and Managing Director of Allianz Global Investors U.S. Holding LLC; Managing Director and Chief Operating Officer of Allianz Hedge Fund Partners Holding L.P.; Managing Director and Chief Operating Officer of Allianz Global Investors U.S. Retail LLC; Member Board of Directors and Managing Director of Allianz Global Investors Advertising Agency Inc.; Compensation Committee of NFJ Investment Group LLC; Management Board of Allianz Global Investors Fund Management LLC, Allianz Global Investors Management Partners LLC, Nicholas-Applegate Holdings LLC and OpCap Advisors LLC; Member Board of Directors of PIMCO Global Advisors (Resources) Limited; Executive Vice President of PIMCO Japan Ltd; and Chief Operating Officer of Allianz Global Investors U.S. Holding II LLC. | |
Further information about certain of the Funds Trustees is available in the Funds Statements of Additional Information, dated June 26, 2001, which can be obtained upon request, without charge, by calling the Funds shareholder servicing agent at (866) 298-8462. |
Name, Date of Birth, Position(s) Held with Fund. | Principal Occupation(s) During Past 5 Years: | |
Brian S. Shlissel Date of Birth: 11/14/64 President & Chief Executive Officer since: 2002 |
Executive Vice President, Director of Fund Administration, Allianz Global Investors Fund Management LLC; President and Chief Executive Officer of 35 funds in the Fund Complex; Treasurer; Principal Financial and Accounting Officer of 44 funds in the Fund Complex and The Korea Fund, Inc. Formerly, Director of 6 funds in the Fund Complex (2002-2008). | |
Lawrence G. Altadonna Date of Birth: 3/10/66 Treasurer, Principal Financial and Accounting Officer since: 2002 |
Senior Vice President, Allianz Global Investors Fund Management LLC; Treasurer, Principal Financial and Accounting officer of 35 funds in the Fund Complex; Assistant Treasurer of 44 funds in the Fund Complex and The Korea Fund, Inc. | |
Thomas J. Fuccillo Date of Birth: 3/22/68 Vice President, Secretary & Chief Legal Officer since: 2004 |
Executive Vice President, Chief Legal Officer and Secretary of Allianz Global Investors Fund Management LLC and Allianz Global Investors Solutions LLC; Executive Vice President of Allianz Global Investors of America L.P., Vice President, Secretary and Chief Legal Officer of 79 funds in the Fund Complex. Secretary and Chief Legal Officer of The Korea Fund, Inc. Formerly, Vice President and Associate General Counsel, Neuberger Berman LLC, 1991-2004. | |
Scott Whisten Date of Birth: 3/13/71 Assistant Treasurer since: 2007 |
Vice President, Allianz Global Investors Fund Management LLC; Assistant Treasurer of 79 funds in the Fund Complex. Formerly, Accounting Manager, Prudential Investments (2002-2005). | |
Richard J. Cochran Date of Birth: 1/23/61 Assistant Treasurer since: 2008 |
Vice President, Allianz Global Investors Fund Management LLC, Assistant Treasurer of 79 funds in the Funds Complex. Formerly, Tax Manager, Teacher Insurance Annuity Association/College Retirement Equity Fund (2002-2008). | |
Youse E. Guia Date of Birth: 9/3/72 Chief Compliance Officer since: 2004 |
Senior Vice President, Group Compliance Manager, Allianz Global Investors of America L.P.; Chief Compliance Officer of 79 funds in the Fund Complex and The Korea Fund, Inc. Formerly, Vice President, Group Compliance Manager, Allianz Global Investors of America L.P. (2002-2004). | |
Kathleen A. Chapman Date of Birth: 11/11/54 Assistant Secretary since: 2006 |
Assistant Secretary of 79 funds in the Fund Complex; Manager IIG Advisory Law, Morgan Stanley (2004-2005); The Prudential Insurance Company of America and Assistant Corporate Secretary of affiliated American Skandia companies (1996-2004). | |
Lagan Srivastava Date of Birth: 9/20/77 Assistant Secretary since: 2006 |
Assistant Secretary of 79 funds in the Fund Complex and The Korea Fund, Inc.; Formerly Research Assistant, Dechert LLP (2004-2005); Research Assistant, Swidler Berlin Shereff Friedman LLP (2002-2004). |
Hans W. Kertess Trustee, Chairman of the Board of Trustees Paul Belica Trustee Robert E. Connor Trustee John C. Maney Trustee William B. Ogden, IV Trustee R. Peter Sullivan III Trustee Diana L. Taylor Trustee |
Brian S. Shlissel President & Chief Executive Officer Lawrence G. Altadonna Treasurer, Principal Financial & Accounting Officer Thomas J. Fuccillo Vice President, Secretary & Chief Legal Officer Scott Whisten Assistant Treasurer Richard J. Cochran Assistant Treasurer Youse E. Guia Chief Compliance Officer Kathleen A. Chapman Assistant Secretary Lagan Srivastava Assistant Secretary |
(a) | As of the end of the period covered by this report, the registrant has adopted a code of ethics (the Section 406 Standards for Investment Companies Ethical Standards for Principal Executive and Financial Officers) that applies to the registrants Principal Executive Officer and Principal Financial Officer; the registrants Principal Financial Officer also serves as the Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-254-5197. The code of ethics are included as an Exhibit 99.CODE ETH hereto. | |
(b) | During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in 2(a) above. | |
(c) | During the period covered by this report, there were not any waivers or implicit waivers to a provision of the code of ethics adopted in 2(a) above. |
a) | Audit fees. The aggregate fees billed for each of the last two fiscal years (the Reporting Periods) for professional services rendered by the Registrants principal accountant (the Auditor) for the audit of the Registrants annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $43,330 in 2008 and $46,749 in 2009. | |
b) | Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the principal accountant that are reasonably related to the performance of the audit registrants financial statements and are not reported under paragraph (e) of this Item were $24,317 in 2008 and $19,163 in 2009. These services consist of accounting consultations, agreed upon procedure reports (inclusive of annual review of basic maintenance testing associated with the Preferred Shares), attestation reports and comfort letters. | |
c) | Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax service and tax planning (Tax Services) were $9,666 in 2008 and $10,000 in 2009. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns and calculation of excise tax distributions. | |
d) | All Other Fees. There were no other fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant. | |
e) | 1. Audit Committee Pre-Approval Policies and Procedures. The Registrants Audit Committee has established policies and procedures for pre-approval of all audit and permissible non-audit services by the Auditor for the Registrant, as well as the Auditors engagements related directly to the operations and financial reporting of the Registrant. The Registrants policy is stated below. |
(1) | The aggregate amount of all such permitted non-audit services provided constitutes no more than (i) with respect to such services provided to the Fund, five percent (5%) of the total amount of revenues paid by the Fund to its independent accountant during the fiscal year in which the services are provided, and (ii) with respect to such services provided to Accounting Affiliates, five percent (5%) of the total amount of revenues paid to the Funds independent accountant by the Fund and the Accounting Affiliates during the fiscal year in which the services are provided; | ||
(2) | Such services were not recognized by the Fund at the time of the engagement for such services to be non-audit services; and | ||
(3) | Such services are promptly brought to the attention of the Committee and approved prior to the completion of the audit by the Committee or by the Committee Chairman (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this Committee Chairman or other delegate shall be reported to the full Committee at its next regularly scheduled meeting. |
e) | 2. No services were approved pursuant to the
procedures contained in paragraph (C) (7) (i) (C) of
Rule 2-01 of Registration S-X. |
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f) | Not applicable | ||
g) | Non-audit fees. The aggregate non-audit fees billed by the Auditor for services rendered to |
the Registrant, and rendered to the Adviser, for the 2008 Reporting Period was $3,454,417 and the 2009 Reporting Period was $3,429,571. | |||
h) | Auditor Independence. The Registrants Audit Oversight Committee has considered whether the provision of non-audit services that were rendered to the Adviser which were not pre- approved is compatible with maintaining the Auditors independence. |
1. | It is the policy of the Trust that proxies should be voted in the interest of its shareholders, as determined by those who are in the best position to make this determination. The Trust believes that the firms and/or persons purchasing and selling securities for the Trust and analyzing the performance of the Trusts securities are in the best position and have the information necessary to vote proxies in the best interests of the Trust and its shareholders, including in situations where conflicts of interest may arise between the interests of shareholders, on one hand, and the interests of the investment adviser, a sub-adviser and/or any other affiliated person of the Trust, on the other. Accordingly, the Trusts policy shall be to delegate proxy voting responsibility to those entities with portfolio management responsibility for the Trust. | |
2. | The Trust delegates the responsibility for voting proxies to Allianz Global Investors Fund Management LLC (AGIFM), which will in turn delegate such responsibility to the sub-adviser of the Trust. AGIFMs Proxy Voting Policy Summary is attached as Appendix A hereto. A summary of the detailed proxy voting policy of PIMCO, the Trusts current sub-adviser, is set forth in Appendix B attached hereto. Such summary may be revised from time to time to reflect changes to the sub-advisers detailed proxy voting policy. | |
3. | The party voting the proxies (i.e., the sub-adviser) shall vote such proxies in accordance with such partys proxy voting policies and, to the extent consistent with such policies, may rely on information and/or recommendations supplied by others. | |
4. | AGIFM and the sub-adviser of the Trust with proxy voting authority shall deliver a copy of its respective proxy voting policies and any material amendments thereto to the applicable Board of the Trust promptly after the adoption or amendment of any such policies. | |
5. | The party voting the proxy shall: (i) maintain such records and provide such voting information as is required for the Trusts regulatory filings including, without limitation, Form N-PX and the required disclosure of policy called for by Item 18 of Form N-2 and Item 7 of Form N-CSR; and (ii) shall provide such additional |
information as may be requested, from time to time, by the Board or the Trusts Chief Compliance Officer. | ||
6. | This Proxy Voting Policy Statement (including Appendix B), the Proxy Voting Policy Summary of AGIFM and summary of the detailed proxy voting policy of PIMCO, the sub-adviser of the Trust with proxy voting authority, shall be made available (i) without charge, upon request, by calling 1-800-254-5197 and (ii) on the Trusts website at www.allianzinvestors.com. In addition, to the extent required by applicable law or determined by the Trusts Chief Compliance Officer or Board of Trustees, the Proxy Voting Policy Summary of AGIFM and summary of the detailed proxy voting policy of PIMCO, the Trusts sub-adviser with proxy voting authority shall also be included in the Trusts Registration Statements or Form N-CSR filings. |
1. | It is the policy of AGIFM that proxies should be voted in the interest of the shareholders of the applicable fund, as determined by those who are in the best position to make this determination. AGIFM believes that the firms and/or persons purchasing and selling securities for the funds and analyzing the performance of the funds securities are in the best position and have the information necessary to vote proxies in the best interests of the funds and their shareholders, including in situations where conflicts of interest may arise between the interests of shareholders, on one hand, and the interests of the investment adviser, a sub-adviser and/or any other affiliated person of the fund, on the other. Accordingly, AGIFMs policy shall be to delegate proxy voting responsibility to those entities with portfolio management responsibility for the funds. | |
2. | AGIFM, for each fund which it acts as an investment adviser, delegates the responsibility for voting proxies to the sub-adviser for the respective fund, subject to the terms hereof. | |
3. | The party voting the proxies (e.g., the sub-adviser) shall vote such proxies in accordance with such partys proxy voting policies and, to the extent consistent with such policies, may rely on information and/or recommendations supplied by others. | |
4. | AGIFM and each sub-adviser of a fund shall deliver a copy of its respective proxy voting policies and any material amendments thereto to the board of the relevant fund promptly after the adoption or amendment of any such policies. | |
5. | The party voting the proxy shall: (i) maintain such records and provide such voting information as is required for such funds regulatory filings including, without limitation, Form N-PX and the required disclosure of policy called for by Item 18 of Form N-2 and Item 7 of Form N-CSR; and (ii) shall provide such additional information as may be requested, from time to time, by such funds respective boards or chief compliance officers. | |
6. | This Proxy Voting Policy Summary and summaries of the proxy voting policies for each sub-adviser of a fund advised by AGIFM shall be available (i) without charge, upon request, by calling 1-800-426-0107 and (ii) at www.allianzinvestors.com. In addition, to the extent required by applicable law or determined by the relevant funds board of directors/trustees or chief compliance officer, this Proxy Voting Policy Summary and summaries of the detailed proxy voting policies of each sub-adviser and each other entity with proxy voting authority for a fund advised by AGIFM shall also be included in the Registration Statement or Form N-CSR filings for the relevant fund. |
Registered Investment | Other Pooled Investment | |||||||||||||||||||||||||
Companies | Vehicles | Other Accounts | ||||||||||||||||||||||||
PM | Fund | # | AUM ($million) | # | AUM ($million) | # | AUM ($million) | |||||||||||||||||||
John S. Cummings |
PMF | 19 | 5,148.57 | 4 | 659.77 | 53 | 3,098.46 | |||||||||||||||||||
PCQ | 19 | 5,229.95 | 4 | 659.77 | 53 | 3,098.46 | ||||||||||||||||||||
PNF | 19 | 5,457.45 | 4 | 659.77 | 53 | 3,098.46 |
| 3-year, 2-year and 1-year dollar-weighted and account-weighted, pre-tax investment performance as judged against the applicable benchmarks for each account managed by a portfolio manager (including the funds) and relative to applicable industry peer groups; | ||
| Appropriate risk positioning that is consistent with PIMCOs investment philosophy and the Investment Committee/CIO approach to the generation of alpha; | ||
| Amount and nature of assets managed by the portfolio manager; | ||
| Consistency of investment performance across portfolios of similar mandate and guidelines (reward low dispersion); | ||
| Generation and contribution of investment ideas in the context of PIMCOs secular and cyclical forums, portfolio strategy meetings, Investment Committee meetings, and on a day-to-day basis; | ||
| Absence of defaults and price defaults for issues in the portfolios managed by the portfolio manager; | ||
| Contributions to asset retention, gathering and client satisfaction; | ||
| Contributions to mentoring, coaching and/or supervising; and | ||
| Personal growth and skills added. |
Portfolio Manager | Dollar Range of Equity Securities in the Fund | |
John S. Cummings
|
None |
By
|
/s/ Brian S. Shlissel
|
|||
President and Chief Executive Officer | ||||
Date
|
July 2, 2009 |
|||
By
|
/s/ Lawrence G. Altadonna | |||
Treasurer, Principal Financial & Accounting Officer | ||||
Date
|
July 2, 2009 |
By
|
/s/ Brian S. Shlissel
|
|||
President and Chief Executive Officer | ||||
Date
|
July 2, 2009 |
|||
By
|
/s/ Lawrence G. Altadonna | |||
Treasurer, Principal Financial & Accounting Officer | ||||
Date
|
July 2, 2009 |