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OMB
APPROVAL
OMB Number : 3235-0578 Expires: May 31, 2007 Estimated average burden hours per reponse: 21.09 |
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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC
20549
FORM N-Q
QUARTERLY SCHEDULE OF
PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT
COMPANY
Investment Company Act File Number: 811-21187
Registrant Name: PIMCO Municipal Income Fund III
Address of Principal Executive Offices: 1345 Avenue of the Americas New York, New York 10105
Name and Address of Agent for Service: Lawrence G. Altadonna – 1345 Avenue of the Americas New York, New York 10105
Registrant’s telephone number, including area code: 212-739-3371
Date of Fiscal Year End: September 30, 2007
Date of Reporting Period: December 31, 2006
Form N-Q is to be used by the registered management investment company, other than a small business investment company registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b 1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (‘‘OMB’’) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments
PIMCO Municipal Income
Fund III
Schedule of
Investments
|
|
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|
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|
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|
|
|
| Principal Amount (000) |
|
|
Credit
Rating
(Moody’s/S&P) |
|
Value* | |||||||||
|
MUNICIPAL BONDS & NOTES–96.7% |
||||||||||||||
|
Alabama–1.1% |
|
|
|||||||||||
|
Birmingham, GO, Ser. B (AMBAC), | |
|
|||||||||||
| $ 1,000 | |
5.00%, 12/1/27 | |
Aaa/AAA | |
$ 1,046,230 | ||||||||
| 2,560 | |
5.00%, 12/1/32 | |
Aaa/AAA | |
2,671,514 | ||||||||
| 5,000 | |
Birmingham
Baptist Medical Centers Special Care Facs. Financing Auth. Rev., 5.00%, 11/15/30, Ser. A |
|
Baa1/NR | |
5,132,950 | ||||||||
| 1,500 | |
Colbert
Cnty., Northwest Health Care Auth., Health Care Facs. Rev.,5.75%, 6/1/27 |
|
Baa3/NR | |
1,552,905 | ||||||||
|
|
|
10,403,599 | |||||||||||
|
Alaska–0.6% |
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|
|||||||||||
|
State Housing Finance Corp. Rev., | |
|
|||||||||||
| 3,900 | |
5.00%, 12/1/33, Ser. A | |
Aaa/AAA | |
4,007,367 | ||||||||
| 1,000 | |
5.25%, 6/1/32, Ser. C (MBIA) | |
Aaa/AAA | |
1,023,590 | ||||||||
|
|
|
5,030,957 | |||||||||||
|
Arizona–2.9% |
|
|
|||||||||||
| 2,200 | |
Health
Facs. Auth. John C. Lincoln Health Network Rev., 7.00%, 12/1/25, (Pre-refunded @ $102, 12/1/10) (a) |
|
NR/BBB | |
2,498,232 | ||||||||
| 1,500 | |
Maricopa
Cnty. Pollution Control Corp., Pollution Control Rev., 5.05%, 5/1/29 (AMBAC) |
|
Aaa/AAA | |
1,574,670 | ||||||||
|
Salt
River Project Agricultural Improvement & Power Dist. Rev., Ser A (h), |
|
|
|||||||||||
| 5,000 | |
5.00%, 1/1/35 | |
Aa1/AA | |
5,320,100 | ||||||||
| 16,000 | |
5.00%, 1/1/37 | |
Aa1/AA | |
17,024,320 | ||||||||
|
|
|
26,417,322 | |||||||||||
|
Arkansas–0.1% |
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|
|||||||||||
| 7,000 | |
Arkansas Dev. Finance Auth. Rev., zero coupon, 7/1/46 (AMBAC) | |
Aaa/AAA | |
1,119,860 | ||||||||
|
California–6.3% |
|
|
|||||||||||
| 1,000 | |
Alameda Public Financing Auth. Rev., 7.00%, 6/1/09 | |
NR/NR | |
1,000,830 | ||||||||
| 2,000 | |
Chula Vista Community Facs. Dist., Special Tax, 5.25%, 9/1/30 | |
NR/NR | |
2,041,560 | ||||||||
|
Golden
State Tobacco Securitization Corp., Tobacco Settlement Rev, Ser. 2003-A-1, |
|
|
|||||||||||
| 27,585 | |
6.25%, 6/1/33 | |
Baa3/BBB | |
30,863,477 | ||||||||
| 21,000 | |
6.75%, 6/1/39 | |
Baa3/BBB | |
24,081,960 | ||||||||
|
|
|
57,987,827 | |||||||||||
|
Colorado–3.3% |
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|
|||||||||||
| 1,000 | |
Aurora Single Tree Metropolitan Dist., GO, 5.50%, 11/15/31 | |
NR/NR | |
1,002,930 | ||||||||
| 9,955 | |
Colorado Springs, Utility Rev., 5.00%, 11/15/30, Ser. B (h) | |
Aa2/AA | |
10,401,482 | ||||||||
|
El Paso Cnty., CP (AMBAC), | |
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|||||||||||
| 1,735 | |
5.00%, 12/1/23, Ser. A | |
Aaa/AAA | |
1,828,239 | ||||||||
| 1,725 | |
5.00%, 12/1/23, Ser. B | |
Aaa/AAA | |
1,817,701 | ||||||||
| 2,820 | |
5.00%, 12/1/27, Ser. A | |
Aaa/AAA | |
2,957,898 | ||||||||
| 1,500 | |
5.00%, 12/1/27, Ser. B | |
Aaa/AAA | |
1,573,350 | ||||||||
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||||||||||||||
PIMCO Municipal Income
Fund III
Schedule of
Investments
|
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|
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| Principal Amount (000) |
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|
Credit
Rating (Moody’s/S&P) |
|
Value* | |||||||||
|
Colorado (continued) |
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|||||||||||
| $ 1,500 | |
Garfield Cnty. School Dist. Re-2, GO, 5.00%, 12/1/25 (FSA) | |
Aaa/NR | |
$ 1,577,385 | ||||||||
| 2,000 | |
La Plata Cnty. School Dist. No. 9-R, Durango, GO, 5.25%, 11/1/25, (Pre-refunded @ $100, 11/1/12) (MBIA) (a) | |
Aaa/NR | |
2,167,540 | ||||||||
| 4,000 | |
Saddle Rock Metropolitan Dist., GO, 5.35%, 12/1/31 (Radian) | |
NR/AA | |
4,146,280 | ||||||||
| 2,500 | |
School Mines Auxiliary Facs. Rev., 5.00%, 12/1/37 (AMBAC) | |
Aaa/AAA | |
2,602,275 | ||||||||
|
|
|
30,075,080 | |||||||||||
|
Florida–5.2% |
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|
|||||||||||
| 3,480 | |
Brevard Cnty. Health Facs. Auth. Rev., 5.00%, 4/1/34 | |
A2/A | |
3,604,828 | ||||||||
| 8,000 | |
Highlands Cnty. Health Facs. Auth. Rev., Adventist Health System, 5.25%, 11/15/23, Ser. B, (Pre-refunded @ $100, 11/15/12) (a) | |
A2/A+ | |
8,652,320 | ||||||||
| 2,500 | |
Hillsborough Cnty. Industrial Dev. Auth. Rev., Tampa General Hospital, 5.25%, 10/1/34, Ser. B | |
A3/NR | |
2,636,050 | ||||||||
| 1,485 | |
Julington Creek Plantation Community Dev. Dist., Special Assessment Rev., 5.00%, 5/1/29 (MBIA) | |
Aaa/AAA | |
1,565,487 | ||||||||
| 1,000 | |
Orange Cnty. Housing Finance Auth. Multifamily Rev., Palm Grove Gardens, 5.25%, 1/1/28, Ser. G | |
Aaa/NR | |
1,038,470 | ||||||||
| 15,000 | |
Pinellas Cnty. Health Fac. Auth. Rev., Baycare Health, 5.50%, 11/15/33, (Pre-refunded @ $100, 5/15/13) (a) | |
Aa3/NR | |
16,455,450 | ||||||||
| 7,500 | |
South Miami Health Facs. Auth., Hospital Rev., Baptist Health, 5.25%, 11/15/33 | |
Aa3/AA− | |
7,868,925 | ||||||||
| 5,615 | |
Tampa, Water & Sewer Rev., 5.00%, 10/1/26, Ser. A | |
Aa2/AA | |
5,885,474 | ||||||||
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|
|
47,707,004 | |||||||||||
|
Georgia–0.7% |
|
|
|||||||||||
| 1,750 | |
Fulton Cnty. Rev., 5.125%, 7/1/42, Ser. A | |
NR/NR | |
1,705,602 | ||||||||
| 4,000 | |
Griffin Combined Public Utility Rev., 5.00%, 1/1/32 (AMBAC) | |
Aaa/AAA | |
4,248,800 | ||||||||
|
|
|
5,954,402 | |||||||||||
|
Idaho–0.8% |
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|
|||||||||||
|
State Building Auth. Building Rev., Ser. A (XLCA), | |
|
|||||||||||
| 1,000 | |
5.00%, 9/1/33 | |
Aaa/AAA | |
1,047,380 | ||||||||
| 5,750 | |
5.00%, 9/1/43 | |
Aaa/AAA | |
5,993,857 | ||||||||
|
|
|
7,041,237 | |||||||||||
|
Illinois–8.2% |
|
|
|||||||||||
| 2,250 | |
Chicago, GO, 5.00%, 1/1/31, Ser. A (MBIA) | |
Aaa/AAA | |
2,332,350 | ||||||||
|
Chicago, Lake Shore East, Special Assessment, | |
|
|||||||||||
| 1,600 | |
6.625%, 12/1/22 | |
NR/NR | |
1,737,392 | ||||||||
| 3,456 | |
6.75%, 12/1/32 | |
NR/NR | |
3,757,882 | ||||||||
| 5,000 | |
Chicago Board of Education, GO, 5.00%, 12/1/31, Ser. C, (Pre-refunded @ $100, 12/1/11) (FSA) (a) | |
Aaa/AAA | |
5,293,750 | ||||||||
| 500 | |
Chicago
Board of Education School Reform, GO, zero coupon, 12/1/28, Ser. A (FGIC) |
|
Aaa/AAA | |
190,230 | ||||||||
| 3,000 | |
Chicago
Kingsbury Redev. Project, Tax Allocation, 6.57%, 2/15/13, Ser. A |
|
NR/NR | |
3,088,620 | ||||||||
| 7,000 | |
Chicago Motor Fuel Tax Rev., 5.00%, 1/1/33, Ser. A (AMBAC) | |
Aaa/AAA | |
7,295,120 | ||||||||
|
||||||||||||||
PIMCO Municipal Income
Fund III
Schedule of
Investments
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
| Principal Amount (000) |
|
|
Credit
Rating (Moody’s/S&P) |
|
Value* | |||||||||
|
Illinois (continued) |
|
|
|||||||||||
| $ 4,000 | |
Chicago Park Dist., GO, 5.00%, 1/1/29, Ser. D (FGIC) | |
Aaa/AAA | |
$ 4,141,320 | ||||||||
| 2,500 | |
Chicago Water Rev., 5.00%, 11/1/31, (Pre-refunded @ $100, 11/1/11) (AMBAC) (a) | |
Aaa/AAA | |
2,644,550 | ||||||||
|
Dev. Finance Auth. Rev., | |
|
|||||||||||
| 10,898 | |
People’s Gas, Light & Coke, 5.00%, 2/1/33 (AMBAC) (h) | |
NR/NR | |
11,272,415 | ||||||||
| 1,050 | |
Three Crowns Park Plaza, 5.875%, 2/15/38 | |
NR/NR | |
1,101,639 | ||||||||
|
Educational Facs. Auth. Rev., Univ. of Chicago, | |
|
|||||||||||
| 4,780 | |
5.00%, 7/1/33 | |
Aa1/AA | |
4,992,519 | ||||||||
| 220 | |
5.00%, 7/1/33, (Pre-refunded @ $100, 7/1/13) (a) | |
Aa1/AA | |
236,108 | ||||||||
| 165 | |
5.25%, 7/1/41 | |
Aa1/AA | |
174,573 | ||||||||
| 4,160 | |
5.25%, 7/1/41, (Pre-refunded @ $101, 7/1/11) (a) | |
Aa1/AA | |
4,454,626 | ||||||||
| 9,045 | |
Metropolitan
Pier & Exposition Auth., Dedicated State Tax Rev., McCormick Place Expansion, 5.25%, 6/15/42 (MBIA) |
|
Aaa/AAA | |
9,611,398 | ||||||||
| 4,300 | |
Round Lake, Special Tax Rev., 6.70%, 3/1/33 | |
NR/NR | |
4,684,205 | ||||||||
| 2,935 | |
Springfield Rev., 5.00%, 3/1/35 (MBIA) | |
Aaa/AAA | |
3,107,255 | ||||||||
| 1,175 | |
State
Health Facs. Auth. Rev., Elmhurst Memorial Healthcare, 5.50%, 1/1/22 |
|
A2/NR | |
1,250,059 | ||||||||
| 3,050 | |
Univ. Rev., 5.00%, 4/1/30, Ser. A (AMBAC) | |
Aaa/AAA | |
3,148,485 | ||||||||
|
|
|
74,514,496 | |||||||||||
|
Indiana–2.9% |
|
|
|||||||||||
| 7,535 | |
Bond Bank Rev., 5.00%, 2/1/33, Ser. A (FSA) | |
Aaa/AAA | |
7,886,734 | ||||||||
| 3,000 | |
Brownsburg 1999 School Building Corp. Rev., 5.25%, 3/15/25, Ser. A, (Pre-refunded @ $100, 9/15/13) (FSA) (a) | |
Aaa/AAA | |
3,279,030 | ||||||||
| 1,375 | |
Fort Wayne Pollution Control Rev., 6.20%, 10/15/25 | |
Caa1/B− | |
1,409,306 | ||||||||
| 5,000 | |
Indianapolis Local Public Improvement Board, Tax Allocation, 5.00%, 2/1/29, Ser. G (MBIA) | |
Aaa/AAA | |
5,228,700 | ||||||||
|
Michigan City Area Wide School Building Corp. Rev. (FGIC), | |
|
|||||||||||
| 2,500 | |
zero coupon, 1/15/21 | |
Aaa/AAA | |
1,368,725 | ||||||||
| 1,000 | |
zero coupon, 7/15/21 | |
Aaa/AAA | |
535,860 | ||||||||
| 1,000 | |
zero coupon, 1/15/22 | |
Aaa/AAA | |
522,940 | ||||||||
| 1,000 | |
Plainfield Parks Facs. Corp. Lease Rent Rev., 5.00%, 1/15/22 (AMBAC) | |
Aaa/AAA | |
1,043,660 | ||||||||
|
Portage Industrial Economic Dev. Rev., | |
|
|||||||||||
| 1,000 | |
5.00%, 7/15/23 | |
NR/BBB+ | |
1,025,140 | ||||||||
| 775 | |
5.00%, 1/15/27 | |
NR/BBB+ | |
788,570 | ||||||||
| 3,500 | |
State
Dev. Finance Auth. Pollution Control Rev., 5.00%, 3/1/30 (AMBAC) |
|
Aaa/AAA | |
3,504,305 | ||||||||
|
|
|
26,592,970 | |||||||||||
|
Iowa–1.4% |
|
|
|||||||||||
| 1,000 | |
Coralville, CP, 5.25%, 6/1/26, Ser. D | |
NR/A2 | |
1,059,330 | ||||||||
| 1,000 | |
Tobacco Settlement Auth., Tobacco Settlement Rev., 5.60%, 6/1/35, Ser. B, (Pre-refunded @ $101, 6/1/11) (a) | |
Baa3/AAA | |
1,081,710 | ||||||||
| 11,010 | |
Tobacco Settlement Auth. of Iowa Rev., zero coupon, 6/1/34, Ser. B | |
Baa3/BBB | |
11,063,839 | ||||||||
|
|
|
13,204,879 | |||||||||||
|
||||||||||||||
PIMCO Municipal Income
Fund III
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit
Rating (Moody’s/S&P) |
|
Value* | |||||||||
|
Kentucky–0.3% |
|
|
|||||||||||
|
Economic Dev. Finance Auth. Hospital Facs. Rev., | |
|
|||||||||||
| $ 1,000 | |
Catholic Healthcare Partners, 5.25%, 10/1/30 | |
Aa3/AA− | |
$ 1,048,850 | ||||||||
| 1,140 | |
St. Luke’s Hospital, 6.00%, 10/1/19 | |
A3/A | |
1,272,308 | ||||||||
|
|
|
2,321,158 | |||||||||||
|
Louisiana–0.8% |
|
|
|||||||||||
| 5,000 | |
Public
Facs. Auth. Rev., Ochsner Clinic Foundation, 5.50%, 5/15/32, Ser. B |
|
A3/NR | |
5,279,400 | ||||||||
| 1,595 | |
Tobacco
Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. 2001–B |
|
Baa3/BBB | |
1,715,710 | ||||||||
|
|
|
6,995,110 | |||||||||||
|
Maryland–0.2% |
|
|
|||||||||||
|
State Health & Higher Educational Facs. Auth. Rev., | |
|
|||||||||||
| 1,500 | |
Calvert Health Systems, 5.50%, 7/1/36 | |
A2/NR | |
1,612,260 | ||||||||
| 500 | |
King Farm Presbyterian, 5.30%, 1/1/37 (c) | |
NR/NR | |
496,060 | ||||||||
|
|
|
2,108,320 | |||||||||||
|
Massachusetts–2.7% |
|
|
|||||||||||
| 1,000 | |
State Dev. Finance Agcy. Rev., 5.75%, 7/1/33, Ser. C | |
Baa1/BBB+ | |
1,076,010 | ||||||||
| 7,000 | |
State
Health & Educational Facs. Auth. Rev., Harvard Univ.,
5.125%, 7/15/37, Ser. FF |
|
Aaa/AAA | |
7,408,520 | ||||||||
| 4,910 | |
State Housing Finance Agcy., Housing Rev., 5.125%, 6/1/43, Ser. H | |
Aa3/AA− | |
5,041,588 | ||||||||
| 3,225 | |
State Water Pollution Abatement Trust Rev., 5.00%, 8/1/32, Ser. 8 | |
Aaa/AAA | |
3,379,703 | ||||||||
| 7,555 | |
State Water Res. Auth. Rev., 5.00%, 8/1/32, Ser. J (FSA) | |
Aaa/AAA | |
7,875,257 | ||||||||
|
|
|
24,781,078 | |||||||||||
|
Michigan–12.8% |
|
|
|||||||||||
| 250 | |
Crescent Academy, CP, 5.75%, 12/1/36 | |
NR/NR | |
250,413 | ||||||||
| 33,040 | |
Detroit Sewer Rev., 5.00%, 7/1/32, Ser. A (FSA) (h) | |
NR/NR | |
34,585,389 | ||||||||
|
Detroit Water Supply System (MBIA), | |
|
|||||||||||
| 28,912 | |
5.00%, 7/1/34, Ser. A (h) | |
Aaa/AAA | |
30,364,910 | ||||||||
| 7,555 | |
5.00%, 7/1/34, Ser. B | |
Aaa/AAA | |
7,934,714 | ||||||||
| 4,685 | |
5.00%, 7/1/34, Ser. B, (Pre-refunded @ $100, 7/1/13) (a) | |
Aaa/AAA | |
5,033,611 | ||||||||
| 5,000 | |
State
Building Auth., Rev., 5.00%, 10/15/26, Ser. III,
(Pre-refunded @ $100, 10/15/12) (FSA) (a) |
|
Aaa/AAA | |
5,343,250 | ||||||||
|
State Hospital Finance Auth. Rev., | |
|
|||||||||||
| 175 | |
Detroit Medical Center, 5.25%, 8/15/23 | |
Ba3/BB− | |
168,238 | ||||||||
| 4,000 | |
Henry
Ford Health System, 5.00%, 3/1/17, (Pre-refunded @
$100, 3/1/13) (a) |
|
A1/A | |
4,272,480 | ||||||||
|
Oakwood Group, Ser. A, | |
|
|||||||||||
| 5,405 | |
5.75%, 4/1/32 | |
A2/A | |
5,765,676 | ||||||||
| 575 | |
6.00%, 4/1/22 | |
A2/A | |
627,641 | ||||||||
| 20,000 | |
Trinity Health Credit, 5.375%, 12/1/30 | |
Aa3/AA− | |
21,228,200 | ||||||||
| 1,000 | |
State Technical Univ., 5.00%, 10/1/33 (XLCA) | |
Aaa/AAA | |
1,046,260 | ||||||||
|
|
|
116,620,782 | |||||||||||
|
||||||||||||||
PIMCO Municipal Income
Fund III
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit
Rating (Moody’s/S&P) |
|
Value* | |||||||||
|
Minnesota–0.4% |
|
|
|||||||||||
| $ 750 | |
Cottage Grove Rev., 5.00%, 12/1/31 | |
NR/NR | |
$ 748,800 | ||||||||
| 2,400 | |
Upsala Independent School Dist. No. 487, GO, 5.00%, 2/1/28 (FGIC) | |
Aaa/AAA | |
2,524,272 | ||||||||
|
|
|
3,273,072 | |||||||||||
|
Mississippi–0.5% |
|
|
|||||||||||
|
Business Finance Corp., Pollution Control Rev., | |
|
|||||||||||
| 3,000 | |
5.875%, 4/1/22 | |
Ba1/BBB− | |
3,007,080 | ||||||||
| 1,250 | |
5.90%, 5/1/22 | |
Ba1/BBB− | |
1,253,838 | ||||||||
|
|
|
4,260,918 | |||||||||||
|
Missouri–2.5% |
|
|
|||||||||||
| 4,000 | |
Bi-State Dev. Agcy. Rev., Missouri Illinois Metropolitan Dist., 5.00%, 10/1/32 (FSA) | |
Aaa/AAA | |
4,212,320 | ||||||||
| 1,350 | |
St. Louis Cnty. Industrial Dev. Auth., Housing Dev. Rev., 5.20%, 1/20/36 (GNMA) | |
NR/AAA | |
1,396,588 | ||||||||
|
St. Louis Industrial Dev. Auth. Rev. (GNMA), | |
|
|||||||||||
| 1,500 | |
5.125%, 12/20/29 | |
NR/AAA | |
1,556,850 | ||||||||
| 1,500 | |
5.125%, 12/20/30 | |
NR/AAA | |
1,548,915 | ||||||||
| 4,365 | |
State Environmental Improvement & Energy Res. Auth., Water Pollution Control Rev., 5.00%, 7/1/23, Ser. B | |
Aaa/NR | |
4,612,190 | ||||||||
| 7,500 | |
State Health & Educational Facs. Auth., Health Facs., St. Anthony’s Medical Center, 6.25%, 12/1/30, (Pre-refunded @ $101, 12/1/10) (a) | |
A2/A | |
8,263,350 | ||||||||
| 250 | |
Township of Jennings Rev., 5.00%, 11/1/23 | |
NR/NR | |
249,983 | ||||||||
| 500 | |
Univ.
Place Transportation Dev. Dist., Special Assessment, 5.00%, 3/1/32 |
|
NR/NR | |
502,960 | ||||||||
|
|
|
22,343,156 | |||||||||||
|
Montana–1.3% |
|
|
|||||||||||
| 11,250 | |
Forsyth
Pollution Control Rev., Puget Sound Energy, 5.00%, 3/1/31 (AMBAC) |
|
Aaa/AAA | |
11,893,500 | ||||||||
|
Nevada–0.5% |
|
|
|||||||||||
| 3,355 | |
Henderson
Health Care Fac. Rev., Catholic Healthcare West, 5.125%, 7/1/28 |
|
A/A2 | |
3,416,296 | ||||||||
| 895 | |
Henderson
Local Improvement Dists., Special Assessment, 5.80%, 3/1/23 |
|
NR/NR | |
923,067 | ||||||||
|
|
|
4,339,363 | |||||||||||
|
New Hampshire–0.5% |
|
|
|||||||||||
|
Manchester Water Works Rev. (FGIC), | |
|
|||||||||||
| 1,500 | |
5.00%, 12/1/28 | |
Aaa/AAA | |
1,585,065 | ||||||||
| 3,250 | |
5.00%, 12/1/34 | |
Aaa/AAA | |
3,422,315 | ||||||||
|
|
|
5,007,380 | |||||||||||
|
New Jersey–3.8% |
|
|
|||||||||||
|
Camden Cnty., | |
|
|||||||||||
| 1,000 | |
Improvement Auth., 5.00%, 2/15/35, Ser. A | |
Baa3/BBB | |
1,028,150 | ||||||||
| 1,540 | |
Improvement Auth. Rev., Cooper Health System, 6.00%, 2/15/27, (Pre-refunded @ $102, 2/15/07) (a) | |
Baa3/BBB | |
1,574,635 | ||||||||
|
||||||||||||||
PIMCO Municipal Income
Fund III
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit
Rating (Moody’s/S&P) |
|
Value* | |||||||||
|
New Jersey (continued) |
|
|
|||||||||||
|
Economic Dev. Auth., | |
|
|||||||||||
| $ 4,500 | |
Kapkowski Rd. Landfill, 6.50%, 4/1/28 | |
Baa3/NR | |
$ 5,496,345 | ||||||||
| 300 | |
Newark Airport, 7.00%, 10/1/14 | |
Ba3/NR | |
305,583 | ||||||||
|
Health Care Facs. Financing Auth. Rev., | |
|
|||||||||||
| 2,500 | |
Middlesex Cnty. Pollution Control Auth. Rev., 5.75%, 9/15/32 | |
Ba1/BBB− | |
2,659,200 | ||||||||
| 3,000 | |
Pascack Valley Hospital, 6.625%, 7/1/36 | |
Ccc/B+ | |
3,297,540 | ||||||||
| 2,000 | |
Somerset Medical Center, 5.50%, 7/1/33 | |
Baa3/NR | |
2,075,040 | ||||||||
| 2,000 | |
South Port Corp. Rev., 5.10%, 1/1/33 | |
NR/A | |
2,091,020 | ||||||||
| 1,500 | |
State Educational Facs. Auth. Rev., 6.00%, 7/1/25, Ser. D | |
NR/NR | |
1,642,215 | ||||||||
|
Tobacco Settlement Financing Corp. Rev., | |
|
|||||||||||
| 525 | |
6.00%, 6/1/37 | |
Baa3/BBB | |
569,746 | ||||||||
| 1,000 | |
6.125%, 6/1/24 | |
Baa3/BBB | |
1,083,190 | ||||||||
| 230 | |
6.125%, 6/1/42 | |
Baa3/BBB | |
250,981 | ||||||||
| 350 | |
6.25%, 6/1/43 | |
Baa3/BBB | |
390,554 | ||||||||
| 10,750 | |
6.75%, 6/1/39 | |
Baa3/BBB | |
12,295,097 | ||||||||
|
|
|
34,759,296 | |||||||||||
|
New Mexico–0.1% |
|
|
|||||||||||
| 1,000 | |
Farmington Pollution Control Rev., 5.80%, 4/1/22 | |
Baa2/BBB | |
1,008,380 | ||||||||
|
New York–4.9% |
|
|
|||||||||||
| 10,000 | |
Metropolitan
Transportation Auth. Rev., 5.25%, 11/15/32, Ser. B, (Pre-refunded @ $100, 11/5/13) (a) |
|
A2/A | |
10,950,600 | ||||||||
|
New
York City Municipal Water Finance Auth., Water & Sewer System Rev., |
|
|
|||||||||||
| 5,000 | |
5.00%, 6/15/35, Ser. C | |
Aa2/AA+ | |
5,250,150 | ||||||||
| 8,180 | |
5.00%, 6/15/37, Ser. D (h) | |
Aa2/AA+ | |
8,635,217 | ||||||||
| 1,500 | |
5.00%, 6/15/39, Ser. A | |
Aa2/AA+ | |
1,574,070 | ||||||||
|
State Dormitory Auth. Rev., | |
|
|||||||||||
| 11,590 | |
Sloan-Kettering Center Memorial, 5.00%, 7/1/34, Ser. 1 | |
Aa2/AA | |
12,085,241 | ||||||||
| 3,800 | |
State Personal Income Tax, 5.00%, 3/15/32, (Pre-refunded @ $100, 3/15/13) (a) | |
Aa3/AAA | |
4,088,572 | ||||||||
| 2,000 | |
State Environmental Facs. Corp. Rev., 5.00%, 6/15/28 | |
Aaa/AAA | |
2,114,960 | ||||||||
|
|
|
44,698,810 | |||||||||||
|
North Carolina–1.3% |
|
|
|||||||||||
| 2,000 | |
Charlotte-Mecklenburg Hospital Auth., Healthcare System Rev., 5.00%, 1/15/33, Ser. A | |
Aa3/AA | |
2,081,180 | ||||||||
|
Eastern Municipal Power Agcy., Power System Rev., | |
|
|||||||||||
| 2,000 | |
5.125%, 1/1/23, Ser. D | |
Baa2/BBB | |
2,083,120 | ||||||||
| 2,000 | |
5.125%, 1/1/26, Ser. D | |
Baa2/BBB | |
2,076,700 | ||||||||
| 3,795 | |
5.375%, 1/1/17, Ser. C | |
Baa2/BBB | |
4,043,497 | ||||||||
| 1,500 | |
Medical Care Commission, Health Care Facs. Rev., Cleveland Cnty., 5.00%, 7/1/35 (AMBAC) | |
Aaa/AAA | |
1,575,465 | ||||||||
|
|
|
11,859,962 | |||||||||||
|
||||||||||||||
PIMCO Municipal Income
Fund III
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit
Rating (Moody’s/S&P) |
|
Value* | |||||||||
|
Ohio–1.4% |
|
|
|||||||||||
| $ 2,500 | |
Lorain Cnty. Hospital Rev., Catholic Healthcare, 5.375%, 10/1/30 | |
Aa3/AA− | |
$ 2,643,100 | ||||||||
| 10,000 | |
Ohio Air Quality Dev. Auth. Rev., 4.80%, 1/1/34 (FGIC) (h) | |
Aaa/AAA | |
10,309,400 | ||||||||
|
|
|
12,952,500 | |||||||||||
|
Oklahoma–0.4% |
|
|
|||||||||||
| 3,500 | |
Tulsa Cnty. Industrial Auth. Rev., Legacy Apartments, 4.90%, 11/20/46 (FHA-GNMA) | |
Aaa/NR | |
3,635,520 | ||||||||
|
Pennsylvania–2.9% |
|
|
|||||||||||
| 4,350 | |
Allegheny Cnty. Hospital Dev. Auth. Rev., 9.25%, 11/15/30, Ser. B | |
Ba3/B+ | |
5,172,324 | ||||||||
| 1,500 | |
Cumberland Cnty. Auth. Retirement Community Rev., Wesley Affiliated Services, 7.25%, 1/1/35, Ser. A, (Pre-refunded @ $101, 1/1/13) (a) | |
NR/NR | |
1,789,620 | ||||||||
| 3,250 | |
Delaware
River Joint Toll Bridge, Commission Bridge Rev., 5.00%, 7/1/28 |
|
A2/A− | |
3,398,265 | ||||||||
| 1,250 | |
Harrisburg Auth. Rev., 6.00%, 9/1/36 (c) | |
NR/NR | |
1,264,600 | ||||||||
| 3,000 | |
Lehigh Cnty. General Purpose Auth. Rev., St. Luke’s Bethlehem Hospital, 5.375%, 8/15/33 | |
Baa1/BBB | |
3,157,320 | ||||||||
| 5,000 | |
Philadelphia School Dist., GO, 5.125%, 6/1/34, Ser. D (FGIC) | |
Aaa/AAA | |
5,340,850 | ||||||||
| 6,300 | |
St. Mary Hospital Auth., Bucks Cnty. Rev., 5.00%, 12/1/28, (Pre-refunded @ $101, 6/1/08) (a) | |
Aa2/NR | |
6,266,484 | ||||||||
| 350 | |
Washington Cnty. Redev. Auth. Rev., 5.45%, 7/1/35, Ser. A | |
NR/NR | |
358,799 | ||||||||
|
|
|
26,748,262 | |||||||||||
|
Puerto Rico–0.3% |
|
|
|||||||||||
| 2,200 | |
Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN | |
A3/BBB+ | |
2,322,254 | ||||||||
|
South Carolina–1.6% |
|
|
|||||||||||
| 7,500 | |
Florence
Cnty. Rev., McLeod Regional Medical Center, 5.00%, 11/1/31, Ser. A (FSA) |
|
Aaa/AAA | |
7,932,075 | ||||||||
| 6,700 | |
Jobs
Economic Dev. Auth. Rev., Bon Secours Health System, 5.625%, 11/15/30 |
|
A3/A− | |
7,116,204 | ||||||||
|
|
|
15,048,279 | |||||||||||
|
Tennessee–0.1% |
|
|
|||||||||||
| 1,250 | |
Knox Cnty. Health Educational & Housing Facs., Board Hospital Facs. Rev., Catholic Healthcare Partners, 5.25%, 10/1/30 | |
Aa3/AA− | |
1,313,662 | ||||||||
|
Texas–13.4% |
|
|
|||||||||||
| 4,135 | |
Canyon
Independent School Dist., GO, 5.00%, 2/15/28, Ser. A (PSF-GTD) |
|
NR/AAA | |
4,316,072 | ||||||||
| 2,500 | |
Columbia & Brazoria Independent School Dist., GO, 5.00%, 8/1/29 (PSF-GTD) | |
NR/AAA | |
2,615,250 | ||||||||
| 1,300 | |
Comal Cnty. Health Facs., McKenna Memorial Hospital Project Rev., 6.25%, 2/1/32 | |
Baa3/BBB− | |
1,416,818 | ||||||||
| 5,000 | |
Crowley Independent School Dist., GO, 4.75%, 8/1/35 (PSF-GTD) (h) | |
Aaa/NR | |
5,123,700 | ||||||||
| 12,975 | |
Dallas
Area Rapid Transit Rev., 5.00%, 12/1/32, (Pre-refunded
@ $100, 12/1/12) (FGIC) (a)(h) |
|
NR/NR | |
13,554,027 | ||||||||
|
||||||||||||||
PIMCO Municipal Income
Fund III
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit
Rating (Moody’s/S&P) |
|
Value* | |||||||||
|
Texas (continued) |
|
|
|||||||||||
|
Denton Independent School Dist., GO (PSF-GTD), | |
|
|||||||||||
| $ 255 | |
zero coupon, 8/15/26 | |
Aaa/AAA | |
$ 90,074 | ||||||||
| 5,745 | |
zero coupon, 8/15/26, (Pre-refunded @ $44.73, 8/15/12) (a) | |
Aaa/AAA | |
2,069,924 | ||||||||
| 255 | |
zero coupon, 8/15/27 | |
Aaa/AAA | |
84,826 | ||||||||
| 5,745 | |
zero coupon, 8/15/27, (Pre-refunded @ $42.17, 8/15/12) (a) | |
Aaa/AAA | |
1,951,462 | ||||||||
| 215 | |
zero coupon, 8/15/28 | |
Aaa/AAA | |
67,377 | ||||||||
| 4,785 | |
zero coupon, 8/15/28, (Pre-refunded @ $39.75, 8/15/12) (a) | |
Aaa/AAA | |
1,532,109 | ||||||||
| 255 | |
zero coupon, 8/15/29 | |
Aaa/AAA | |
75,271 | ||||||||
| 5,745 | |
zero coupon, 8/15/29, (Pre-refunded @ $37.46, 8/15/12) (a) | |
Aaa/AAA | |
1,733,496 | ||||||||
| 85 | |
zero coupon, 8/15/30 | |
Aaa/AAA | |
23,627 | ||||||||
| 1,915 | |
zero coupon, 8/15/30, (Pre-refunded @ $35.30, 8/15/12) (a) | |
Aaa/AAA | |
544,454 | ||||||||
| 340 | |
zero coupon, 8/15/31 | |
Aaa/AAA | |
88,981 | ||||||||
| 7,660 | |
zero coupon, 8/15/31, (Pre-refunded @ $33.25, 8/15/12) (a) | |
Aaa/AAA | |
2,051,654 | ||||||||
| 4,400 | |
Harris
Cnty., GO, 5.125%, 8/15/31, (Pre-refunded @ $100, 8/15/12) (a) |
|
Aa1/AA+ | |
4,717,328 | ||||||||
|
Harris Cnty. Health Facs. Dev. Corp. Rev., | |
|
|||||||||||
| 5,000 | |
Christus Health, 5.375%, 7/1/29, Ser. A, (Pre-refunded @ $101, 7/1/09) (MBIA) (a) | |
Aaa/AAA | |
5,248,100 | ||||||||
| 2,750 | |
St. Luke’s Episcopal Hospital, 5.375%, 2/15/26, Ser. A, (Pre-refunded @ $100, 8/15/11) (a) | |
NR/AAA | |
2,946,020 | ||||||||
| 19,500 | |
Harris Cnty. Rev., 5.125%, 8/15/32 (FSA) | |
Aaa/AAA | |
20,532,330 | ||||||||
| 4,005 | |
Houston, GO, 5.00%, 3/1/25 (MBIA) | |
Aaa/AAA | |
4,165,160 | ||||||||
| 5,000 | |
Houston Water & Sewer System Rev., 5.00%, 12/1/30, Ser. A, (Pre-refunded @ $100, 12/1/12) (FSA) (a) | |
Aaa/AAA | |
5,344,700 | ||||||||
| 7,000 | |
Judson Independent School Dist., GO, 5.00%, 2/1/30 (PSF-GTD) | |
Aaa/NR | |
7,220,710 | ||||||||
| 11,950 | |
Mansfield
Independent School Dist., GO, 5.00%, 2/15/28 (PSF-GTD) (h) |
|
NR/NR | |
12,473,291 | ||||||||
|
Mesquite Independent School Dist. No. 1, GO, Ser. A (PSF-GTD), | |
|
|||||||||||
| 1,365 | |
zero coupon, 8/15/16 | |
NR/AAA | |
908,489 | ||||||||
| 1,000 | |
zero coupon, 8/15/18 | |
NR/AAA | |
598,330 | ||||||||
| 1,000 | |
zero coupon, 8/15/19 | |
NR/AAA | |
563,820 | ||||||||
| 1,000 | |
zero coupon, 8/15/20 | |
NR/AAA | |
532,270 | ||||||||
| 2,105 | |
Northwest Harris Cnty. Municipal Utility Dist. No. 16, GO, 5.30%, 10/1/29 (Radian) | |
NR/AA | |
2,178,359 | ||||||||
| 4,000 | |
State of Texas, GO, 4.75%, 4/1/36 | |
Aa1/AA | |
4,089,840 | ||||||||
|
Univ. Rev. Ser. B, | |
|
|||||||||||
| 2,000 | |
5.00%, 7/1/26, (Pre-refunded @ $100, 7/1/14) (a) | |
Aaa/AAA | |
2,123,040 | ||||||||
| 11,115 | |
5.00%, 8/15/33 (h) | |
Aaa/AAA | |
11,623,333 | ||||||||
|
|
|
122,604,242 | |||||||||||
|
Utah–0.7% |
|
|
|||||||||||
| 1,750 | |
Cnty. of Weber, IHC Health Services Rev., 5.00%, 8/15/30 | |
Aa1/AA+ | |
1,795,552 | ||||||||
| 4,100 | |
Salt
Lake Cnty. Hospital Rev., IHC Health Services, 5.125%, 2/15/33 (AMBAC) |
|
Aaa/AAA | |
4,288,067 | ||||||||
| 750 | |
Spanish Fork City Rev., 5.70%, 11/15/36 | |
NR/NR | |
755,003 | ||||||||
|
|
|
6,838,622 | |||||||||||
|
||||||||||||||
PIMCO Municipal Income
Fund III
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit
Rating (Moody’s/S&P) |
|
Value* | |||||||||
|
Washington–9.7% |
|
|
|||||||||||
| $6,375 | |
Chelan Cnty. Public Utility Dist. Rev., 5.125%, 7/1/33, Ser. C (AMBAC) | |
Aaa/AAA | |
$ 6,690,180 | ||||||||
|
King Cnty. Sewer Rev., Ser A (h), | |
|
|||||||||||
| 10,000 | |
5.00%, 1/1/35 (FGIC) | |
Aaa/AAA | |
10,473,525 | ||||||||
| 15,000 | |
5.00%, 1/1/35 (FSA) | |
Aaa/AAA | |
15,562,650 | ||||||||
| 18,134 | |
Port Tacoma, GO, 5.00%, 12/1/33, (Pre-refunded @ $100, 12/1/13) (AMBAC) (a)(h) | |
NR/NR | |
19,559,378 | ||||||||
| 10,000 | |
Seattle Drain & Wastewater Rev., GO, 5.00%, 7/1/32 (FGIC) (h) | |
NR/NR | |
10,418,574 | ||||||||
| 23,100 | |
Tobacco Settlement Auth., Tobacco Settlement Rev., 6.50%, 6/1/26 | |
Baa3/BBB | |
25,551,372 | ||||||||
|
|
|
88,255,679 | |||||||||||
|
Wisconsin–0.1% |
|
|
|||||||||||
| 560 | |
Badger Tobacco Asset Securitization Corp. Rev., 6.00%, 6/1/17 | |
Baa3/BBB | |
601,289 | ||||||||
|
Total Municipal Bonds & Notes (cost–$827,807,523) | |
|
882,640,227 | ||||||||||
|
VARIABLE RATE NOTES (b)(d)(e)–3.0% |
||||||||||||||
|
Colorado–0.0% |
|
|
|||||||||||
| —ˆ | |
(i) Colorado Springs, 7.786%, 11/15/30, Ser. 457 | |
Aa2/NR | |
6 | ||||||||
|
Florida–0.3% |
|
|
|||||||||||
| 2,554 | |
State Turnpike Auth., 7.22%, 7/1/31, Ser. 1450 | |
NR/Aa2 | |
2,949,998 | ||||||||
|
Illinois–0.0% |
|
|
|||||||||||
| 295 | |
Dev. Finance Auth. Rev., 5.896%, 2/1/33 (AMBAC) | |
NR/NR | |
360,139 | ||||||||
|
Michigan–0.1% |
|
|
|||||||||||
| 995 | |
Detroit Water Supply System Rev., 5.844%, 1/1/11 (MBIA) | |
NR/AAA | |
1,301,002 | ||||||||
|
New York–1.8% |
|
|
|||||||||||
| 4,660 | |
Liberty Dev. Corp. Rev., 9.80%, 10/1/35, Ser. 1451 | |
NR/Aa3 | |
8,333,012 | ||||||||
| 6,000 | |
State Dormitory Auth., Univ. & College Improvement. Rev., 8.43%, 3/15/35, Ser. 1216 | |
NR/AAA | |
7,733,400 | ||||||||
|
|
|
16,066,412 | |||||||||||
|
Ohio–0.1% |
|
|
|||||||||||
| 1,075 | |
Ohio Air Quality Dev. Auth., 7.35%, 1/1/34, Ser. 1223 (FGIC) | |
Aaa/AAA | |
1,241,098 | ||||||||
|
Texas–0.6% |
|
|
|||||||||||
| 453 | |
Crowley Independent School Dist., GO, 6.49%, 8/1/35 (PSF-GTD) | |
Aaa/NR | |
509,086 | ||||||||
| 2,028 | |
Denton
Independent School Dist., GO, 8.32%, 8/15/33, Ser. 951 (PSF-GTD) |
|
Aaa/NR | |
2,412,684 | ||||||||
| —ˆ | |
(i) Mansfield Independent School Dist., GO, 5.889%, 2/15/28 (PSF-GTD) | |
NR/NR | |
10 | ||||||||
| 2,000 | |
Sabine River Auth. Rev., 5.20%, 5/1/28 | |
Baa2/BBB− | |
2,089,060 | ||||||||
|
|
|
5,010,840 | |||||||||||
|
Washington–0.1% |
|
|
|||||||||||
| 590 | |
Port Tacoma, GO, 5.810%, 12/1/33 (AMBAC) | |
NR/NR | |
864,309 | ||||||||
|
Total Variable Rate Notes (cost–$24,173,757) | |
|
27,793,804 | ||||||||||
|
||||||||||||||
PIMCO Municipal Income
Fund III
Schedule of
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
|
Value* | ||||||||||
|
U.S. TREASURY BILLS (f)–0.3% |
||||||||||||||
| $ 2,920 | |
4.80%-4.91%, 3/1/07-3/15/07 (cost–$2,892,217) | |
|
$ 2,892,217 | |||||||||
|
Total Investments before options written (cost–$854,873,497)–100.0% | |
913,326,248 | |||||||||||
|
OPTIONS WRITTEN (g)–(0.0)% |
||||||||||||||
| Contracts | |
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Call Options–(0.0)% |
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| 310 | |
U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade, strike price $110, expires 2/23/07 (premiums received–$129,774) | |
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(24,219) | |||||||||
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Total Investments net of options written (cost–$854,743,723)–100.0% | |
$ 913,302,029 | |||||||||||
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Notes to Schedule of Investments:
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| * | Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotations are not readily available or if a development/event occurs that may significantly impact the value of a security are fair-valued, in good faith, pursuant to guidelines established by the Board of Trustees. The Fund’s investments are valued daily using prices supplied by an independent pricing service or dealer quotations, or are valued at the last sale price on the exchange that is the primary market for such securities, or the quoted mean price for those securities for which the over-the-counter market is the primary market or for listed securities in which there were no sales. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded options and futures are valued at the settlement price determined by the relevant exchange. Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. The prices used by the Fund to value securities may differ from the value that would be realized if the securities were sold. The Fund’s net asset value is determined daily as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the New York Stock Exchange (‘‘NYSE’’) on each day the NYSE is open for business. |
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| (a) | Pre-refunded bonds are collateralized by U.S. Government or other eligible securities which are held in escrow and used to pay principal and interest and retire the bonds at the earliest refunding date (payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). |
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| (b) | 144A Security – Security exempt from registration, under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. |
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| (c) | When-issued security. To be settled after December 31, 2006. |
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| (d) | Inverse Floater – The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index. |
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| (e) | 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 December 31, 2006. |
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| (f) | All or partial amount segregated as collateral for futures contracts and/or written options. |
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| (g) | Non-income producing. |
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| (h) | Residual Interest Bonds held in Trust – 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. |
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| (i) | Less than $500. |
Glossary:
AMBAC – insured
by American Municipal Bond Assurance Corp.
CP – Certificates
of Participation
FGIC – insured by Financial Guaranty
Insurance Co.
FHA – insured by Federal Housing
Administration
FSA – insured by Financial Security
Assurance, Inc.
GNMA – insured by Government National
Mortgage Association
GO – General Obligation Bond
GTD
– Guaranteed
MBIA – insured by Municipal Bond
Investors Assurance
NR – Not Rated
PSF – Public
School Fund
Radian – insured by Radian Guaranty, Inc.
XLCA – insured by XL Capital Assurance
Other Investments:
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| (1) | Futures contracts outstanding at December 31, 2006: |
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| Type | |
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Contracts | |
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Market Value (000) |
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Expiration Date |
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Unrealized Appreciation (Depreciation) |
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| Long: | |
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Financial Future Euro – 90 day | |
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57 |
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13,505 |
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6/18/07 |
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$ | (44,275 |
)
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Financial Future Euro – 90 day | |
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57 |
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13,525 |
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9/17/07 |
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(25,538 |
)
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Financial Future Euro – 90 day | |
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57 |
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13,545 |
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12/17/07 |
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(7,013 |
)
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Financial Future Euro – 90 day | |
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57 |
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13,553 |
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3/17/08 |
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2,963 |
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U.S. Treasury Notes 5 yr. Futures | |
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|
992 |
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104,222 |
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3/30/07 |
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(540,890 |
)
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| Short: | |
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U.S. Treasury Bond Futures | |
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(2,222 |
)
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(247,614 |
)
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3/21/07 |
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4,605,312 |
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U.S. Treasury Notes 10 yr. Futures | |
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(190 |
)
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(20,419 |
)
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3/21/07 |
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270,156 |
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$ | 4,260,715 |
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| (2) | Transactions in options written for the period ended December 31, 2006: |
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Contracts | |
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Premiums | |||||||
| Options outstanding, September 30, 2006 | |
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484 |
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$ | 89,177 |
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| Options written | |
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|
310 |
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129,774 |
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| Options expired | |
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(484 |
)
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(89,177 |
)
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| Options outstanding, December 31, 2006 | |
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|
|
310 |
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$ | 129,774 |
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Item 2. Controls and Procedures
(a) The registrant’s President and Chief Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.
Prior to reaching this conclusion, the principal officers had become aware of matters relating to the Registrant’s participation in certain inverse floater structures that required enhancements to certain controls. The Registrant’s management determined that controls relating to the review and analysis of relevant terms and conditions of certain transfers of securities under the provisions of Statement of Financial Accounting Standards No. 140 ‘‘Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities’’ (‘‘SFAS 140’’) were not effective.
The Registrant’s Management is taking such further actions as are necessary to revise its disclosure controls and procedures in order to increase the effectiveness of these controls with respect to the accounting treatment of transfers of certain inverse floater transactions. However, as discussed above, subsequent to December 31, 2006, the registrant enhanced controls related to the accounting treatment of transfers of certain inverse floater transactions.
(b) There were no significant changes in the registrant’s internal controls or in factors that could affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 3. Exhibits
(a) Exhibit 99.302 Cert. – Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: PIMCO Municipal Income Fund
III
By /s/ Brian S. Shlissel
President & Chief Executive
Officer
Date: March 1, 2007
By /s/ Lawrence
G. Altadonna
Treasurer, Principal Financial & Accounting
Officer
Date: March 1, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dated indicated.
By /s/ Brian S. Shlissel
President
& Chief Executive Officer
Date: March 1, 2007
By /s/ Lawrence G. Altadonna
Treasurer, Principal
Financial & Accounting Officer
Date: March 1, 2007