Letter to Shareholders
Fund Insights/Performance & Statistics
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Statement of Cash Flows
Notes to Financial Statements
Matters Relating to the Trustees Consideration
of the Investment Management & Portfolio
PIMCO Municipal Income Funds Letter to Shareholders
December 5, 2007
We are pleased to provide you with the semi-annual report for the PIMCO Municipal Income Fund, PIMCO
California Municipal Income Fund and PIMCO New York Municipal Income Fund (the ‘‘Funds’’) for the six-
months ended October 31, 2007.
The U.S. bond market delivered modest returns in the period as economic growth continued despite weakness
in the U.S. housing and mortgage markets. In response to lower liquidity, the Federal Reserve reduced the
Federal Funds rate twice late in the six-month period, reducing the key rate from 5.25% to 4.50% even as
inflation levels continued to track higher than the central bank’s stated comfort level. Municipal bonds
underperformed the broad U.S. credit market throughout the six-month period on sharply lower liquidity.
For specific information on the Funds and their performance during the reporting period please review the
following pages. If you have any questions regarding the information provided, we encourage you to contact your
financial advisor or call the Funds’ shareholder servicing agent at (800) 331-1710. In addition, a wide range of
information and resources is available on our Web site, www.allianzinvestors.com/closedendfunds.
Together with Allianz Global Investors Fund Management LLC, the Fund’s investment manager, and Pacific
Investment Management Company LLC, the Funds’ sub-adviser, we thank you for investing with us.
We remain dedicated to serving your investment needs.
Hans W. Kertess