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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: 811-10379
Registrant Name: PIMCO California Municipal Income Fund
Address of Principal Executive Offices: 1345 Avenue of the Americas New York, New York 10105
Name and Address of Agent for Service: Lawrence G. Altadonna — 1345 Avenue of the Americas New York, New York 10105
Registrant’s telephone number, including area code: 212-739-3371
Date of Fiscal Year End: April 30, 2008
Date of Reporting Period: July 31, 2007
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 California Municipal Fund
Schedule of Investments
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| Principal Amount (000) |
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Credit Rating (Moody’s/S&P) |
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Value* | |||||||||
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CALIFORNIA MUNICIPAL BONDS & NOTES–88.2% |
||||||||||||||
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ABAG Finance Auth. for Nonprofit Corps., | |
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|||||||||||
| $ | 1,000 | |
CP, 5.375%, 2/15/19 | |
NR/BBB | |
$ | 1,033,550 | ||||||
| 1,000 | |
Rev., 5.375%, 11/15/25 (CA Mtg. Ins.) | |
NR/A+ | |
1,033,930 | ||||||||
| 1,385 | |
Alvord Unified School Dist., GO, 5.375%, 8/1/29, Ser. C (FSA) | |
Aaa/NR | |
1,387,078 | ||||||||
| 6,405 | |
Campbell Union High School Dist., GO, 5.50%, 8/1/30 (FSA) |
|
Aaa/NR | |
6,712,120 | ||||||||
| 2,250 | |
Capistrano Unified School Dist., Special Tax, 5.75%, 9/1/29, (Pre-refunded @ $102, 9/1/09) (b) |
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NR/NR | |
2,383,065 | ||||||||
| 5,250 | |
Central JT Powers Health Financing Auth., CP, 5.75%, 2/1/31, (Pre-refunded @ $101, 2/1/11) (b) |
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Baa2/BBB− | |
5,645,955 | ||||||||
| 4,140 | |
Charter Oak Unified School Dist., GO, 5.00%, 7/1/28, Ser. B, (Pre-refunded @ $100, 7/1/13) (FSA) (b) |
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Aaa/AAA | |
4,402,931 | ||||||||
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Contra Costa Cnty. Public Financing Auth., Tax Allocation, | |
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|||||||||||
| 2,150 | |
5.125%, 8/1/19 | |
NR/BBB | |
2,248,341 | ||||||||
| 600 | |
5.125%, 8/1/19, (Pre-refunded @ $102, 8/1/09) (b) | |
NR/BBB | |
627,444 | ||||||||
| 5,000 | |
5.85%, 8/1/33 | |
NR/BBB | |
5,223,050 | ||||||||
| 2,750 | |
CSUCI Financing Auth. Rev., 5.00%, 9/1/31, Ser. A, (Pre-refunded @ $100, 9/1/11) (MBIA) (b) | |
Aaa/AAA | |
2,884,090 | ||||||||
| 3,635 | |
Cucamonga Cnty. Water Dist., CP, 5.125%, 9/1/35 (FGIC) | |
Aaa/AAA | |
3,745,286 | ||||||||
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East Side Union High School Dist., Santa Clara Cnty., GO, Ser. E (XLCA), | |
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| 1,985 | |
zero coupon, 8/1/21 | |
Aaa/AAA | |
1,023,466 | ||||||||
| 1,490 | |
zero coupon, 8/1/22 | |
Aaa/AAA | |
728,446 | ||||||||
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El Monte, CP (AMBAC), | |
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|||||||||||
| 10,790 | |
4.75%, 6/1/30 | |
Aaa/AAA | |
10,864,343 | ||||||||
| 14,425 | |
5.25%, 1/1/34 | |
Aaa/AAA | |
14,905,785 | ||||||||
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Foothill/Eastern Corridor Agcy., Toll Road Rev., | |
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|||||||||||
| 5,000 | |
zero coupon, 1/15/33 | |
Baa3/BBB− | |
1,123,650 | ||||||||
| 5,000 | |
zero coupon, 1/15/34 | |
Baa3/BBB− | |
1,055,700 | ||||||||
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Fremont Community Dist., Special Tax, | |
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| 165 | |
6.00%, 9/1/18 | |
NR/NR | |
171,587 | ||||||||
| 505 | |
6.00%, 9/1/19 | |
NR/NR | |
524,342 | ||||||||
| 3,500 | |
6.30%, 9/1/31 | |
NR/NR | |
3,650,325 | ||||||||
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Golden State Tobacco Securitization Corp. Rev., | |
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| 5,000 | |
5.00%, 6/1/33, Ser. A-1 | |
Baa3/BBB | |
4,670,050 | ||||||||
| 8,000 | |
5.00%, 6/1/38, Ser. A (FGIC) (i) | |
Aaa/AAA | |
8,207,840 | ||||||||
| 17,500 | |
6.25%, 6/1/33, Ser. 2003-A-1 | |
Aaa/AAA | |
19,127,325 | ||||||||
| 10,155 | |
6.75%, 6/1/39, Ser. 2003-A-1, (Pre-refunded @ $100, 6/1/13) (b) | |
Aaa/AAA | |
11,644,332 | ||||||||
| 540 | |
7.875%, 6/1/42, Ser. A-3, (Pre-refunded @ $100, 6/1/13) (b) | |
Aaa/AAA | |
650,576 | ||||||||
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Health Facs. Finance Auth. Rev., Catholic Healthcare West (b), | |
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| 875 | |
5.00%, 7/1/28, (Partially pre-refunded @ $101, 7/1/08) | |
A2/A | |
887,854 | ||||||||
| 125 | |
5.00%, 7/1/28, (Pre-refunded @ $101, 7/1/08) | |
A2/A | |
127,761 | ||||||||
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PIMCO California Municipal Fund
Schedule of Investments
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| Principal Amount (000) |
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Credit Rating (Moody’s/S&P) |
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Value* | |||||||||
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Health Facs. Finance Auth. Rev., | |
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| $ | 1,980 | |
5.00%, 7/1/18 | |
A2/A | |
$ | 2,009,799 | ||||||
| 130 | |
5.00%, 7/1/18, (Pre-refunded @ $101, 7/1/08) (b) | |
A2/A | |
132,872 | ||||||||
| 5,315 | |
5.125%, 7/1/18 | |
NR/BBB+ | |
5,332,805 | ||||||||
| 3,000 | |
5.25%, 10/1/14, Ser. B | |
A3/AAA | |
3,079,230 | ||||||||
| 6,250 | |
Infrastructure & Economic Dev. Bank Rev., Bay Area Toll Bridges, 5.00%, 7/1/36, (Pre-refunded @ $100, 1/1/28) (AMBAC) (b) | |
Aaa/AAA | |
6,795,687 | ||||||||
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La Quinta Redev. Agcy., Tax Allocation (AMBAC), | |
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| 3,000 | |
5.00%, 9/1/21 | |
Aaa/AAA | |
3,117,660 | ||||||||
| 10,000 | |
5.10%, 9/1/31 | |
Aaa/AAA | |
10,339,800 | ||||||||
| 1,000 | |
5.125%, 9/1/32 | |
Aaa/AAA | |
1,036,260 | ||||||||
| 1,495 | |
Lincoln Public Financing Auth. Rev., Twelve Bridges Ltd., 6.125%, 9/2/27 |
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NR/NR | |
1,526,470 | ||||||||
| 6,250 | |
Los Angeles Cnty. Metropolitan Transportation Auth. Rev., 4.75%, 7/1/28, Ser. B, (Pre-refunded @ $101, 7/1/09) (FSA) (b) |
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Aaa/AAA | |
6,436,250 | ||||||||
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Los Angeles Community Redev. Agcy., Tax Allocation, | |
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| 520 | |
5.875%, 9/1/26 | |
NR/NR | |
520,941 | ||||||||
| 325 | |
6.00%, 9/1/31 | |
NR/NR | |
329,300 | ||||||||
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Los Angeles Department of Water & Power Rev. (FSA), | |
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| 5,000 | |
4.75%, 7/1/30, Ser. A (i) | |
Aaa/AAA | |
5,049,050 | ||||||||
| 10,200 | |
5.25%, 7/1/21, Ser. A-A-1 | |
Aaa/AAA | |
10,634,520 | ||||||||
| 3,250 | |
Los Angeles Unified School Dist., GO, 5.125%, 7/1/21, Ser. E, (Pre-refunded @ $100, 7/1/12) (MBIA) (b) |
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Aaa/AAA | |
3,445,650 | ||||||||
| 3,500 | |
Metropolitan Water Dist. of Southern California, Water Works Rev., 5.00%, 7/1/26, Ser. A, (Pre-refunded @ $101, 1/1/08) (b) | |
Aa2/AAA | |
3,554,330 | ||||||||
| 5,820 | |
Montclair Redev. Agcy., Tax Allocation, 5.30%, 10/1/30 (MBIA) | |
Aaa/AAA | |
6,157,444 | ||||||||
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Murrieta Valley Unified School Dist., Special Tax, (Pre-refunded @ $102, 9/1/09) (b), |
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| 195 | |
6.30%, 9/1/18 | |
NR/NR | |
208,658 | ||||||||
| 3,535 | |
6.50%, 9/1/31 | |
NR/NR | |
3,796,590 | ||||||||
| 6,255 | |
Orange Cnty. Sanitation Dist., CP, 5.25%, 2/1/30, (Pre-refunded @ $100, 8/1/13) (FGIC) (b) |
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Aaa/AAA | |
6,740,576 | ||||||||
| 1,080 | |
Palm Springs Community Redev. Agcy., Tax Allocation, 5.50%, 8/1/21 |
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NR/A− | |
1,133,190 | ||||||||
| 1,010 | |
Pomona Unified School Dist., GO, 6.10%, 2/1/19, Ser. A (MBIA) | |
Aaa/AAA | |
1,191,638 | ||||||||
| 1,690 | |
Rancho Etiwanda Public Facs., Special Tax, 6.375%, 9/1/24 | |
NR/NR | |
1,765,188 | ||||||||
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Rancho Mirage Redev. Agcy., Tax Allocation, | |
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| 1,190 | |
5.50%, 4/1/24 | |
Baa1/BBB+ | |
1,242,253 | ||||||||
| 1,580 | |
5.625%, 4/1/33 | |
Baa1/BBB+ | |
1,648,351 | ||||||||
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Riverside, Improvement Board Act 1915, Special Assessment, | |
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| 500 | |
6.15%, 9/2/19 | |
NR/NR | |
526,850 | ||||||||
| 1,350 | |
6.375%, 9/2/26 | |
NR/NR | |
1,428,894 | ||||||||
| 8,305 | |
Riverside Cnty., CP, 5.125%, 11/1/30 (MBIA) | |
Aaa/AAA | |
8,630,058 | ||||||||
| 575 | |
Roseville, Woodcreek Community Facs. Dist., Special Tax, 6.375%, 9/1/27, (Pre-refunded @ $102, 9/1/10) (b) |
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NR/NR | |
628,900 | ||||||||
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PIMCO California Municipal Fund
Schedule of Investments
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| Principal Amount (000) |
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Credit Rating (Moody’s/S&P) |
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Value* | |||||||||
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Sacramento, Special Tax, | |
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| $ | 2,945 | |
5.70%, 9/1/23 | |
NR/NR | |
$ | 2,975,334 | ||||||
| 1,350 | |
6.10%, 9/1/21 | |
NR/NR | |
1,397,061 | ||||||||
| 2,560 | |
6.15%, 9/1/26 | |
NR/NR | |
2,645,350 | ||||||||
| 2,000 | |
Sacramento Health Fac. Rev., 5.30%, 1/1/24, Ser. A (CA Mtg. Ins.) | |
NR/A+ | |
2,042,240 | ||||||||
| 545 | |
San Diego Cnty., CP, 5.25%, 10/1/28 | |
A2/NR | |
560,947 | ||||||||
| 1,000 | |
San Diego Cnty. Water Auth., CP, 5.00%, 5/1/32, Ser. A (MBIA) | |
Aaa/AAA | |
1,029,070 | ||||||||
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San Francisco Bay Area Transit Financing Auth. Rev. (AMBAC), | |
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|||||||||||
| 880 | |
5.125%, 7/1/36 | |
Aaa/AAA | |
903,936 | ||||||||
| 2,450 | |
5.125%, 7/1/36, (Pre-refunded @ $100, 7/1/11) (b) | |
Aaa/AAA | |
2,575,954 | ||||||||
| 720 | |
San Francisco City & Cnty. Redev. Agcy. Rev., Special Tax, 6.125%, 8/1/31 |
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NR/NR | |
748,382 | ||||||||
| 5,065 | |
San Joaquin Cnty., CP, 5.00%, 9/1/20 (MBIA) | |
Aaa/AAA | |
5,199,273 | ||||||||
|
San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev., Ser. A, | |
|
|||||||||||
| 5,000 | |
5.50%, 1/15/28 | |
Ba2/BB− | |
5,011,550 | ||||||||
| 5,000 | |
5.70%, 1/15/19 | |
Ba2/BB− | |
5,256,250 | ||||||||
| 230 | |
San Jose, Improvement Board Act 1915, Special Assessment, 5.60%, 9/2/17, Ser. Q | |
NR/NR | |
236,987 | ||||||||
| 5,000 | |
San Jose Unified School Dist., Santa Clara Cnty., GO, 5.125%, 8/1/25, Ser. D, (Pre-refunded @ $101, 8/1/10) (FSA) (b) |
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Aaa/AAA | |
5,249,350 | ||||||||
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San Juan Unified School Dist., GO (FSA), | |
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|||||||||||
| 9,445 | |
zero coupon, 8/1/22 | |
Aaa/AAA | |
4,789,748 | ||||||||
| 10,895 | |
zero coupon, 8/1/25 | |
Aaa/AAA | |
4,722,547 | ||||||||
| 6,110 | |
zero coupon, 8/1/26 | |
Aaa/AAA | |
2,518,848 | ||||||||
| 600 | |
Santa Ana Financing Auth. Rev., 5.60%, 9/1/19 | |
NR/BBB | |
620,082 | ||||||||
| 1,815 | |
Santa Clara, CP, 5.00%, 2/1/32 (AMBAC) | |
Aaa/AAA | |
1,865,856 | ||||||||
| 1,435 | |
Santa Maria JT Union High School Dist., GO, 5.25%, 8/1/25, Ser. A, (Pre-refunded @ $102, 8/1/15) (FSA) (b) |
|
Aaa/AAA | |
1,589,076 | ||||||||
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Statewide Community Dev. Auth., CP, | |
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|||||||||||
| 8,000 | |
5.375%, 4/1/30 | |
NR/BBB | |
8,048,160 | ||||||||
| 2,325 | |
6.50%, 7/1/20, (Partially pre-refunded @ $101, 7/1/10) (b) | |
A2/A | |
2,521,579 | ||||||||
| 5,675 | |
6.50%, 7/1/20, (Pre-refunded @ $101, 7/1/10) (b) | |
A2/A | |
6,145,741 | ||||||||
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Statewide Community Dev. Auth. Rev., | |
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| 900 | |
Baptist Univ., 5.50%, 11/1/38, Ser. A | |
NR/NR | |
912,096 | ||||||||
| 5,600 | |
Gillispie School, 6.625%, 10/1/31 | |
NR/NR | |
5,695,760 | ||||||||
| 15,250 | |
Henry Mayo Newhall Memorial Hospital, 5.125%, 10/1/30 (CA Mtg. Ins.) | |
NR/A+ | |
15,482,105 | ||||||||
| 3,000 | |
Jewish Home, 5.50%, 11/15/33 (CA St. Mtg.) | |
NR/A+ | |
3,157,350 | ||||||||
| 2,500 | |
St. Marks School, 6.75%, 6/1/28 (a) | |
NR/NR | |
2,591,050 | ||||||||
| 4,000 | |
Sutter Health, 5.50%, 8/15/34, Ser. B | |
Aa3/AA− | |
4,176,480 | ||||||||
| 4,240 | |
Tehiy Day School, 6.625%, 11/1/31 | |
NR/NR | |
4,388,103 | ||||||||
| 910 | |
Windrush School, 5.50%, 7/1/37 (d) | |
NR/NR | |
911,329 | ||||||||
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PIMCO California Municipal Fund
Schedule of Investments
|
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|
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| Principal Amount (000) |
|
|
Credit Rating (Moody’s/S&P) |
|
Value* | |||||||||
| $ | 8,000 | |
Tobacco Securitization Agcy. Rev., Los Angeles Cnty., zero coupon, 6/1/28 | |
Baa3/NR | |
$ | 6,846,240 | ||||||
|
Tobacco Securitization Auth. Rev., Ser. A, (Pre-refunded @ $100, 6/1/11) (b) | |
|
|||||||||||
| 1,500 | |
5.25%, 6/1/31 | |
Aaa/AAA | |
1,581,090 | ||||||||
| 9,300 | |
5.375%, 6/1/41 | |
Aaa/AAA | |
9,843,957 | ||||||||
| 1,650 | |
Town of Apple Valley, CP, 5.375%, 6/1/21 (CA Mtg. Ins.) | |
NR/A+ | |
1,734,496 | ||||||||
|
Tustin Unified School Dist., Special Tax, | |
|
|||||||||||
| 2,345 | |
5.50%, 9/1/22 | |
NR/NR | |
2,350,886 | ||||||||
| 2,520 | |
5.60%, 9/1/29 | |
NR/NR | |
2,550,240 | ||||||||
| 2,000 | |
5.625%, 9/1/32 | |
NR/NR | |
2,050,000 | ||||||||
|
Univ. Rev., | |
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|||||||||||
| 8,000 | |
4.75%, 5/15/35, Ser. F (FSA) (i) | |
Aaa/AAA | |
8,017,840 | ||||||||
| 10,000 | |
5.00%, 5/15/36, Ser. A (AMBAC) | |
Aaa/AAA | |
10,297,600 | ||||||||
| 7,000 | |
5.125%, 9/1/31, Ser. O, (Pre-refunded @ $101, 9/1/10) (FGIC) (b) | |
Aaa/AAA | |
7,356,230 | ||||||||
| 3,750 | |
West Kern Cnty. Water Dist., CP, 5.625%, 6/1/31, (Pre-refunded @ $101, 6/1/10) (b) |
|
Baa2/NR | |
3,971,587 | ||||||||
|
Total California Municipal Bonds & Notes (cost–$355,733,031) | |
|
377,697,196 | ||||||||||
|
OTHER MUNICIPAL BONDS & NOTES–8.9% |
||||||||||||||
|
Illinois–1.3% |
|
|
|||||||||||
|
Educational Facs. Auth. Rev., Univ. of Chicago, | |
|
|||||||||||
| 5,260 | |
5.00%, 7/1/33 | |
Aa1/AA | |
5,392,237 | ||||||||
| 240 | |
5.00%, 7/1/33, (Pre-refunded @ $100, 7/1/13) (b) | |
Aa1/AA | |
253,550 | ||||||||
|
|
|
5,645,787 | |||||||||||
|
Iowa–2.1% |
|
|
|||||||||||
| 8,700 | |
Tobacco Settlement Auth. Rev., 5.60%, 6/1/34, Ser. B | |
Baa3/BBB | |
8,828,412 | ||||||||
|
Louisiana–0.4% |
|
|
|||||||||||
| 1,750 | |
Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. 2001-B | |
Baa3/BBB | |
1,853,775 | ||||||||
|
New Jersey–1.6% |
|
|
|||||||||||
|
Tobacco Settlement Financing Corp. Rev., | |
|
|||||||||||
| 1,685 | |
6.00%, 6/1/37, (Pre-refunded @ $100, 6/1/12) (b) | |
Aaa/AAA | |
1,841,570 | ||||||||
| 2,210 | |
6.125%, 6/1/42, (Pre-refunded @ $100, 6/1/12) (b) | |
Aaa/AAA | |
2,429,453 | ||||||||
| 2,315 | |
6.375%, 6/1/32 | |
Aaa/AAA | |
2,591,990 | ||||||||
|
|
|
6,863,013 | |||||||||||
|
New York–0.5% |
|
|
|||||||||||
| 1,990 | |
State Dormitory Auth. Rev., 6.25%, 8/15/15 (FHA) | |
Aa2/AAA | |
2,178,990 | ||||||||
|
Puerto Rico–2.5% |
|
|
|||||||||||
|
Electric Power Auth., Power Rev. (b), | |
|
|||||||||||
| 1,250 | |
5.125%, 7/1/29, Ser. NN, (Pre-refunded @ $100, 7/1/13) | |
A3/BBB+ | |
1,332,813 | ||||||||
| 5,000 | |
5.25%, 7/1/29, Ser. HH, (Pre-refunded @ $101, 7/1/10) (FSA) | |
Aaa/AAA | |
5,256,800 | ||||||||
|
||||||||||||||
PIMCO California Municipal Fund
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody’s/S&P) |
|
Value* | |||||||||
|
Puerto Rico–(continued) |
|
|
|||||||||||
|
Sales Tax Financing Corp. Rev., Ser. A, | |
|
|||||||||||
| $ | 24,000 | |
zero coupon, 8/1/54 (AMBAC) | |
Aaa/AAA | |
$ | 2,292,720 | ||||||
| 21,600 | |
zero coupon, 8/1/56 | |
A+/A1 | |
1,721,520 | ||||||||
|
|
|
10,603,853 | |||||||||||
|
Rhode Island–0.4% |
|
|
|||||||||||
| 1,500 | |
Tobacco Settlement Financing Corp. Rev., 6.125%, 6/1/32, Ser. A | |
Baa3/BBB | |
1,571,460 | ||||||||
|
South Carolina–0.1% |
|
|
|||||||||||
| 340 | |
Tobacco Settlement Rev., Management Auth., 6.375%, 5/15/30, Ser. B | |
Baa3/BBB | |
380,242 | ||||||||
|
Total Other Municipal Bonds & Notes (cost–$35,091,115) | |
|
37,925,532 | ||||||||||
|
CALIFORNIA VARIABLE RATE NOTES (c)(e)(f)–1.3% |
||||||||||||||
| 4,001 | |
Los Angeles Wastewater System Rev., 9.96%, 6/1/28, Ser. 318 (FGIC) | |
Aaa/NR | |
4,423,906 | ||||||||
| 1,000 | |
Sacramento Cnty. Sanitation Dist. Rev., 9.821%, 8/1/13, Ser. 1034 (MBIA) | |
NR/AAA | |
1,197,600 | ||||||||
|
Total California Variable Rate Notes (cost–$4,892,509) | |
|
5,621,506 | ||||||||||
|
OTHER VARIABLE RATE NOTES (f)–1.1% |
||||||||||||||
|
Illinois–1.1% |
|
|
|||||||||||
| 4,000 | |
Chicago Rev., 9.808%, 5/1/14, Ser. 1419 (AMBAC) (cost–$4,389,720) | |
NR/AAA | |
4,702,200 | ||||||||
|
CALIFORNIA VARIABLE RATE DEMAND NOTES (f)(g)–0.4% |
||||||||||||||
| 1,625 | |
State, GO, 3.61%, 8/1/07 (cost–$1,625,000) | |
VMIG1/A-1+ | |
1,625,000 | ||||||||
|
U.S. TREASURY BILLS (h)–0.1% |
||||||||||||||
| 505 | |
4.405%-4.79%, 8/30/07-9/13/07 (cost–$502,486) | |
|
502,486 | |||||||||
|
Total Investments (cost–$402,233,861)–100.0% | |
|
$428,073,920 | ||||||||||
|
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Notes to Schedule of Investments:
| * | Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotations are not readily available or if a development/event occurs that may significantly impact the value of a security 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 last quoted bid price for those securities for which the over-the-counter market is the primary market or for listed securities in which there were no sales. 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. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments 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. |
| (a) | Illiquid security. |
| (b) | Pre-refunded bonds are collateralized by U.S. Government or other eligible securities which are held in escrow and used to pay principal and interest and retire the bonds at the earliest refunding date (payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). |
| (c) | 144A Security – Security exempt from registration, under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. |
| (d) | When-issued or delayed-delivery security. To be settled/delivered after July 31, 2007. |
| (e) | Inverse Floater – The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index. |
| (f) | 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 July 31, 2007. |
| (g) | Maturity date shown is date of next put. |
| (h) | All or partial amount segregated as collateral for futures contracts. |
| (i) | 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. |
Glossary:
| AMBAC – insured by American Municipal Bond Assurance Corp. |
| CA Mtg. Ins. – insured by California Mortgage Insurance |
| CA St. Mtg. – insured by California State Mortgage |
| CP – Certificates of Participation |
| FGIC – insured by Financial Guaranty Insurance Co. |
| FHA – insured by Federal Housing Administration |
| FSA – insured by Financial Security Assurance, Inc. |
| GO – General Obligation Bond |
| MBIA – insured by Municipal Bond Investors Assurance |
| NR – Not Rated |
| XLCA – insured by XL Capital Assurance |
Other Investments:
(1) Futures contracts outstanding at July 31, 2007:
|
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|
| Type | |
|
Contracts | |
|
Market
Value (000) |
|
|
Expiration
Date |
|
|
Unrealized
Depreciation |
|||||||||
| Long: | |
|
Financial Future Euro – 90 day | |
|
|
|
85 | |
|
|
|
$ | 20,129 | |
|
|
9/17/07 | |
|
$ (82,163) |
|
|
Financial Future Euro – 90 day | |
|
|
|
85 | |
|
|
|
|
20,167 | |
|
|
12/17/07 | |
|
(44,975) | |
|
|
Financial Future Euro – 90 day | |
|
|
|
85 | |
|
|
|
|
20,200 | |
|
|
3/17/08 | |
|
(9,912) | |
| Short: | |
|
U.S. Treasury Bond Futures | |
|
|
|
(96 | ) | |
|
|
|
(10,566 | ) | |
|
9/19/07 | |
|
(153,000) |
|
|
U.S. Treasury Notes 10 yr. Futures | |
|
|
|
(132 | ) | |
|
|
|
(14,180 | ) | |
|
9/19/07 | |
|
(105,188) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$(395,238) | |||||
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 Act (17CFR270.30a-3(c)), as amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. |
|
|
| (b) | There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d)) under the Act (17 CFR270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
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 California Municipal Income Fund
By /s/ Brian S. Shlissel
President & Chief Executive Officer
Date: September 19, 2007
By /s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer
Date: September 19, 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: September 19, 2007
By /s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer
Date: September 19, 2007