UNITED
STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q |
OMB
APPROVAL
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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, 2006
Date of Reporting Period: January 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
Principal Amount (000) |
Credit
Rating (Moody's/S&P) |
Value* | |||||||||||||
CALIFORNIA MUNICIPAL BONDS & NOTES–87.4% |
|||||||||||||||
ABAG Finance Auth. for Nonprofit Corps., | |||||||||||||||
$1,000 | CP, 5.375%, 2/15/19 | NR/BBB | $1,046,790 | ||||||||||||
1,000 | Rev., 5.375%, 11/15/25 (CA Mtg. Ins.) | NR/A | 1,050,740 | ||||||||||||
1,385 | Alvord Unified School Dist., GO, 5.375%, 8/1/29, Ser. C (FSA) | Aaa/NR | 1,410,692 | ||||||||||||
6,405 | Campbell Union High School Dist., GO, 5.50%, 8/1/30 (FSA) | Aaa/NR | 6,872,693 | ||||||||||||
2,250 | Capistrano Unified School Dist., Special Tax, | ||||||||||||||
5.75%, 9/1/29 (Pre-refunded @ $102, 9/1/09) (a) | NR/NR | 2,467,328 | |||||||||||||
Carson, Improvement Board Act 1915, Special Assessment, | |||||||||||||||
3,250 | 6.35%, 9/2/23 | NR/NR | 3,356,210 | ||||||||||||
5,000 | 6.375%, 9/2/31 | NR/NR | 5,163,550 | ||||||||||||
5,250 | Central JT Powers Health Financing Auth., CP, 5.75%, 2/1/31 | Baa2/BBB− | 5,372,640 | ||||||||||||
4,140 | Charter Oak Unified School Dist., GO, 5.00%, 7/1/28, Ser. B (FSA) | Aaa/AAA | 4,516,781 | ||||||||||||
Contra Costa Cnty. Public Financing Auth., Tax Allocation, | |||||||||||||||
2,150 | 5.125%, 8/1/19 | NR/BBB | 2,233,850 | ||||||||||||
600 | 5.125%, 8/1/19 (Pre-refunded @ $102, 8/1/09) (a) | NR/BBB | 644,700 | ||||||||||||
5,000 | 5.85%, 8/1/33 | NR/BBB | 5,272,500 | ||||||||||||
2,750 | CSUCI Financing Auth. Rev., East Campus Community, | ||||||||||||||
5.00%, 9/1/31, Ser. A (MBIA) | Aaa/AAA | 2,830,740 | |||||||||||||
3,635 | Cucamonga Cnty. Water Dist., CP, 5.125%, 9/1/35 (FGIC) | Aaa/AAA | 3,769,277 | ||||||||||||
East Side Union High School Dist-Santa Clara Cnty., GO, Ser. E (XLCA), | |||||||||||||||
1,985 | zero coupon, 8/1/21 | Aaa/AAA | 953,316 | ||||||||||||
1,490 | zero coupon, 8/1/22 | Aaa/AAA | 673,763 | ||||||||||||
El Monte, Department of Public Services Facs., CP (AMBAC) | |||||||||||||||
10,790 | 4.75%, 6/1/30 | Aaa/AAA | 10,865,098 | ||||||||||||
14,425 | 5.25%, 1/1/34 | Aaa/AAA | 15,077,298 | ||||||||||||
Foothill/Eastern Corridor Agcy. Rev., Toll Road Rev., | |||||||||||||||
5,000 | zero coupon, 1/15/33 | Baa3/BBB− | 1,029,000 | ||||||||||||
5,000 | zero coupon, 1/15/34 | Baa3/BBB− | 967,200 | ||||||||||||
Fremont Community Dist., Special Tax, | |||||||||||||||
165 | 6.00%, 9/1/18 | NR/NR | 170,990 | ||||||||||||
505 | 6.00%, 9/1/19 | NR/NR | 520,872 | ||||||||||||
3,500 | 6.30%, 9/1/31 | NR/NR | 3,599,260 | ||||||||||||
Golden State Tobacco Securitization Corp., Tobacco Settlement Rev., | |||||||||||||||
17,500 | 6.25%, 6/1/33, Ser. 2003-A-1 | Baa3/BBB | 19,118,400 | ||||||||||||
10,155 | 6.75%, 6/1/39, Ser. 2003-A-1 | Baa3/BBB | 11,438,795 | ||||||||||||
540 | 7.875%, 6/1/42, Ser. A-3 | Baa3/BBB | 647,417 | ||||||||||||
Health Facs. Financing Auth. Rev., | |||||||||||||||
1,980 | 5.00%, 7/1/18 | A3/A− | 2,044,390 | ||||||||||||
130 | 5.00%, 7/1/18 (Pre-refunded @ $101, 7/1/08)(a) | A3/A− | 136,465 | ||||||||||||
1,000 | 5.00%, 7/1/28 (Pre-refunded @ $101, 7/1/08)(a) | A3/A− | 986,572 | ||||||||||||
PIMCO California Municipal Income
Fund Schedule of Investments
January 31,
2006 (unaudited) (continued)
Principal Amount (000) |
Credit
Rating (Moody's/S&P) |
Value* | ||||||||||||
$3,000 | Kaiser Permanente, 5.25%, 10/1/14, Ser. B | A3/AAA | $3,179,160 | |||||||||||
5,315 | Northern California Presbyterian, 5.125%, 7/1/18 | NR/BBB+ | 5,389,888 | |||||||||||
6,250 | Infrastructure & Economic Dev. Bank Rev., Bay Area Toll Bridges, | |||||||||||||
5.00%, 7/1/36 (AMBAC) | Aaa/AAA | 6,489,125 | ||||||||||||
La Quinta Redev. Agcy., Tax Allocation (AMBAC), | ||||||||||||||
3,000 | 5.00%, 9/1/21 | Aaa/AAA | 3,148,320 | |||||||||||
10,000 | 5.10%, 9/1/31 | Aaa/AAA | 10,348,800 | |||||||||||
1,000 | 5.125%, 9/1/32 | Aaa/AAA | 1,046,930 | |||||||||||
1,515 | Lincoln Public Financing Auth. Rev., Twelve Bridges Ltd., | |||||||||||||
6.125%, 9/2/27 | NR/NR | 1,558,420 | ||||||||||||
6,250 | Los Angeles Cnty. Metropolitan Transportation Auth. Rev., | |||||||||||||
4.75%, 7/1/28, Ser. B (Pre-refunded @ $101, 7/1/09) (FSA) (a) | Aaa/AAA | 6,604,125 | ||||||||||||
Los Angeles Community Redev. Agcy., Freeway Recovery Tax Allocation, | ||||||||||||||
520 | 5.875%, 9/1/26 | NR/NR | 512,949 | |||||||||||
325 | 6.00%, 9/1/31 | NR/NR | 323,297 | |||||||||||
12,000 | Los Angeles Department of Water & Power Rev., | |||||||||||||
5.25%, 7/1/21, Ser. A-A-1 (FSA) | Aaa/AAA | 12,801,120 | ||||||||||||
3,250 | Los Angeles Unified School Dist., GO, 5.125%, 7/1/21, Ser. E (MBIA) | Aaa/AAA | 3,462,420 | |||||||||||
1,000 | Menifee Union School Dist., Special Tax, 6.40%, 9/1/31 | NR/NR | 1,022,490 | |||||||||||
Metropolitan Water Dist. of Southern California Rev., Water Works Rev., Ser. A (Pre-refunded @ $101, 1/1/08) (a) | ||||||||||||||
750 | 5.00%, 7/1/26 | Aa2/AA+ | 782,018 | |||||||||||
2,750 | 5.00%, 7/1/26 | Aa2/AAA | 2,867,398 | |||||||||||
5,820 | Montclair Redev. Agcy., Tax Allocation, 5.30%, 10/1/30 (MBIA) | Aaa/AAA | 6,237,876 | |||||||||||
Murrieta Valley Unified School Dist., Special Tax, | ||||||||||||||
195 | 6.30%, 9/1/18 | NR/NR | 202,112 | |||||||||||
3,535 | 6.50%, 9/1/31 | NR/NR | 3,664,876 | |||||||||||
6,255 | Orange Cnty. Sanitation Dist., CP, 5.25%, 2/1/30 (FGIC) | Aaa/AAA | 6,636,367 | |||||||||||
1,080 | Palm Springs Community Redev. Agcy., Tax Allocation, 5.50%, 8/1/21 | NR/A− | 1,145,275 | |||||||||||
1,010 | Pomona Unified School Dist., GO, 6.10%, 2/1/19, Ser. A (MBIA) | Aaa/AAA | 1,219,878 | |||||||||||
1,690 | Rancho Etiwanda Public Facs., Special Tax, 6.375%, 9/1/24 | NR/NR | 1,752,192 | |||||||||||
Rancho Mirage Redev. Agcy., Tax Allocation, | ||||||||||||||
1,190 | 5.50%, 4/1/24 | Baa1/BBB+ | 1,254,641 | |||||||||||
1,580 | 5.625%, 4/1/33 | Baa1/BBB+ | 1,655,571 | |||||||||||
Riverside, Improvement Board Act 1915, Special Assessment, | ||||||||||||||
500 | 6.15%, 9/2/19 | NR/NR | 520,510 | |||||||||||
1,350 | 6.375%, 9/2/26 | NR/NR | 1,422,009 | |||||||||||
8,305 | Riverside Cnty., CP, 5.125%, 11/1/30 (MBIA) | Aaa/AAA | 8,673,825 | |||||||||||
Riverside Cnty. Public Financing Auth., Tax Allocation, | ||||||||||||||
185 | 5.625%, 10/1/33 | Baa2/A | 190,633 | |||||||||||
PIMCO California Municipal Income
Fund Schedule of Investments
January 31,
2006 (unaudited) (continued)
Principal Amount (000) |
Credit
Rating (Moody's/S&P) |
Value* | ||||||||||||
$815 | 5.625%, 10/1/33 (Pre-refunded @ $102, 10/1/06) (a) | Baa2/A | $844,299 | |||||||||||
575 | Roseville, Woodcreek Community Fac. Dist. Special Tax, 6.375%, 9/1/27 | NR/NR | 615,405 | |||||||||||
Sacramento, Special Tax, | ||||||||||||||
2,945 | 5.70%, 9/1/23 | NR/NR | 3,005,520 | |||||||||||
1,350 | 6.10%, 9/1/21 | NR/NR | 1,391,000 | |||||||||||
2,560 | 6.15%, 9/1/26 | NR/NR | 2,640,102 | |||||||||||
2,000 | Sacramento Health Fac. Rev., 5.30%, 1/1/24, Ser. A (CA Mtg. Ins.) | NR/A | 2,068,040 | |||||||||||
545 | San Diego Cnty., CP, 5.25%, 10/1/28 | A2/NR | 566,577 | |||||||||||
1,000 | San Diego Cnty. Water Auth., CP, 5.00%, 5/1/32, Ser. A (MBIA) | Aaa/AAA | 1,036,180 | |||||||||||
3,330 | San Francisco Bay Area Rapid Transit Dist. Rev., | |||||||||||||
5.125%, 7/1/36 (AMBAC) | Aaa/AAA | 3,433,663 | ||||||||||||
720 | San Francisco City & Cnty. Redev. Agcy. Rev., Special Tax, | |||||||||||||
6.125%, 8/1/31 | NR/NR | 753,926 | ||||||||||||
5,065 | San Joaquin Cnty., CP, 5.00%, 9/1/20 (MBIA) | Aaa/AAA | 5,270,943 | |||||||||||
San Joaquin Hills Transportation Corridor Agcy. Toll Road Rev., Ser. A | ||||||||||||||
5,000 | zero coupon, 1/15/19 | Ba2/B | 4,602,500 | |||||||||||
5,000 | 5.50%, 1/15/28 | Ba2/B | 4,912,350 | |||||||||||
230 | San Jose, Improved Board Act of 1915, Special Assessment, | |||||||||||||
5.60%, 9/2/17, Ser. Q | NR/NR | 236,951 | ||||||||||||
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) (a) | Aaa/AAA | 5,408,350 | ||||||||||||
San Juan Unified School Dist., GO (FSA), | ||||||||||||||
9,445 | zero coupon, 8/1/22 | Aaa/AAA | 4,518,771 | |||||||||||
10,895 | zero coupon, 8/1/25 | Aaa/AAA | 4,455,292 | |||||||||||
6,110 | zero coupon, 8/1/26 | Aaa/AAA | 2,367,503 | |||||||||||
600 | Santa Ana Financing Auth. Rev., 5.60%, 9/1/19 | NR/BBB | 629,268 | |||||||||||
1,815 | Santa Clara, Central Park Library, CP, | |||||||||||||
5.00%, 2/1/32 (AMBAC) | Aaa/AAA | 1,884,369 | ||||||||||||
1,435 | Santa Maria JT Union High School Dist., GO, | |||||||||||||
5.25%, 8/1/25, Ser. A (FSA) | Aaa/AAA | 1,569,890 | ||||||||||||
500 | State Dept. of Water Rev., Central Valley Project, | |||||||||||||
5.00%, 12/1/25, Ser. AC (MBIA) | Aaa/AAA | 526,960 | ||||||||||||
Statewide Community Dev. Auth. Rev., CP, |
||||||||||||||
8,000 | 5.375%, 4/1/30 | NR/BBB | 8,036,880 | |||||||||||
2,325 | 6.50%, 7/1/20 | A3/A− | 2,549,665 | |||||||||||
5,675 | 6.50%, 7/1/20 (Pre-refunded @ $101, 7/1/08) (a) | A3/A− | 6,418,766 | |||||||||||
5,600 | Gillispie School, 6.625%, 10/1/31 | NR/NR | 5,730,312 | |||||||||||
3,000 | Health Fac., Jewish Home, 5.50%, 11/15/33 (CA St Mtg.) | NR/A | 3,201,030 | |||||||||||
15,250 | Henry Mayo Newhall Memorial Hospital, 5.125%, 10/1/30 (CA Mtg. Ins.) | NR/A | 15,555,915 | |||||||||||
PIMCO California Municipal Income
Fund Schedule of Investments
January 31,
2006 (unaudited) (continued)
Principal Amount (000) |
Credit
Rating (Moody's/S&P) |
Value* | |||||||||||||
$2,550 | St. Marks School, 6.75%, 6/1/28 | NR/NR | $2,662,812 | ||||||||||||
4,000 | Sutter Health, 5.50%, 8/15/34, Ser. B | A1/AA− | 4,182,720 | ||||||||||||
4,300 | Tehiy Day School, 6.625%, 11/1/31 | NR/NR | 4,355,384 | ||||||||||||
Tobacco Securitization Auth. Rev., Ser. A (Pre-refunded @ $100, 6/1/11) (a), | |||||||||||||||
1,500 | 5.25%, 6/1/31 | Aaa/BBB | 1,632,585 | ||||||||||||
9,300 | 5.375%, 6/1/41 | Aaa/BBB | 10,178,199 | ||||||||||||
1,650 | Town of Apple Valley, CP, 5.375%, 6/1/21 (CA Mtg. Ins.) | NR/A | 1,752,778 | ||||||||||||
Tustin Unified School Dist., Special Tax, | |||||||||||||||
2,345 | 5.50%, 9/1/22 | NR/NR | 2,360,758 | ||||||||||||
2,520 | 5.60%, 9/1/29 | NR/NR | 2,556,364 | ||||||||||||
2,000 | 5.625%, 9/1/32 | NR/NR | 2,026,340 | ||||||||||||
Univ. Rev., | |||||||||||||||
10,000 | 5.00%, 5/15/36, Ser. A (AMBAC) | Aaa/AAA | 10,357,200 | ||||||||||||
7,000 | 5.125%, 9/1/31, Ser. O (FGIC) | Aaa/AAA | 7,339,640 | ||||||||||||
3,750 | West Kern Cnty. Water Dist., CP, | ||||||||||||||
5.625%, 6/1/31 (Pre-refunded @ $101, 6/1/10) (a) | Baa2/NR | 4,110,600 | |||||||||||||
Total California Municipal Bonds & Notes (cost–$331,681,559) | 356,095,359 | ||||||||||||||
OTHER MUNICIPAL BONDS & NOTES–8.7% |
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Alabama–0.6% | |||||||||||||||
2,900 | Daphne Special Care Facs. Financing Auth. Rev., | ||||||||||||||
zero coupon, 8/15/28 (Pre-refunded @ $100, 8/15/08) (a) | Aaa/AAA | 2,599,821 | |||||||||||||
Illinois–1.4% | |||||||||||||||
Educational Facs. Auth. Rev., Univ. of Chicago, | |||||||||||||||
5,260 | 5.00%, 7/1/33 | Aa1/AA | 5,437,367 | ||||||||||||
240 | 5.00%, 7/1/33 (Pre-refunded @ $100, 7/1/13)(a) | Aa1/AA | 260,218 | ||||||||||||
5,697,585 | |||||||||||||||
Iowa–2.0% | |||||||||||||||
8,700 | Tobacco Settlement Auth. of Iowa Rev.,
zero coupon, 6/1/34, Ser. B |
Baa3/BBB | 7,972,419 | ||||||||||||
Louisiana–0.4% | |||||||||||||||
1,750 | Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. 2001-B | Baa3/BBB | 1,846,985 | ||||||||||||
New Jersey–1.6% | |||||||||||||||
Tobacco Settlement Financing Corp. Rev., | |||||||||||||||
1,685 | 6.00%, 6/1/37 | Baa3/BBB | 1,756,747 | ||||||||||||
2,210 | 6.125%, 6/1/42 | Baa3/BBB | 2,318,842 | ||||||||||||
2,315 | 6.375%, 6/1/32 | Baa3/BBB | 2,537,819 | ||||||||||||
6,613,408 | |||||||||||||||
PIMCO California Municipal Income
Fund Schedule of Investments
January 31,
2006 (unaudited) (continued)
Principal Amount (000) |
Credit
Rating (Moody's/S&P) |
Value* | |||||||||||||
New York–0.6% | |||||||||||||||
$2,000 | State Dormitory Auth. Rev., Hospital, 6.25%, 8/15/15 (FHA) | Aa2/AAA | $2,296,060 | ||||||||||||
Puerto Rico–1.6% | |||||||||||||||
Electric Power Auth., Power Rev., | |||||||||||||||
1,250 | 5.125%, 7/1/29, Ser. NN | A3/A− | 1,293,937 | ||||||||||||
5,000 | 5.25%, 7/1/29, Ser. HH (FSA) | Aaa/AAA | 5,342,500 | ||||||||||||
6,636,437 | |||||||||||||||
Rhode Island–0.4% | |||||||||||||||
1,500 | Tobacco Settlement Financing Corp. Rev., 6.125%, 6/1/32, Ser. A | Baa3/BBB | 1,569,765 | ||||||||||||
South Carolina–0.1% | |||||||||||||||
340 | Tobacco Settlement Rev. Management Auth. Rev., | ||||||||||||||
6.375%, 5/15/30, Ser. B | Baa3/BBB | 379,080 | |||||||||||||
Total Other Municipal Bonds & Notes (cost–$32,982,375) | 35,611,560 | ||||||||||||||
CALIFORNIA VARIABLE RATE NOTES (b)(c)(d)–2.2% |
|||||||||||||||
1,000 | Los Angeles Department of Water & Power Rev., | ||||||||||||||
10.78%, 7/1/30, Ser. 1243 (FSA) | Aaa/AAA | 1,060,400 | |||||||||||||
4,001 | Los Angeles Wastewater System Rev., 12.00%, 6/1/28, Ser. 318 (FGIC) | Aaa/NR | 4,532,933 | ||||||||||||
1,000 | Sacramento Cnty. Sanitation Dist. Rev., | ||||||||||||||
11.797%, 8/1/13, Ser. 1034, (MBIA) | Aa/AAA | 1,234,750 | |||||||||||||
2,000 | Univ. Rev., 10.75%, 5/15/35, Ser. 1119 (FSA) | NR/AAA | 2,094,800 | ||||||||||||
Total California Variable Rate Notes (cost–$8,160,764) | 8,922,883 | ||||||||||||||
CALIFORNIA VARIABLE RATE DEMAND NOTES (d)(e)−1.4% |
|||||||||||||||
5,600 | State of California, Daily Kindergarden Univ., GO, | ||||||||||||||
3.07%, 2/1/06 (cost–$5,600,000) | VMIG1/A-1+ | 5,600,000 | |||||||||||||
U.S. TREASURY BILLS (f)–0.3% |
|||||||||||||||
1,085 | 3.82%-3.90%, 3/2/06-3/16/06 (cost–$1,080,064) | 1,080,064 | |||||||||||||
Total Investments before options
written (cost–$379,504,762)–100.0% |
407,309,866 | ||||||||||||||
OPTIONS WRITTEN (g)–(0.0)% |
|||||||||||||||
Contracts | |||||||||||||||
Call Options–(0.0)% | |||||||||||||||
U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade, | |||||||||||||||
121 | strike price $110, expires 2/24/06 | (7,563) | |||||||||||||
175 | strike price $111, expires 2/24/06 | (2,734) | |||||||||||||
(10,297) | |||||||||||||||
PIMCO California Municipal Income
Fund Schedule of Investments
January 31,
2006 (unaudited) (concluded)
Contracts | Value* | |||||||||||||
Put Options–(0.0)% | ||||||||||||||
U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade, | ||||||||||||||
119 | strike price $106, expires 2/24/06 | $(3,719) | ||||||||||||
175 | strike price $107, expires 2/24/06 | (19,140) | ||||||||||||
(22,859) | ||||||||||||||
Total Options Written (premiums received–$189,818) | (33,156) | |||||||||||||
Total Investments net of options written (cost–$379,314,944)–100.0% | $407,276,710 | |||||||||||||
Notes to the 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 may be 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 uses 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 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 on each day the exchange is open for business. |
(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. |
(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. |
(c) | Residual Interest Municipal Bonds ("RIBS")/Residual Interest/Tax Exempt Bond ("RITES") — The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index. |
(d) | 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 January 31, 2006. |
(e) | Maturity date shown is date of next put. |
(f) | All or partial amount segregated as initial margin on futures contracts. |
(g) | Non-income producing. |
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 January 31, 2006: |
Type | Notional Amount (000) |
Expiration Date |
Unrealized Appreciation |
|||||||||||||||
Long: | U.S. Treasury Bonds, March 2006 | $ | 200 | 3/22/06 | $ | 50,594 | ||||||||||||
U.S. Treasury Notes 10 yr. Futures, March 2006 | 290 | 3/22/06 | 16,781 | |||||||||||||||
Short: | U.S. Treasury Notes 5 yr. Futures, March 2006 | (731 | ) | 3/22/06 | 536,828 | |||||||||||||
$ | 604,203 | |||||||||||||||||
(2) | Transactions in options written for the period ended January 31, 2006: |
Contracts | Premiums | |||||||||
Options outstanding, April 30, 2005 | 1,779 | $ | 1,566,403 | |||||||
Options written | 5,212 | 2,812,540 | ||||||||
Options expired | (2,958 | ) | (1,624,078 | ) | ||||||
Options terminated in closing transactions | (3,443 | ) | (2,565,047 | ) | ||||||
Options outstanding, January 31, 2006 | 590 | $ | 189,818 | |||||||
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.
(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 California Municipal Income
Fund
By /s/ Brian S. Shlissel
President & Chief Executive
Officer
Date: March 24, 2006
By /s/ Lawrence
G. Altadonna
Treasurer, Principal Financial & Accounting
Officer
Date: March 24, 2006
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 24, 2006
By /s/ Lawrence G. Altadonna
Treasurer, Principal
Financial & Accounting Officer
Date: March 24, 2006