N-Q
     
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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, NY 10105
 
    
Name and Address of Agent for Service:
  Lawrence G. Altadonna
1345 Avenue of the Americas,
New York, NY 10105
 
    
Registrant’s telephone number, including area code:
  212-739-3371
 
    
Date of Fiscal Year End:
  April 30, 2009
 
    
Date of Reporting Period:
  January 31, 2009
Form N-Q is to be used by management investment companies, other than small business investment companies 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 30b1-5 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 Income Fund Schedule of Investments
January 31, 2009 (unaudited)
                     
Principal                
Amount         Credit Rating      
(000)         (Moody’s/S&P)   Value*  
 
CALIFORNIA MUNICIPAL BONDS & NOTES—89.1%            
$ 1,385    
Alvord Unified School Dist., GO, 5.375%, 8/1/29, Ser. C (FSA)
   Aa3/NR   $ 1,411,301  
       
Assoc. of Bay Area Gov’t Finance Auth. Rev.,
            
  1,000    
Channing House, CP, 5.375%, 2/15/19
   NR/BBB-     787,830  
  1,000    
Poway Housing, 5.375%, 11/15/25 (CA Mtg. Ins.)
   NR/A+     934,870  
  10,000    
Bay Area Toll Auth. Rev., 5.00%, 4/1/34, Ser. F1
   Aa3/NR     9,478,700  
  2,250    
Capistrano Unified School Dist., Special Tax, 5.75%, 9/1/29,
(Pre-refunded @ $102, 9/1/09) (c)
   NR/NR     2,363,692  
  5,250    
Central JT Powers Health Financing Auth. Rev., CP, 5.75%, 2/1/31,
(Pre-refunded @ $101, 2/1/11) (c)
   Baa2/AAA     5,783,190  
       
Contra Costa Cnty. Public Financing Auth., Tax Allocation,
            
  2,150    
5.125%, 8/1/19
   NR/BBB     2,079,716  
  350    
5.85%, 8/1/33
   NR/NR     307,730  
  4,650    
5.85%, 8/1/33, (Pre-refunded @ $100, 8/1/13) (c)
   NR/BBB     5,496,579  
  1,250    
CSUCI Financing Auth. Rev.,
5.00%, 9/1/31, Ser. A, (Pre-refunded @ $100, 9/1/11) (MBIA) (c)
   Baa1/AA     1,367,400  
  3,635    
Cucamonga Cnty. Water Dist. Rev., CP,
5.125%, 9/1/35 (MBIA-FGIC)
   NR/AA-     3,226,826  
  5,000    
Desert Community College Dist., GO, 5.00%, 8/1/37, Ser. C (FSA)
   Aa3/AAA     4,759,550  
  6,300    
Eastern Municipal Water Dist., CP, 5.00%, 7/1/35, Ser. H
   Aa3/AA     5,746,545  
       
Educational Facs. Auth. Rev. (i),
            
  10,200    
Claremont McKenna College, 5.00%, 1/1/39
   Aa2/NR     9,597,486  
  10,000    
Univ. of Southern California, 5.00%, 10/1/39, Ser. A
   Aa1/AA+     9,769,300  
  2,000    
El Dorado Irrigation Dist. & El Dorado Water Agcy., CP, 5.75%, 8/1/39, Ser. A (e)
   Aa2/AAA     1,971,700  
       
El Monte, CP (AMBAC),
            
  10,790    
4.75%, 6/1/30
   A3/A+     9,042,236  
  14,425    
5.25%, 1/1/34
   A3/A     12,588,842  
       
Fremont Community Dist., Special Tax,
            
  165    
6.00%, 9/1/18
   NR/NR     139,488  
  505    
6.00%, 9/1/19
   NR/NR     412,656  
  3,500    
6.30%, 9/1/31
   NR/NR     2,625,665  
       
Golden State Tobacco Securitization Corp. Rev.,
            
  9,000    
5.00%, 6/1/33, Ser. A-1
   Baa3/BBB     5,540,040  
  2,000    
5.00%, 6/1/35, Ser. A (FGIC)
   A2/A     1,560,760  
  6,000    
5.00%, 6/1/38, Ser. A (FGIC)
   A2/A     4,627,920  
  1,600    
5.00%, 6/1/45 (AMBAC-TCRS)
   A2/A     1,196,208  
  16,330    
6.25%, 6/1/33, Ser. A-1
   Aaa/AAA     18,030,770  
  10,155    
6.75%, 6/1/39, Ser. A-1, (Pre-refunded @ $100, 6/1/13) (c)
   NR/AAA     12,106,486  
  540    
7.875%, 6/1/42, Ser. A-3, (Pre-refunded @ $100, 6/1/13) (c)
   Aaa/AAA     668,768  
  4,565    
Health Facs. Finance Auth. Rev.,
           
       
Adventist Health System, 5.00%, 3/1/33
   NR/A     3,572,386  
       
Catholic Healthcare West,
            
  1,980    
5.00%, 7/1/18
   A2/A     1,885,970  
  875    
5.00%, 7/1/28
   A2/A     717,798  
  3,000    
Kaiser Permanente, 5.25%, 10/1/14, Ser. B
   NR/AAA     3,041,160  
  5,315    
Northern California Presbyterian, 5.125%, 7/1/18
   NR/BBB+     4,272,250  
  6,250    
Infrastructure & Economic Dev. Bank Rev., Bay Area Toll Bridges,
5.00%, 7/1/36, (Pre-refunded @ $100, 1/1/28) (AMBAC) (c)
   Aaa/AAA     7,118,188  
       
La Quinta Redev. Agcy., Tax Allocation (AMBAC),
            
  3,000    
5.00%, 9/1/21
   Baa1/A+     2,732,130  
  10,000    
5.10%, 9/1/31
   Baa1/A+     7,384,400  
  1,000    
5.125%, 9/1/32
   Baa1/A+     753,410  

 

 

PIMCO California Municipal Income Fund Schedule of Investments
January 31, 2009 (unaudited)
                     
Principal                
Amount         Credit Rating      
(000)         (Moody’s/S&P)   Value*  
 
$ 1,495    
Lincoln Public Financing Auth. Rev.,
Twelve Bridges Ltd., 6.125%, 9/2/27
   NR/NR   $ 1,176,595  
  3,900    
Long Beach Bond Finance Auth. Rev., 5.50%, 11/15/37, Ser. A
   A2/A     2,903,550  
       
Los Angeles Department of Water & Power Rev.,
            
  5,000    
4.75%, 7/1/30, Ser. A-2 (FSA) (i)
   Aaa/AAA     4,693,850  
  3,000    
5.375%, 7/1/34, Ser. A (e)
   NR/NR     3,010,140  
  7,000    
5.375%, 7/1/38, Ser. A (e)
   NR/NR     6,984,250  
  2,900    
Municipal Finance Auth. Rev., Biola Univ., 5.875%, 10/1/34
   Baa1/NR     2,209,394  
  195    
Murrieta Valley Unified School Dist., Special Tax, 6.30%, 9/1/18,
(Pre-refunded @ $102, 9/1/09) (c)
   NR/NR     205,468  
  1,080    
Palm Springs Community Redev. Agcy., Tax Allocation,
5.50%, 8/1/21
   NR/A     1,113,124  
  1,690    
Rancho Etiwanda Public Facs., Special Tax,
6.375%, 9/1/24, (Pre-refunded @ $102, 3/1/10) (c)
   NR/NR     1,828,580  
       
Riverside, Improvement Board Act 1915, Special Assessment,
            
  500    
6.15%, 9/2/19
   NR/NR     420,570  
  1,350    
6.375%, 9/2/26
   NR/NR     1,085,292  
  8,305    
Riverside Cnty., CP, 5.125%, 11/1/30 (MBIA)
   A2/AA     8,149,530  
  545    
San Diego Cnty., CP, 5.25%, 10/1/28
   A2/NR     502,272  
       
San Diego Cnty. Water Auth. Rev., CP, Ser. A,
            
  1,000    
5.00%, 5/1/32 (MBIA)
   Aa3/AA+     958,810  
  6,250    
5.00%, 5/1/38 (FSA)
   Aa3/AAA     6,026,312  
  5,000    
San Diego Unified School Dist., GO, 4.75%, 7/1/27, Ser. D-2 (FSA)
   Aa2/AAA     4,833,000  
       
San Francisco Bay Area Transit Financing Auth. Rev. (AMBAC),
            
  880    
5.125%, 7/1/36
   Aa3/AA+     881,038  
  2,450    
5.125%, 7/1/36, (Pre-refunded @ $100, 7/1/11) (c)
   Aa3/AA+     2,688,018  
  720    
San Francisco City & Cnty. Redev. Agcy. Rev., Special Tax,
6.125%, 8/1/31
   NR/NR     524,448  
  5,065    
San Joaquin Cnty.,
CP, 5.00%, 9/1/20 (MBIA)
   A2/AA     4,831,909  
       
San Joaquin Hills Transportation Corridor Agcy. Toll Road Rev., Ser. A,
            
  5,000    
5.50%, 1/15/28
   Ba2/BB-     3,495,000  
  5,000    
5.70%, 1/15/19
   Ba2/BB-     4,236,250  
  230    
San Jose, Improvement Board Act 1915, Special Assessment,
5.60%, 9/2/17, Ser. Q
   NR/NR     199,334  
  600    
Santa Ana Financing Auth. Rev.,
5.60%, 9/1/19
   NR/BBB     605,904  
  1,815    
Santa Clara, CP, 5.00%, 2/1/32 (AMBAC)
   Aa3/AA-     1,764,253  
  1,300    
Santa Cruz County Redevelopment Agency, 7.00%, 9/1/36 (e)
   NR/NR     1,302,782  
       
State, GO,
            
  5,885    
5.00%, 9/1/35
   A1/A+     5,260,660  
  3,300    
5.00%, 12/1/37
   A1/A+     2,932,380  
       
Statewide Communities Dev. Auth. Rev.,
            
  900    
Baptist Univ., 5.50%, 11/1/38, Ser. A
   NR/NR     530,109  
  1,000    
Catholic Healthcare West, 5.50%, 7/1/31, Ser. D
   A2/A     892,780  
  2,325    
Catholic West, CP, 6.50%, 7/1/20,
(Pre-refunded @ $101, 7/1/10) (c)
   A2/NR     2,524,043  
  5,320    
Gross-Gillispie School, 6.625%, 10/1/31
   NR/NR     3,999,948  
  15,250    
Henry Mayo Newhall Memorial Hospital,
5.125%, 10/1/30 (CA Mtg. Ins.)
   NR/A+     12,994,525  
  8,000    
Internext Group, CP, 5.375%, 4/1/30
   NR/BBB     5,053,600  
  3,000    
Jewish Home, 5.50%, 11/15/33 (CA St. Mtg.)
   NR/A+     2,636,310  
  1,000    
Kaiser Permanente, 5.25%, 3/1/45, Ser. B
   NR/A+     813,340  
       
Methodist Hospital (FHA) (e),
            
  2,100    
6.625%, 8/1/29
   Aa2/AA     2,153,424  
  7,700    
6.75%, 2/1/38
   Aa2/AA     7,891,807  

 

 

PIMCO California Municipal Income Fund Schedule of Investments
January 31, 2009 (unaudited)
                     
Principal                
Amount         Credit Rating      
(000)         (Moody’s/S&P)   Value*  
 
$ 3,200    
St. Joseph, 5.75%, 7/1/47, Ser. A (FGIC)
   Aa3/AA-   $ 2,992,448  
  2,380    
St. Marks School, 6.75%, 6/1/28 (a)(b)
   NR/NR     2,264,451  
  4,000    
Sutter Health, 5.50%, 8/15/34, Ser. B
   Aa3/AA-     3,795,240  
  910    
Windrush School, 5.50%, 7/1/37
   NR/NR     588,297  
  2,000    
Turlock, Emanuel Medical Center, CP,
5.50%, 10/15/37, Ser. B
   NR/BBB     1,310,120  
       
Tustin Unified School Dist., Special Tax,
            
  2,345    
5.50%, 9/1/22
   NR/NR     1,786,093  
  2,520    
5.60%, 9/1/29
   NR/NR     1,779,422  
  2,000    
5.625%, 9/1/32
   NR/NR     1,367,120  
       
Univ. Rev.,
            
  8,000    
4.75%, 5/15/35, Ser. 1119 (FSA) (i)
   Aaa/AAA     7,194,000  
  10,000    
5.00%, 5/15/36, Ser. A (AMBAC)
   Aa1/AA     9,823,900  
  3,750    
West Kern Cnty. Water Dist., CP,
5.625%, 6/1/31, (Pre-refunded @ $101, 6/1/10) (c)
   Baa2/NR     4,026,638  
       
 
          
       
Total California Municipal Bonds & Notes (cost—$332,108,311)
         316,340,274  
       
 
          
       
 
            
OTHER MUNICIPAL BONDS & NOTES—5.0%            
       
Illinois—1.5%
            
  5,260    
Educational Facs. Auth. Rev., Univ. of Chicago,
5.00%, 7/1/33
   Aa1/AA     5,150,855  
       
 
          
       
 
            
       
Iowa—1.5%
            
  8,700    
Tobacco Settlement Auth. of Iowa Rev., 5.60%, 6/1/34, Ser. B
   Baa3/BBB     5,328,054  
       
 
          
       
 
            
       
Louisiana—0.3%
            
  1,750    
Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. B
   Baa3/BBB     1,127,175  
       
 
          
       
 
            
       
New Jersey—1.5%
            
       
Tobacco Settlement Financing Corp. Rev.,
            
  2,210    
6.125%, 6/1/42, (Pre-refunded @ $100, 6/1/12) (c)
   Aaa/AAA     2,548,042  
  2,315    
6.375%, 6/1/32
   Aaa/AAA     2,676,163  
       
 
          
       
 
         5,224,205  
       
 
          
       
 
            
       
New York—0.1%
            
  450    
New York City Municipal Water Finance Auth. Rev., 5.00%, 6/15/37, Ser. 3240 (i)
   Aa2/AAA     432,567  
       
 
          
       
 
            
       
South Carolina—0.1%
            
  340    
Tobacco Settlement Rev. Management Auth. Rev.,
6.375%, 5/15/30, Ser. B
   Baa3/BBB     388,960  
       
 
          
       
Total Other Municipal Bonds & Notes (cost—$20,464,007)
         17,651,816  
       
 
          
       
 
            
CORPORATE BONDS & NOTES (h)—2.2%            
  7,800    
American General Finance Corp.,
4.625%, 9/1/10
   Baa1/BBB     4,633,434  
  3,500    
CIT Group, Inc., 5.80%, 7/28/11
   Baa2/BBB+     2,924,033  
  500    
International Lease Finance Corp., 2.373%, 5/24/10, FRN
   Baa1/BBB+     414,614  
       
 
          
       
Total Corporate Bonds & Notes (cost—$7,817,152)
         7,972,081  
       
 
          
       
 
            
CALIFORNIA VARIABLE RATE NOTES (a)(f)—0.4%            
  1,670    
Sacramento Cnty. Sanitation Dist. Rev.,
11.928%, 8/1/13, Ser. 1034 (MBIA) (cost—$1,873,046)
   NR/AA     1,528,851  
       
 
          

 

 

PIMCO California Municipal Income Fund Schedule of Investments
January 31, 2009 (unaudited)
                     
Principal                
Amount         Credit Rating      
(000)         (Moody’s/S&P)   Value*  
 
OTHER VARIABLE RATE NOTES (a)(d)(f)—1.4%            
       
Illinois—1.4%
            
$ 6,670    
Chicago Water Supply System Rev.,
4.49%, 5/1/14, Ser. 1419 (AMBAC) (cost—$6,988,864)
   NR/A   $ 4,794,996  
       
 
          
       
 
            
SHORT-TERM INVESTMENTS—1.9%            
Corporate Bonds & Notes (h)—1.5%            
       
American General Finance Corp.,
            
  1,200    
1.785%, 10/2/09
   Baa1/BBB     946,910  
  900    
4.625%, 5/15/09
   Baa1/BBB     821,958  
  3,400    
CIT Group, Inc., 4.125%, 11/3/09
   Baa1/BBB+     3,197,962  
  400    
International Lease Finance Corp., 1.494%, 1/15/10, FRN
   Baa1/BBB+     353,375  
       
 
          
       
Total Corporate Bonds & Notes (cost—$5,192,717)
         5,320,205  
       
 
          
       
 
            
U.S. Treasury Bills (g)—0.4%            
  1,490    
0.10%-0.12%, 2/12/09-2/26/09 (cost—$1,489,955)
         1,489,955  
       
 
          
       
Total Short-term Investments (cost—$6,682,672)
         6,810,160  
       
 
          
       
Total Investments (cost—$375,934,052)—100.0%
       $ 355,098,178  
       
 
          

 

 

Notes to Schedule of Investments:
 
*   Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.
 
    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 procedures established by the Board of Trustees, or persons acting at their discretion pursuant to procedures 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 by using the last sale price on the exchange that is the primary market for such securities, or the last 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. Prices obtained from 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, futures and options on 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. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily until settlement at the forward settlement date. 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 and these differences could be material. The Fund’s net asset value is normally 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)   Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $8,588,298, representing 2.42% of total investments.
 
(b)   Illiquid security.
 
(c)   Pre-refunded bonds are collateralized by U.S. Government or other eligible securities which are held in escrow and used to pay principal and interest and retire the bonds at the earliest refunding date (payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate).
 
(d)   144A Security—Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
 
(e)   When-issued or delayed-delivery security. To be delivered after January 31, 2009.
 
(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 January 31, 2009.
 
(g)   All or partial amount segregated as collateral for swaps.
 
(h)   All or partial amount segregated as collateral for reverse repurchase agreements.
 
(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
FRN—Floating Rate Note. The interest rate disclosed reflects the rate in effect on January 31, 2009.
FSA—insured by Financial Security Assurance, Inc.
GO—General Obligation Bond
MBIA—insured by Municipal Bond Investors Assurance
NR—Not Rated
TCRS—Temporary Custodian Receipts

 

 

Other Investments:
(1) Transactions in options written for the nine months ended January 31, 2009:
                 
    Contracts   Premiums
 
Options outstanding, April 30, 2008
     208     $ 169,915  
Options expired
     (208 )     (169,915 )
     
Options outstanding, January 31, 2009
     —     $ —  
     
(2) Interest rate swap agreements outstanding at January 31, 2009:
                                                         
                    Rate Type           Upfront    
    Notional Amount   Termination   Payments Made   Payments Received   Market   Premiums   Unrealized
Swap Counterparty   (000)   Date   by Fund   by Fund   Value   Received   Appreciation
 
Citigroup
   $ 13,900       6/17/24       4.00 %   3-Month USD-LIBOR   $ (954,269 )   $ (1,681,344 )   $ 727,075  
                                     
 
LIBOR — London Inter-bank Offered Rate
(3) Open reverse repurchase agreements at January 31, 2009:
                                         
Counterparty   Rate   Trade Date   Maturity Date   Principal & Interest   Par
 
Barclays Bank
     0.90 %     1/23/09       1/26/09     $ 9,095,364     $ 9,094,000  
 
     0.90 %     1/28/09       3/2/09       1,767,133       1,767,000  
Credit Suisse First Boston
     1.125 %     1/6/09       2/6/09       612,478       612,000  
 
                                        
 
                                   $ 11,473,000  
 
                                        
Collateral for open reverse repurchase agreements at January 31, 2009 as reflected in the Schedule of Investments:
                                 
                            Market  
Counterparty   Description   Rate     Maturity Date   Par     Value  
 
Barclays Bank
   American General Finance Corp.     1.785 %   10/2/09   $ 1,200,000     $ 946,910  
 
   American General Finance Corp.     4.625 %   5/15/09     900,000       821,958  
 
   American General Finance Corp.     4.625 %   9/1/10     7,800,000       4,633,434  
 
   CIT Group, Inc.     4.125 %   11/3/09     3,400,000       3,197,962  
 
   CIT Group, Inc.     5.80 %   7/28/11     3,500,000       2,924,033  
Credit Suisse First Boston
   International Lease Finance Corp.     1.494 %   1/15/10     400,000       353,375  
 
   International Lease Finance Corp.     2.373 %   5/24/10     500,000       414,614  
 
                              
 
                           $ 13,292,286  
 
                              
The Fund received $134,622 in U.S. government agency securities as collateral for reverse repurchase agreements.

 

 

Fair Value Measurements—Effective May 1, 2008, the Fund adopted FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”). This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of the fair value measurements. Under this standard, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants. The three levels of the fair value hierarchy under SFAS 157 are described below:
  •   Level 1 — quoted prices in active markets for identical investments that the Fund has the ability to access.
 
  •   Level 2 — valuations based on other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.), or quotes from inactive exchanges.
 
  •   Level 3 — valuations based on significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The valuation techniques used by the Fund to measure fair value during the nine months ended January 31, 2009 maximized the use of observable inputs and minimized the use of unobservable inputs.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used at January 31, 2009 in valuing the Fund’s investments carried at value:
                 
            Other  
    Investments in     Financial  
Valuation Inputs   Securities     Instruments  
 
Level 1 — Quoted Prices
   $ —     $ —  
Level 2 — Other Significant Observable Inputs
     355,098,178       727,075  
Level 3 — Significant Unobservable Inputs
     —       —  
 
            
Total
   $ 355,098,178     $ 727,075  
 
            

 

 

Item 2. Controls and Procedures
(a) The registrant’s President & Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a -3(c))), 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 over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -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: March 26, 2009
         
By   /s/ Lawrence G. Altadonna      
  Treasurer, Principal Financial & Accounting Officer     
Date: March 26, 2009
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 dates indicated.
         
By   /s/ Brian S. Shlissel      
  President & Chief Executive Officer     
Date: March 26, 2009
         
By   /s/ Lawrence G. Altadonna      
  Treasurer, Principal Financial & Accounting Officer     
Date: March 26, 2009