OMB
APPROVAL
OMB Number: 3235-0578 Expires: February 28, 2006 Estimated average burden hours per response: 20.0 |
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: 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: 4/30/06
Date of Reporting Period: 7/31/05
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 Income Fund Schedule of Investments
July 31, 2005 (unaudited)
Principal Amount (000) |
|
Credit
Rating (Moody's/S&P) |
Value* | ||||||||||||
|
|
|
|
||||||||||||
CALIFORNIA
MUNICIPAL BONDS &
NOTES—88.2%
|
|||||||||||||||
|
ABAG Finance Auth. for Nonprofit Corps., |
|
|
||||||||||||
|
$ | 1,000 | CP, 5.375%, 2/15/19 | NR/BBB+ | $1,058,180 | ||||||||||
|
1,000 | Rev., 5.375%, 11/15/25 (CA Mtg. Ins.) | NR/A | 1,057,500 | |||||||||||
|
1,385 | Alvord Unified School District, GO, 5.375%, 8/1/29, Ser. C (FSA) | Aaa/NR | 1,428,046 | |||||||||||
|
6,405 | Campbell Union High School District, GO, 5.50%, 8/1/30 (FSA) | Aaa/NR | 6,947,568 | |||||||||||
|
2,250 |
Capistrano Unified School District, Special Tax, 5.75%,
9/1/29 (Pre-refunded @ 102, 9/1/09) (b) |
NR/NR | 2,511,787 | |||||||||||
|
Carson, Improvement Board Act 1915, Special Assessment, |
|
|
||||||||||||
|
3,250 | 6.35%, 9/2/23 | NR/NR | 3,356,437 | |||||||||||
|
5,000 | 6.375%, 9/2/31 | NR/NR | 5,163,950 | |||||||||||
|
5,250 | Central JT Powers Health Financing Auth., CP, 5.75%, 2/1/31 | Baa2/BBB- | 5,407,395 | |||||||||||
|
4,140 | Charter Oak Unified School District, GO, 5.00%, 7/1/28, Ser. B (FSA) | Aaa/AAA | 4,363,684 | |||||||||||
|
Contra Costa Cnty. Public Financing Auth., Tax Allocation, |
|
|
||||||||||||
|
2,150 | 5.125%, 8/1/19 | NR/BBB | 2,241,698 | |||||||||||
|
600 | 5.125%, 8/1/19 (Pre-refunded @ 102, 8/1/09) (b) | NR/BBB | 654,744 | |||||||||||
|
5,000 | 5.85%, 8/1/33 | NR/BBB | 5,334,900 | |||||||||||
|
2,750 | CSUCI Financing Auth. Rev., 5.00%, 9/1/31, Ser. A (MBIA) | Aaa/AAA | 2,850,430 | |||||||||||
|
3,635 | Cucamonga Cnty. Water District, CP, 5.125%, 9/1/35 (FGIC) | Aaa/AAA | 3,818,458 | |||||||||||
|
1,775 | Educational Facs. Auth. Rev., zero coupon, 9/1/10 (AMBAC) | Aaa/AAA | 1,491,248 | |||||||||||
|
El Monte, CP (AMBAC), |
|
|
||||||||||||
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10,790 | 4.75%, 6/1/30 | Aaa/AAA | 10,937,391 | |||||||||||
|
14,425 | 5.25%, 1/1/34 | Aaa/AAA | 15,265,256 | |||||||||||
|
Foothill/Eastern Corridor Agcy. Rev., Toll Road Rev., |
|
|
||||||||||||
|
5,000 | zero coupon, 1/15/33 | Baa3/BBB- | 988,150 | |||||||||||
|
5,000 | zero coupon, 1/15/34 | Baa3/BBB- | 928,800 | |||||||||||
|
Fremont Community District, Special Tax, |
|
|
||||||||||||
|
165 | 6.00%, 9/1/18 | NR/NR | 170,927 | |||||||||||
|
505 | 6.00%, 9/1/19 | NR/NR | 521,549 | |||||||||||
|
3,500 | 6.30%, 9/1/31 | NR/NR | 3,619,455 | |||||||||||
|
Golden State Tobacco Securitization Corp., Tobacco Settlement Rev., |
|
|
||||||||||||
|
17,500 | 6.25%, 6/1/33, Ser. 2003-A-1 | Baa3/BBB | 19,500,425 | |||||||||||
|
10,155 | 6.75%, 6/1/39, Ser. 2003-A-1 | Baa3/BBB | 11,683,835 | |||||||||||
|
540 | 7.875%, 6/1/42, Ser. A-3 | Baa3/BBB | 667,116 | |||||||||||
|
Health Facs. Financing Auth. Rev., |
|
|
||||||||||||
|
2,110 | 5.00%, 7/1/18 | Baa1/A- | 2,169,734 | |||||||||||
|
1,000 | 5.00%, 7/1/28, Ser. A | Baa1/A- | 1,009,050 | |||||||||||
|
5,315 | 5.125%, 7/1/18 | NR/BBB+ | 5,414,656 | |||||||||||
|
3,000 | 5.25%, 10/1/14, Ser. B | A3/AAA | 3,227,430 | |||||||||||
|
6,250 | Infrastructure & Economic Dev. Bank Rev., 5.00%, 7/1/36 (AMBAC) | Aaa/AAA | 6,566,187 | |||||||||||
|
La Quinta Redevelopment Agcy., Tax Allocation (AMBAC), |
|
|
||||||||||||
|
3,000 | 5.00%, 9/1/21 | Aaa/AAA | 3,169,170 | |||||||||||
|
10,000 | 5.10%, 9/1/31 | Aaa/AAA | 10,481,600 | |||||||||||
|
1,000 | 5.125%, 9/1/32 | Aaa/AAA | 1,058,350 | |||||||||||
|
1,525 | Lincoln Public Financing Auth. Rev., 6.125%, 9/2/27 | NR/NR | 1,576,789 | |||||||||||
|
6,250 | Los Angeles Cnty. Metropolitan Transportation Auth. Rev., Sales Tax Rev., 4.75%, 7/1/28, Ser. B (FSA) | Aaa/AAA | 6,339,938 |
1
Principal Amount (000) |
|
Credit
Rating (Moody's/S&P) |
Value* | ||||||||||||
CALIFORNIA MUNICIPAL BONDS
& NOTES—(continued)
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Los Angeles Community Redevelopment Agcy., Tax Allocation, |
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|
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$ | 520 | 5.875%, 9/1/26 | NR/NR | $516,552 | ||||||||||
|
325 | 6.00%, 9/1/31 | NR/NR | 325,536 | |||||||||||
|
3,250 | Los Angeles Unified School District, GO, 5.125%, 7/1/21, Ser. E (MBIA) | Aaa/AAA | 3,474,835 | |||||||||||
|
13,000 | Los Angeles Water & Power Rev., 5.25%, 7/1/21, Ser. A-A-1 (FSA) | Aaa/AAA | 13,939,380 | |||||||||||
|
1,000 | Menifee Union School District, Special Tax, 6.40%, 9/1/31 | NR/NR | 1,020,590 | |||||||||||
|
2,665 | Merced Irrigation District Electric System Rev., 6.50%, 9/1/22 | Baa3/NR | 2,721,365 | |||||||||||
|
Metropolitan Water District of Southern California
Rev., Water Works Rev., Ser. A (b) |
|
|
||||||||||||
|
750 | 5.00%, 7/1/26 (Pre-refunded @ 101, 1/1/08) | Aa2/AA+ | 794,303 | |||||||||||
|
2,750 | 5.00%, 7/1/26 (Pre-refunded @ 101, 1/1/08) | Aa2/AAA | 2,912,443 | |||||||||||
|
5,820 | Montclair Redevelopment Agcy., Tax Allocation, 5.30%, 10/1/30 (MBIA) | Aaa/AAA | 6,301,198 | |||||||||||
|
Murrieta Valley Unified School District, Special Tax, |
|
|
||||||||||||
|
195 | 6.30%, 9/1/18 | NR/NR | 203,161 | |||||||||||
|
3,535 | 6.50%, 9/1/31 | NR/NR | 3,687,571 | |||||||||||
|
6,255 | Orange Cnty. Sanitation District, CP, 5.25%, 2/1/30 (FGIC) | Aaa/AAA | 6,710,239 | |||||||||||
|
1,080 | Palm Springs Community Redevelopment Agcy., Tax Allocation, 5.50%, 8/1/21 | NR/A- | 1,151,636 | |||||||||||
|
1,010 | Pomona Unified School District, GO, 6.10%, 2/1/19, Ser. A (MBIA) | Aaa/AAA | 1,231,897 | |||||||||||
|
1,690 | Rancho Etiwanda Public Fac., Special Tax, 6.375%, 9/1/24 | NR/NR | 1,763,042 | |||||||||||
|
Rancho Mirage Redevelopment Agcy., Tax Allocation, |
|
|
||||||||||||
|
1,190 | 5.50%, 4/1/24 | Baa1/BBB+ | 1,264,803 | |||||||||||
|
1,580 | 5.625%, 4/1/33 | Baa1/BBB+ | 1,677,691 | |||||||||||
|
8,305 | Riverside Cnty., CP, 5.125%, 11/1/30 (MBIA) | Aaa/AAA | 8,793,583 | |||||||||||
|
Riverside Cnty. Public Auth. Financing, Tax Allocation, |
|
|
||||||||||||
|
710 | 5.625%, 10/1/33 | NR/BBB | 732,535 | |||||||||||
|
290 | 5.625%, 10/1/33, (Pre-refunded @ 102, 10/1/06) (b) | NR/NR | 305,173 | |||||||||||
|
Riverside, Improvement Board Act 1915, Special Assessment, |
|
|
||||||||||||
|
500 | 6.15%, 9/2/19 | NR/NR | 521,200 | |||||||||||
|
1,350 | 6.375%, 9/2/26 | NR/NR | 1,417,621 | |||||||||||
|
575 | Roseville, Woodcreek Community Fac. District Special Tax, 6.375%, 9/1/27 | NR/NR | 612,237 | |||||||||||
|
2,000 | Sacramento Health Fac. Rev., 5.30%, 1/1/24, Ser. A (CA Mtg. Ins.) | NR/A | 2,079,120 | |||||||||||
|
Sacramento, Special Tax, |
|
|
||||||||||||
|
2,945 | 5.70%, 9/1/23 | NR/NR | 2,982,784 | |||||||||||
|
1,350 | 6.10%, 9/1/21 | NR/NR | 1,398,344 | |||||||||||
|
2,560 | 6.15%, 9/1/26 | NR/NR | 2,654,208 | |||||||||||
|
545 | San Diego Cnty., CP, 5.25%, 10/1/28 | A2/NR | 573,029 | |||||||||||
|
1,000 | San Diego Cnty. Water Auth., CP, 5.00%, 5/1/32, Ser. A (MBIA) | Aaa/AAA | 1,042,950 | |||||||||||
|
3,330 | San Francisco Bay Area Rapid Transit District Rev., 5.125%, 7/1/36 (AMBAC) | Aaa/AAA | 3,473,690 | |||||||||||
|
720 | San Francisco City & Cnty. Redevelopment Agcy. Rev., Special Tax, 6.125%, 8/1/31 | NR/NR | 743,458 | |||||||||||
|
5,065 | San Joaquin Cnty., CP, 5.00%, 9/1/20 (MBIA) | Aaa/AAA | 5,290,950 | |||||||||||
|
San Joaquin Hills Transportation Corridor Agcy. Toll Road Rev., Ser. A, |
|
|
||||||||||||
|
5,000 | zero coupon, 1/15/19 | Ba2/BB | 4,613,300 | |||||||||||
|
5,000 | 5.50%, 1/15/28 | Ba2/BB | 4,900,750 | |||||||||||
|
230 | San Jose, Improved Board Act 1915, Special Assessment, 5.60%, 9/2/17, Ser. Q | NR/NR | 236,962 | |||||||||||
|
5,000 |
San Jose Unified School District Santa Clara
Cnty., GO, 5.125%, 8/1/25, Ser. D (FSA) |
Aaa/AAA | 5,349,650 | |||||||||||
|
San Juan Unified School District, GO (FSA) |
|
|
||||||||||||
|
9,445 | zero coupon, 8/1/22 | Aaa/AAA | 4,338,844 | |||||||||||
|
10,895 | zero coupon, 8/1/25 | Aaa/AAA | 4,261,688 | |||||||||||
|
6,110 | zero coupon, 8/1/26 | Aaa/AAA | 2,271,087 | |||||||||||
|
600 | Santa Ana Financing Auth. Rev., 5.60%, 9/1/19 | NR/BBB | 632,586 | |||||||||||
|
1,815 | Santa Clara, CP, 5.00%, 2/1/32 (AMBAC) | Aaa/AAA | 1,902,773 | |||||||||||
|
1,435 | Santa Maria JT Union High School District, GO, 8/1/25, Ser. A (FSA) | Aaa/AAA | 1,587,081 | |||||||||||
|
500 | State Dept. of Water Rev., Central Valley Project, 5.00%, 12/1/25, Ser. AC (MBIA) | Aaa/AAA | 532,170 | |||||||||||
|
Statewide Community Dev. Auth., CP, |
|
|
||||||||||||
|
8,000 | 5.375%, 4/1/30 | NR/BBB- | 8,036,160 | |||||||||||
|
8,000 | 6.50%, 7/1/20 | Baa1/A- | 8,998,800 |
2
Principal Amount (000) |
|
Credit
Rating (Moody's/S&P) |
Value* | ||||||||||||
|
Statewide Community Dev. Auth. Rev., |
|
|
||||||||||||
|
$ | 15,250 | 5.125%, 10/1/30 (CA Mtg. Ins.) | NR/A | $15,648,330 | ||||||||||
|
3,000 | 5.50%, 11/15/33 (CA St. Mtg.) | NR/A | 3,239,760 | |||||||||||
|
4,000 | 5.50%, 8/15/34, Ser. B | A1/AA- | 4,221,560 | |||||||||||
|
5,600 | 6.625%, 10/1/31 | NR/NR | 5,818,288 | |||||||||||
|
4,300 | 6.625%, 11/1/31 | NR/NR | 4,399,545 | |||||||||||
|
2,550 | 6.75%, 6/1/28 (a) | NR/NR | 2,700,909 | |||||||||||
|
Tobacco Securitization Auth. Rev., Ser. A, |
|
|
||||||||||||
|
1,500 | 5.25%, 6/1/31 | Baa3/BBB | 1,533,750 | |||||||||||
|
9,300 | 5.375%, 6/1/41 | Baa3/BBB | 9,520,968 | |||||||||||
|
1,650 | Town of Apple Valley, CP, 5.375%, 6/1/21 (CA Mtg. Ins.) | NR/A | 1,763,075 | |||||||||||
|
Tustin Unified School District, Special Tax, |
|
|
||||||||||||
|
2,345 | 5.50%, 9/1/22 | NR/NR | 2,370,772 | |||||||||||
|
2,520 | 5.60%, 9/1/29 | NR/NR | 2,569,871 | |||||||||||
|
2,000 | 5.625%, 9/1/32 | NR/NR | 2,036,900 | |||||||||||
|
Univ. California Rev., |
|
|
||||||||||||
|
10,000 | 5.00%, 5/15/36, Ser. A (AMBAC) | Aaa/AAA | 10,498,700 | |||||||||||
|
7,000 | 5.125%, 9/1/31, Ser. O (FGIC) | Aaa/AAA | 7,405,720 | |||||||||||
|
3,750 | West Kern Cnty. Water District, CP, 5.625%, 6/1/31 | Baa2/NR | 3,956,213 | |||||||||||
|
Total California Municipal Bonds & Notes (cost—$334,969,909) |
|
360,645,169 | ||||||||||||
OTHER MUNICIPAL BONDS &
NOTES—6.9%
|
|||||||||||||||
Alabama—0.6%
|
|||||||||||||||
|
2,900 |
Daphne Special Care Facilities Financing Auth. Rev., zero coupon,
8/15/28, (Pre-refunded @ 100, 8/15/08) (b) |
Aaa/AAA | 2,596,341 | |||||||||||
Illinois—1.4%
|
|||||||||||||||
|
Educational Facs. Auth. Revs., |
|
|
||||||||||||
|
5,260 | 5.00%, 7/1/33 | Aa1/AA | 5,490,177 | |||||||||||
|
240 | 5.00%, 7/1/33, (Pre-refunded @ $100, 7/1/13) (b) | Aa1/AA | 263,465 | |||||||||||
|
|
|
5,753,642 | ||||||||||||
Louisiana—0.5%
|
|||||||||||||||
|
1,750 | Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. B | Baa3/BBB | 1,852,480 | |||||||||||
New
Jersey—1.7%
|
|||||||||||||||
|
Tobacco Settlement Financing Corp. Rev., |
|
|
||||||||||||
|
1,685 | 6.00%, 6/1/37 | Baa3/BBB | 1,842,396 | |||||||||||
|
2,210 | 6.125%, 6/1/42 | Baa3/BBB | 2,382,579 | |||||||||||
|
2,315 | 6.375%, 6/1/32 | Baa3/BBB | 2,698,155 | |||||||||||
|
|
|
6,923,130 | ||||||||||||
New
York—0.6%
|
|||||||||||||||
|
2,000 | State Dormitory Auth. Rev., 6.25%, 8/15/15, (FHA) | Aa2/AAA | 2,328,060 | |||||||||||
Puerto
Rico—1.6%
|
|||||||||||||||
|
Electric Power Auth. Power Rev., |
|
|
||||||||||||
|
1,250 | 5.125%, 7/1/29, Ser. NN | A3/A- | 1,317,638 | |||||||||||
|
5,000 | 5.25%, 7/1/29, Ser. HH (FSA) | Aaa/AAA | 5,407,800 | |||||||||||
|
|
|
6,725,438 | ||||||||||||
Rhode
Island—0.4%
|
|||||||||||||||
|
1,500 | Tobacco Settlement Financing Corp. Rev., 6.125%, 6/1/32, Ser. A | Baa3/BBB | 1,605,420 | |||||||||||
South
Carolina—0.1%
|
|||||||||||||||
|
340 | Tobacco Settlement Rev. Management Auth., 6.375%, 5/15/30, Ser. B | Baa3/BBB | 397,906 | |||||||||||
|
Total Other Municipal Bonds & Notes (cost—$25,086,208) |
|
28,182,417 | ||||||||||||
CALIFORNIA VARIABLE RATE NOTES
(c)(d)(e)—3.1%
|
|||||||||||||||
|
10,003 | Los Angeles Wastewater System Rev., 7.44%, 6/1/28, Ser. 318 (FGIC) | Aaa/NR | 10,661,265 | |||||||||||
|
2,000 | University California Rev., 11.35%, 5/15/35, Ser. 1119 (FSA) | NR/AAA | 2,143,280 | |||||||||||
|
Total California Variable Rate Notes (cost—$11,264,977) |
|
12,804,545 |
3
Principal Amount (000) |
|
Credit
Rating (Moody's/S&P) |
Value* | ||||||||||||
OTHER VARIABLE
RATE NOTES
(d)(e)—0.8%
|
|||||||||||||||
Puerto
Rico—0.8%
|
|||||||||||||||
|
$ | 3,100 | Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A (cost—$3,319,859) | Baa3/BBB | $3,411,302 | ||||||||||
CALIFORNIA VARIABLE RATE DEMAND NOTES
(d)(f)—0.2%
|
|||||||||||||||
|
700 | East Bay Muni. Utility District Rev., 2.30%, 8/3/05, Ser. B-2 (XLCA) | VMIG1/A-1+ | 700,000 | |||||||||||
|
200 | Pasadena Parking Improvement Rev., CP, 2.30%, 8/4/05 (AMBAC) | VMIG1/NR | 200,000 | |||||||||||
|
Total California Variable Rate Demand Notes (cost—$900,000) |
|
900,000 | ||||||||||||
U.S. TREASURY BILLS
(g)—0.9%
|
|||||||||||||||
|
3,450 | 2.95%-3.038%, 9/15/05 (cost—$3,436,653) | Aaa/AAA | 3,436,616 | |||||||||||
|
Total Investments before options written (cost—$378,977,606)—100.1% |
|
409,380,049 | ||||||||||||
OPTIONS WRITTEN
(h)—(0.1%)
|
|||||||||||||||
Contracts
|
|
|
|
||||||||||||
|
Call Options—(0.0%) | ||||||||||||||
|
959 |
U.S.
Treasury Notes 10 yr. Futures, Chicago Board of Trade, strike price
$113, expires 8/26/05 |
|
(74,922) | |||||||||||
|
Put Options—(0.1%) | ||||||||||||||
|
820 | U.S. Treasury Bond Futures, Chicago Board of Trade, strike price $113, expires 8/26/05 |
|
(269,063) | |||||||||||
|
Total Options Written (premiums received—$1,299,921) |
|
(343,985) | ||||||||||||
|
Total Investments net of options written (cost—$377,677,685)—100.0% |
|
$409,036,064 |
Other Investments:
Futures contracts outstanding at July 31, 2005:
Type |
Notional Value (000) |
Expiration Date |
Unrealized Appreciation |
||||||||||||||||||||
Short: U.S. Treasury 30 Year
Bond |
$ | (21,500 | ) | 9/21/05 | $ | 472,578 |
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 may be fair-valued, in good faith, pursuant to guidelines established by the Board of Trustees. The Fund's investments are valued daily by an independent pricing service. The independent pricing service 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 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 at the close of regular trading (normally 4:00 p.m. Eastern time) on the New York Stock Exchange.
(a)
Illiquid security.
(b)
Pre-refunded Bonds- 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.
(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.
(d)
Variable Rate Notes - Instruments whose interest rates change on a 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 rate shown is the rate in effect at July 31, 2005.
(e)
Residual Interest/Tax Exempt Municipal Bonds - The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index.
4
(f)
Maturity date shown is date of next call.
(g)
All or partial amount segregated as collateral for futures contracts.
(h)
Non-income producing.
Glossary:
AMBAC - insured by American Municipal Bond Assurance Corp.
CA Mtg. Ins. - insured by California Mortgage Insurance
CA St. Mtg. - 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
5
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: California Municipal Income Fund
By /s/ Brian S. Shlissel
President & Chief Executive Officer
Date: September 26, 2005
By /s/ Lawrence G. Altadonna
Treasurer,
Principal Financial & Accounting Officer
Date: September 26, 2005
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 date indicated.
By /s/ Brian S. Shlissel
President & Chief Executive
Officer
Date: September 26, 2005
By /s/
Lawrence G. Altadonna
Treasurer, Principal Financial &
Accounting Officer
Date: September 26, 2005
Exhibit 99.302 Cert.
CERTIFICATIONS
I, Brian S. Shlissel, certify that:
1. | I have reviewed this report Form N-Q of California Municipal Income Fund; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the report; |
3. | Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles: |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's control over financial reporting. |
Date: September 26, 2005
Signature & Title:
/s/ Brian S. Shlissel
Brian S. Shlissel, President & Chief
Executive Officer
I, Lawrence G. Altadonna, certify that:
1. | I have reviewed this report Form N-Q of California Municipal Income Fund; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the report; |
3. | Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles: |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's control over financial reporting. |
Date: September 26, 2005
Signature & Title:
/s/ Lawrence G. Altadonna
Lawrence G. Altadonna, Treasurer,
Principal Financial & Accounting
Officer