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UNITED
STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q |
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OMB
APPROVAL
OMB Number: 3235-0578 Expires: February 28, 2006 Estimated average burden hours per response: 20.0 |
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED
MANAGEMENT INVESTMENT
COMPANY
Investment Company Act File Number: 811-21188
Registrant Name: PIMCO CALIFORNIA MUNICIPAL INCOME FUND III
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: September 30, 2006
Date of Reporting Period: December 31, 2005
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
III Schedule of Investments
December
31, 2005 (unaudited)
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| Principal Amount (000) |
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|
Credit Rating (Moody’s/S&P) | |
Value* | ||||||||||
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CALIFORNIA MUNICIPAL BONDS & NOTES–87.0% |
|
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| $1,000 | |
Alameda Public Financing Auth. Rev., 7.00%, 6/1/09 | |
NR/NR | |
$1,006,560 | |||||||||
|
Association of Bay Area Governments Finance Auth. Rev., Odd Fellows Home, GO, | |
|
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| 3,200 | |
5.20%, 11/15/22 | |
NR/A | |
3,348,096 | |||||||||
| 11,725 | |
5.35%, 11/15/32 | |
NR/A | |
12,278,889 | |||||||||
|
Burbank Public Finance Auth. Rev., San Fernando Redev. Project, | |
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| 1,135 | |
5.50%, 12/1/28 | |
NR/BBB | |
1,167,892 | |||||||||
| 1,000 | |
5.50%, 12/1/33 | |
NR/BBB | |
1,026,360 | |||||||||
| 2,000 | |
Butte-Glenn Community College, GO, 5.00%, 8/1/26, Ser. A (MBIA) | |
Aaa/NR | |
2,101,480 | |||||||||
| 2,000 | |
Capistrano Univ. School Dist., Community Fac. Dist., Special Tax, 6.00%, 9/1/32 | |
NR/NR | |
2,103,700 | |||||||||
| 1,000 | |
Carlsbad Impt. Bond Act 1915, Special Assessment, 6.00%, 9/2/34 | |
NR/NR | |
1,030,850 | |||||||||
| 1,000 | |
Cathedral City Public Financing Auth.,
Tax Allocation Rev., 5.00%, 8/1/33, Ser. A (MBIA) |
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Aaa/AAA | |
1,043,160 | |||||||||
| 1,150 | |
Ceres Redev. Agcy. Tax Allocation, 5.00%, 11/1/33 (MBIA) | |
Aaa/AAA | |
1,209,846 | |||||||||
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Ceres Unified School Dist., GO (FGIC) | |
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| 2,825 | |
zero coupon, 8/1/28 | |
Aaa/AAA | |
806,198 | |||||||||
| 2,940 | |
zero coupon, 8/1/29 | |
Aaa/AAA | |
789,449 | |||||||||
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Chula Vista, No. 06-1 Eastlake-Woods Area A, Special Tax, | |
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| 675 | |
6.15%, 9/1/26 | |
NR/NR | |
715,891 | |||||||||
| 1,620 | |
6.20%, 9/1/33 | |
NR/NR | |
1,721,104 | |||||||||
| 1,600 | |
Chula Vista Community Fac. Dist., McMillin-Otay Ranch, Special Tax, 5.75%, 9/1/33 | |
NR/NR | |
1,642,512 | |||||||||
| 8,000 | |
Contra Costa Cnty. Public Financing Auth.
Tax Allocation Rev., 5.625%, 8/1/33, Ser. A |
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NR/BBB | |
8,368,080 | |||||||||
| 3,775 | |
Cucamonga School Dist., CP, 5.20%, 6/1/27 | |
NR/A− | |
3,839,062 | |||||||||
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Eastern Muni. Water Dist. Community Facs., Special Tax, | |
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| 425 | |
5.75%, 9/1/33 | |
NR/NR | |
431,796 | |||||||||
| 1,500 | |
5.95%, 9/1/33 | |
NR/NR | |
1,530,285 | |||||||||
| 1,745 | |
6.05%, 9/1/27 | |
NR/NR | |
1,780,406 | |||||||||
| 1,535 | |
6.10%, 9/1/33 | |
NR/NR | |
1,566,145 | |||||||||
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Educational Fac. Auth. Rev., | |
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| 2,500 | |
Institute of Technology, 5.00%, 10/1/32, Ser. A | |
Aaa/AAA | |
2,617,775 | |||||||||
| 2,455 | |
Loyola Marymount Univ., zero coupon, 10/1/34 (MBIA) | |
Aaa/NR | |
593,840 | |||||||||
| 5,000 | |
Pepperdine Univ., 5.00%, 9/1/33, Ser. A (FGIC) | |
Aaa/AAA | |
5,188,700 | |||||||||
| 2,195 | |
Elk Grove Unified School Dist., Community Fac. Dist. No. 1, Special Tax, 5.00%, 12/1/35 (MBIA) | |
AAA/AAA | |
2,283,634 | |||||||||
| 500 | |
Franklin-McKinley School Dist., GO, 5.00%, 8/1/27, Ser. B (FSA) | |
Aaa/AAA | |
524,380 | |||||||||
| 5,000 | |
Fremont Community Dist., Special Tax, 6.30%, 9/1/31 | |
NR/NR | |
5,148,200 | |||||||||
| 1,250 | |
Fremont Community Facs. Dist. No. 1, Pacific Commons Special Tax, 5.30%, 9/1/30 | |
NR/NR | |
1,261,187 | |||||||||
| 9,500 | |
Fresno School Unified Dist., GO, 6.00%, 8/1/26, Ser. A (MBIA) | |
Aaa/AAA | |
11,719,865 | |||||||||
| 4,380 | |
Glendale Electric Works Rev., 5.00%, 2/1/27 (MBIA) | |
Aaa/AAA | |
4,581,436 | |||||||||
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PIMCO California Municipal Income Fund
III Schedule of Investments
December 31,
2005 (unaudited) (continued)
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| Principal Amount (000) |
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Credit Rating (Moody’s/S&P) | |
Value* | |||||||||
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Golden State Tobacco Securitization Corp., Tobacco Settlement Rev., GO Ser. 2003-A-1 | |
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| $18,000 | |
6.25%, 6/1/33 | |
Baa3/BBB | |
$19,597,860 | ||||||||
| 38,490 | |
6.75%, 6/1/39 | |
Baa3/BBB | |
43,093,789 | ||||||||
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Health Facs. Finance Auth. Rev., Paradise VY Estates (CA Mtg. Ins.) | |
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| 2,000 | |
5.125%, 1/1/22 | |
NR/A | |
2,103,620 | ||||||||
| 1,550 | |
5.25%, 1/1/26 | |
NR/A | |
1,623,780 | ||||||||
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Health Facs. Financing Auth. Rev., | |
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| 5,000 | |
Adventist Health System, 5.00%, 3/1/33 | |
NR/A | |
5,038,550 | ||||||||
| 6,000 | |
Cottage Health System, 5.00%, 11/1/33, Ser. B (MBIA) | |
Aaa/AAA | |
6,219,600 | ||||||||
| 5,000 | |
Kaiser Permanente, 5.00%, 10/1/18, Ser. B | |
A3/AAA | |
5,220,750 | ||||||||
| 2,000 | |
Sutter Health, 6.25%, 8/15/35, Ser. A | |
A1/AA− | |
2,225,780 | ||||||||
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Infrastructure & Economic Dev. Bank Rev., | |
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| 2,750 | |
Claremount Univ. Consortium, 5.25%, 10/1/33 | |
Aa3/NR | |
2,919,427 | ||||||||
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Kaiser Assistance Corp., | |
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| 3,000 | |
5.50%, 8/1/31, Ser. B | |
A2/A+ | |
3,170,880 | ||||||||
| 8,000 | |
5.55%, 8/1/31, Ser. A | |
NR/A+ | |
8,481,040 | ||||||||
| 3,725 | |
La Mesa-Spring Valley School Dist., GO, 5.00%, 8/1/26, Ser. A (FGIC) (Prefunded @ $100, 8/1/12) (a) | |
Aaa/AAA | |
4,050,416 | ||||||||
| 1,400 | |
La Quinta Redev. Agcy., Tax Allocation, 5.10%, 9/1/31 (AMBAC) | |
Aaa/AAA | |
1,455,650 | ||||||||
| 20 | |
Lancaster Financing Auth. Tax Allocation, 4.75%, 2/1/34 (MBIA) | |
Aaa/AAA | |
20,171 | ||||||||
| 825 | |
Lee Lake Water Dist. Community Facs. Dist., Montecito Ranch, Special Tax 6.125%, 9/1/32 | |
NR/NR | |
859,040 | ||||||||
| 5,000 | |
Long Beach Community College Dist., GO, 5.00%, 5/1/28, Ser. A (MBIA) (Pre-refunded @ $100, 5/01/13) (a) | |
Aaa/AAA | |
5,463,650 | ||||||||
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Los Angeles Unified School Dist., GO (MBIA) | |
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| 7,650 | |
5.00%, 1/1/28, Ser. A | |
Aaa/AAA | |
8,019,724 | ||||||||
| 3,000 | |
5.125%, 1/1/27, Ser. E | |
Aaa/AAA | |
3,182,400 | ||||||||
| 1,000 | |
Lynwood Unified School Dist., GO, 5.00%, 8/1/27, Ser. A (FSA) | |
Aaa/NR | |
1,048,760 | ||||||||
| 5,280 | |
Modesto Irrigation Dist., CP, 5.00%, 7/1/33, Ser. A (MBIA) | |
Aaa/AAA | |
5,500,757 | ||||||||
| 2,180 | |
Murrieta Valley Unified School Dist., Special Tax, 6.40%, 9/1/24 | |
NR/NR | |
2,263,450 | ||||||||
| 5,000 | |
Oakland, GO, 5.00%, 1/15/33, Ser. A (MBIA) | |
Aaa/AAA | |
5,198,000 | ||||||||
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Oakland Redev. Agcy., Tax Allocation, Coliseum Area Redev., | |
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| 985 | |
5.25%, 9/1/27 | |
NR/A− | |
1,015,121 | ||||||||
| 1,545 | |
5.25%, 9/1/33 | |
NR/A− | |
1,592,246 | ||||||||
| 5,000 | |
Orange Cnty. Community Facs. Dist., Special Tax, Ladera Ranch, 5.55%, 8/15/33, Ser. A | |
NR/NR | |
5,133,100 | ||||||||
| 5,000 | |
Orange Cnty. Unified School Dist., CP, 4.75%, 6/1/29 (MBIA) | |
Aaa/AAA | |
5,144,350 | ||||||||
| 1,000 | |
Orange Cnty. Water Dist. Rev., CP, 5.00%, 8/15/28, Ser. B (MBIA) | |
Aaa/AAA | |
1,035,130 | ||||||||
| 2,000 | |
Palm Desert Financing Auth., Tax Allocation, 5.00%, 4/1/25, Ser. A (MBIA) | |
Aaa/AAA | |
2,090,480 | ||||||||
| 1,410 | |
Pomona Public Financing Auth. Rev., 5.00%, 12/1/37, Ser. AF (MBIA) | |
Aaa/AAA | |
1,460,704 | ||||||||
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PIMCO California Municipal Income Fund
III Schedule of Investments
December 31,
2005 (unaudited) (continued)
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| Principal Amount (000) |
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Credit Rating (Moody’s/S&P) | |
Value* | |||||||||
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Poway Unified School Dist., Community Fac. Dist. No. 6, Special Tax, | |
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| $3,650 | |
5.125%, 9/1/28 | |
NR/NR | |
$3,660,312 | ||||||||
| 1,285 | |
6.05%, 9/1/25 | |
NR/NR | |
1,352,591 | ||||||||
| 2,100 | |
6.125%, 9/1/33 | |
NR/NR | |
2,208,633 | ||||||||
| 5,000 | |
Riverside, CP, 5.00%, 9/1/33 (AMBAC) | |
Aaa/AAA | |
5,196,200 | ||||||||
| 500 | |
Rocklin Unified School Dist. Community Facs., Special Tax, | |
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5.00%, 9/1/29 (MBIA) | |
Aaa/AAA | |
522,265 | |||||||||
| 7,680 | |
Rowland Unified School Dist., GO, 5.00%, 8/1/28, Ser. B (FSA) | |
Aaa/AAA | |
8,049,408 | ||||||||
| 1,435 | |
Sacramento City Financing Auth. Rev., North Natomas CFD No. 2, | |
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6.25%, 9/1/23, Ser. A | |
NR/NR | |
1,483,273 | |||||||||
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San Diego Unified School Dist., GO, CR (FSA) | |
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| 480 | |
5.00%, 7/1/26, Ser. C | |
Aaa/AAA | |
519,586 | ||||||||
| 11,000 | |
5.00%, 7/1/26, Ser. E | |
Aaa/AAA | |
11,860,750 | ||||||||
| 8,425 | |
5.00%, 7/1/28, Ser. E | |
Aaa/AAA | |
9,084,256 | ||||||||
| 1,500 | |
San Diego Univ. Foundation Auxiliary Organization, Rev., GO, | |
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5.00%, 3/1/27, Ser. A (MBIA) | |
Aaa/AAA | |
1,557,000 | |||||||||
| 3,000 | |
San Jose, Libraries & Parks, GO, 5.125%, 9/1/31 | |
Aa1/AA+ | |
3,133,620 | ||||||||
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Santa Ana Unified School Dist., GO , Ser. B (FGIC) | |
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| 2,515 | |
zero coupon, 8/1/26 | |
Aaa/AAA | |
947,878 | ||||||||
| 3,520 | |
zero coupon, 8/1/28 | |
Aaa/AAA | |
1,185,501 | ||||||||
| 2,500 | |
zero coupon, 8/1/30 | |
Aaa/AAA | |
755,450 | ||||||||
| 3,780 | |
zero coupon, 8/1/31 | |
Aaa/AAA | |
1,079,833 | ||||||||
| 3,770 | |
zero coupon, 8/1/32 | |
Aaa/AAA | |
1,017,561 | ||||||||
| 1,250 | |
Santa Clara Valley Transportation Auth., Sales Tax Rev., | |
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5.00%, 6/1/26, Ser. A (MBIA) (Pre-refunded @ $100, 6/1/11) (a) | |
Aaa/AAA | |
1,346,675 | |||||||||
| 5,985 | |
Santa Margarita Water Dist., Special Tax, 6.25%, 9/1/29 | |
NR/NR | |
6,350,145 | ||||||||
| 3,550 | |
Santa Monica Community College Dist., GO, zero coupon, 8/1/27, | |
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Ser. C (MBIA) | |
Aaa/AAA | |
1,213,106 | |||||||||
| 1,205 | |
Sequoia Union High School Dist., GO, 5.00%, 7/1/23 (MBIA) | |
Aaa/NR | |
1,267,178 | ||||||||
| 4,475 | |
Simi Valley Community Dev. Agcy., Tax Allocation, Tapo Canyon & | |
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West End, 5.00%, 9/1/25 (FGIC) | |
Aaa/AAA | |
4,695,125 | |||||||||
| 4,250 | |
Sonoma Cnty. Jr. College Dist., GO, 5.00%, 8/1/27, Ser. A (FSA) | |
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(Pre-refunded@$100,8/01/13)(a) | |
Aaa/AAA | |
4,647,078 | |||||||||
| 1,000 | |
Sonoma Cnty. Water Agcy. Water Rev., 5.00%, 7/1/32, Ser. A (MBIA) | |
Aaa/AAA | |
1,041,660 | ||||||||
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South Tahoe Joint Powers Financing Auth. Rev., | |
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| 2,500 | |
5.125%, 10/1/09 | |
NR/NR | |
2,513,475 | ||||||||
| 4,425 | |
5.45%, 10/1/33 | |
NR/BBB | |
4,568,326 | ||||||||
| 12,200 | |
Southern CA Public Power Auth., Power Project Rev., Magnolia Power, 5.00%, 7/1/33, Ser. A-2003-1 (AMBAC) | |
Aaa/AAA | |
12,743,388 | ||||||||
| 600 | |
State Dept. of Water Resources Rev., Central Valley Project, | |
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5.00%, 12/1/25, Ser. AC (MBIA) | |
Aaa/AAA | |
633,510 | |||||||||
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PIMCO California Municipal Income Fund
III Schedule of Investments
December 31,
2005 (unaudited) (continued)
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| Principal Amount (000) |
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|
Credit Rating (Moody’s/S&P) | |
Value* | ||||||||||
| $4,095 | |
State Dept. Veteran Affairs Home Purchase Rev., 5.35%, 12/1/27, | |
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|
Ser. A (AMBAC) | |
Aaa/AAA | |
$4,317,236 | ||||||||||
| 3,000 | |
State of California, 4.50%, 6/30/06 | |
SP-1+/SP-1+ | |
3,018,720 | |||||||||
|
State Public Works Board Lease Rev., | |
|
||||||||||||
| 5,385 | |
CA State Univ., 5.00%, 10/1/19 | |
A2/A− | |
5,578,483 | |||||||||
| 1,105 | |
Patton, 5.375%, 4/1/28 | |
A3/A− | |
1,171,090 | |||||||||
| 4,600 | |
Univ. CA M.I.N.D. Inst., 5.00%, 4/1/28, Ser. A | |
Aa2/AA− | |
4,754,790 | |||||||||
| 3,505 | |
Statewide Community Dev. Auth., CP, Internext Group, 5.375%, 4/1/30 | |
NR/BBB | |
3,529,325 | |||||||||
|
Statewide Community Dev. Auth. Rev., | |
|
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| 2,500 | |
Berkeley Montessori School, 7.25%, 10/1/33 | |
NR/NR | |
2,601,650 | |||||||||
| 7,300 | |
Health Fac., Jewish Home, 5.50%, 11/15/33 (CA St Mtg.) | |
NR/A | |
7,833,338 | |||||||||
| 15,000 | |
Health Fac., Memorial Health Services, 5.50%, 10/1/33, Ser. A | |
A3/A+ | |
15,822,150 | |||||||||
| 10,000 | |
Sutter Health, 5.50%, 8/15/34, Ser. B | |
A1/AA− | |
10,490,100 | |||||||||
| 1,795 | |
Sunnyvale Financing Auth., Water & Wastewater Rev., | |
|
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|
5.00%, 10/1/26 (AMBAC) | |
Aaa/AAA | |
1,857,269 | ||||||||||
| 2,000 | |
Tamalpais Union High School Dist., GO, 5.00%, 8/1/26 (MBIA) | |
Aaa/AAA | |
2,089,840 | |||||||||
| 2,000 | |
Temecula Public Financing Auth., Crowne Hill, Special Tax, | |
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|
6.00%, 9/1/33, Ser. A | |
NR/NR | |
2,073,760 | ||||||||||
|
Tobacco Securitization Agcy. Rev., | |
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|
Alameda Cnty., | |
|
||||||||||||
| 8,100 | |
5.875%, 6/1/35 | |
Baa3/NR | |
8,447,895 | |||||||||
| 7,000 | |
6.00%, 6/1/42 | |
Baa3/NR | |
7,316,890 | |||||||||
| 2,000 | |
Kern Cnty., 6.125%, 6/1/43, Ser. A | |
NR/BBB | |
2,104,020 | |||||||||
| 2,950 | |
Torrance Medical Center Rev., 5.50%, 6/1/31, Ser. A | |
A1/A+ | |
3,080,744 | |||||||||
| 4,000 | |
Vernon Electric System Rev., Malburg Generating Station, | |
|
|||||||||||
|
5.50%, 4/1/33, (Pre-refunded @ $100, 4/1/08) (a) | |
Aaa/NR | |
4,198,800 | ||||||||||
| 1,000 | |
West Basin Municipal Water Dist. Rev., CP, 5.00%, 8/1/30, Ser. A (MBIA) | |
Aaa/AAA | |
1,043,490 | |||||||||
| 2,500 | |
William S. Hart Union High School Dist., Special Tax, 6.00%, 9/1/33 | |
NR/NR | |
2,558,225 | |||||||||
| 2,750 | |
Woodland Finance Auth. Lease Rev., 5.00%, 3/1/32 (XLCA) | |
Aaa/AAA | |
2,875,208 | |||||||||
|
Total California Municipal Bonds & Notes (cost–$401,182,565) | |
|
429,051,809 | |||||||||||
|
OTHER MUNICIPAL BONDS & NOTES–2.0% |
|
||||||||||||||
|
New York–0.6% | |
|
||||||||||||
| 2,500 | |
State Dormitory Auth. Rev., Hospital, 6.25%, 8/15/15 (FHA) | |
Aa2/AAA | |
2,878,625 | |||||||||
|
Puerto Rico–1.4% | |
|
||||||||||||
| 1,500 | |
Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN | |
A3/A− | |
1,545,570 | |||||||||
|
Public Building Auth. Rev., | |
|
||||||||||||
| 790 | |
5.25%, 7/1/36, Ser. D, (Pre-refunded @ $100, 7/1/12) (a) | |
Baa2/A− | |
860,065 | |||||||||
| 290 | |
5.25%, 7/1/36, Ser. D | |
Baa2/BBB | |
298,831 | |||||||||
|
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PIMCO California Municipal Income Fund
III Schedule of Investments
December 31,
2005 (unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody’s/S&P) | |
Value* | ||||||||||
| $4,420 | |
Government Facilities, 5.00%, 7/1/36, Ser. I, GO (GTD) | |
Baa2/BBB | |
$4,435,116 | |||||||||
|
|
|
7,139,582 | ||||||||||||
|
Total Other Municipal Bonds & Notes (cost–$9,486,848) | |
|
10,018,207 | |||||||||||
|
CALIFORNIA VARIABLE RATE NOTES (b)(c)(d)–9.2% |
|
||||||||||||||
| 2,000 | |
Golden State Tobacco Securitization Corp., Tobacco Settlement Rev., 10.03%, 6/1/35, Ser. 1220 (FGIC) | |
Aaa/AAA | |
2,388,900 | |||||||||
| 1,465 | |
Infrastructure & Economic Dev. Bank Rev., 7.779%, 7/1/36 (AMBAC) | |
NR/NR | |
1,811,736 | |||||||||
|
Los Angeles Dept. of Water & Power (FSA) | |
|
||||||||||||
| 1,200 | |
8.78%, 7/1/30, Ser. 1243 | |
Aaa/AAA | |
1,268,520 | |||||||||
| 2,000 | |
16.844%, 7/1/35, Ser. 500 | |
Aaa/AA3 | |
3,017,600 | |||||||||
|
Los Angeles Unified School Dist., GO (MBIA) | |
|
||||||||||||
| 1,745 | |
9.07%, 1/1/23 | |
NR/NR | |
1,920,215 | |||||||||
| 2,090 | |
12.131%, 1/1/11 | |
NR/NR | |
3,217,513 | |||||||||
| 2,020 | |
Los Angeles Water & Power Rev., 7.467%, 7/1/30 | |
NR/NR | |
2,418,607 | |||||||||
| 950 | |
Orange Cnty. Water Dist. Rev., CP, 8.121%, 2/15/11 (MBIA) | |
NR/NR | |
1,111,776 | |||||||||
| 710 | |
Pajaro Valley Unified School Dist., GO, 8.849%, 8/1/11 | |
NR/NR | |
1,177,152 | |||||||||
| 1,170 | |
Pasadena Water Rev., 7.926%, 6/1/33 (FGIC) | |
NR/NR | |
1,457,890 | |||||||||
| 1,785 | |
Sacramento Cnty. Water Financing Auth. Rev., | |
|
|||||||||||
|
8.281%, 6/1/11 (AMBAC) | |
NR/NR | |
2,232,732 | ||||||||||
| 1,150 | |
Sacramento Muni Utility Dist., Electric Rev., 8.863%, 2/15/11 (MBIA) | |
NR/NR | |
1,488,801 | |||||||||
| 1,725 | |
San Diego Community College Dist., GO, 8.891%, 5/1/11 (FSA) | |
NR/NR | |
2,289,023 | |||||||||
|
San Marcos Public Facs. Auth. Tax Allocation (FGIC) | |
|
||||||||||||
| 1,340 | |
8.148%, 2/1/11 | |
NR/NR | |
1,671,114 | |||||||||
| 1,340 | |
8.148%, 8/1/11 | |
NR/NR | |
1,671,114 | |||||||||
|
Southern CA Public Power Auth., Power Project Rev. (AMBAC) | |
|
||||||||||||
| 1,350 | |
6.24%, 7/1/33, Ser. 1045 | |
NR/NR | |
1,470,258 | |||||||||
| 2,065 | |
8.215%, 7/1/11 | |
NR/NR | |
2,613,299 | |||||||||
| 4,520 | |
State Economic Recovery, GO, 10.005%, 7/1/12, Ser. 956 (MBIA) | |
NR/NR | |
6,431,508 | |||||||||
|
University of CA Rev. (FSA) | |
|
||||||||||||
| 1,375 | |
7.75%, 5/15/35, Ser. 1119 | |
NR/AAA | |
1,412,455 | |||||||||
| 3,095 | |
8.784%, 9/1/33 | |
NR/NR | |
3,952,036 | |||||||||
| 340 | |
8.784%, 9/1/34 | |
NR/NR | |
434,955 | |||||||||
|
Total California Variable Rate Notes (cost–$40,366,986) | |
|
45,457,204 | |||||||||||
|
OTHER VARIABLE RATE NOTES (c)(d)–1.6% |
|
||||||||||||||
|
Puerto Rico–1.6% | |
|
||||||||||||
| $3,500 | |
Commonwealth of Puerto Rico, GO, 5.00%, 7/1/30, Ser. A | |
Baa2/BBB | |
3,645,460 | |||||||||
| 3,800 | |
Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A | |
Baa3/BBB− | |
4,125,394 | |||||||||
|
Total Other Variable Rate Notes (cost–$7,711,933) | |
|
7,770,854 | |||||||||||
|
|||||||||||||||
PIMCO California Municipal Income Fund
III Schedule of Investments
December 31,
2005 (unaudited) (concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
|
Value* | |||||||||||
|
U.S. TREASURY BILLS (f)–0.3% |
|
||||||||||||||
| $1,405 | |
3.81%-3.87%, 3/16/06 (cost–$1,393,943) | |
|
$1,393,943 | ||||||||||
|
Total Investments before options
written (cost–$460,142,275)–100.1% |
|
|
493,692,017 | |||||||||||
|
OPTIONS WRITTEN (e)–(0.1)% |
|
||||||||||||||
| Contracts | |
|
|
||||||||||||
|
Call Options–(0.1)% | |
|
||||||||||||
|
U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade, | |
|
||||||||||||
| 169 | |
strike price $110, expires 2/24/06 | |
|
(92,422) | ||||||||||
| 472 | |
strike price $111, expires 2/24/06 | |
|
(118,000) | ||||||||||
|
|
|
(210,422) | ||||||||||||
|
Put Options–(0.0)% | |
|
||||||||||||
|
U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade, | |
|
||||||||||||
| 171 | |
strike price $106, expires 2/24/06 | |
|
(13,359) | ||||||||||
| 472 | |
strike price $107, expires 2/24/06 | |
|
(73,750) | ||||||||||
|
|
|
(87,109) | ||||||||||||
|
Total Options Written (premiums received–$424,354) | |
|
(297,531) | |||||||||||
|
Total Investments net of options
written (cost–$459,717,921)–100.0% |
|
|
$493,394,486 | |||||||||||
|
|||||||||||||||
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. 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 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 at 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/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. |
|
|
| (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 December 31, 2005. |
|
|
| (e) | Non-income producing. |
|
|
| (f) | All or partial amount segregated as initial margin on futures contracts or collateral for options written. |
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
CR – Custodian Receipt
FGIC – insured by Financial Guaranty Insurance Co.
FHA – insured by Federal Housing Administration
FSA – insured by Financial Security Assurance, Inc.
GO – General Obligation Bond
GTD – Guaranteed
MBIA – insured by Municipal Bond Investors Assurance
NR – Not Rated
XLCA – insured by XL Capital Assurance
Other Investments:
|
|
| (1) | Futures contracts outstanding at December 31, 2005: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Type | |
Notional Amount (000) |
|
Expiration Date |
|
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: | |
U.S. Treasury Note 5 yr. Futures | |
$ | 35,400 | |
3/22/06 | |
$ | 82,172 | ||||||||
| Short: | |
U.S. Treasury Bond Futures | |
(75,300 | ) | |
3/22/06 | |
(1,506,703 | ) | ||||||||
|
U.S. Treasury Note 10 yr. Futures | |
(16,600 | ) | |
3/22/06 | |
(175,766 | ) | |||||||||
|
|
|
|
$ | (1,600,297 | ) | ||||||||||||
|
||||||||||||||||||
|
|
| (2) | Transaction in options written for the three months ended December 31, 2005: |
|
|
|
|
|
|
|
|
|
|
|
|
Contracts | |
Premiums | |||||||
| Options outstanding, September 30, 2005 | |
2,125 | |
$ | 578,422 | |||||
| Options written | |
1,284 | |
424,354 | ||||||
| Options expired | |
(2,125 | ) | |
(578,422 | ) | ||||
| Options outstanding, December 31, 2005 | |
1,284 | |
$ | 424,354 | |||||
|
||||||||||
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 III
By /s/ Brian S. Shlissel
President & Chief
Executive Officer
Date: February 15, 2006
By /s/ Lawrence G. Altadonna
Treasurer, Principal
Financial & Accounting Officer
Date: February 15, 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: February 15, 2006
By /s/ Lawrence G. Altadonna
Treasurer, Principal
Financial & Accounting Officer
Date: February 15, 2006