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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act File Number: 811-21188
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, 2007
Date of Reporting Period: June 30, 2007
Form N-Q is to be used by the registered management investment company, other than a small business investment company registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b 1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (‘‘OMB’’) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments
PIMCO California Municipal Income Fund III
Schedule of Investments
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| Principal Amount (000) |
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Credit Rating (Moody’s/S&P) |
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Value* | |||||||||
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CALIFORNIA MUNICIPAL BONDS & NOTES–94.2% |
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| $ | 1,000 | |
Alameda Public Financing Auth. Rev., 7.00%, 6/1/09 | |
NR/NR | |
$ | 999,750 | ||||||
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Assoc. of Bay Area Gov’t Finance Auth. Rev., Odd Fellows Home, | |
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| 3,200 | |
5.20%, 11/15/22 | |
NR/A+ | |
3,291,648 | ||||||||
| 11,725 | |
5.35%, 11/15/32 | |
NR/A+ | |
12,121,070 | ||||||||
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Burbank Public Finance Auth., Tax Allocation, San Fernando Redev. Project, | |
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| 1,135 | |
5.50%, 12/1/28 | |
NR/BBB | |
1,172,625 | ||||||||
| 1,000 | |
5.50%, 12/1/33 | |
NR/BBB | |
1,027,620 | ||||||||
| 2,000 | |
Butte-Glenn Community College, GO, 5.00%, 8/1/26, Ser. A (MBIA) | |
Aaa/NR | |
2,066,500 | ||||||||
| 2,000 | |
Capistrano Unified School Dist., Community Fac. Dist., Special Tax, 6.00%, 9/1/32, (Pre-refunded @ $100, 9/1/13) (a) | |
NR/NR | |
2,216,220 | ||||||||
| 500 | |
Carson Public Financing Auth., Special Assessment, 5.00%, 9/2/31, Ser. B |
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NR/NR | |
485,765 | ||||||||
| 1,000 | |
Cathedral City Public Financing Auth., Tax Allocation, 5.00%, 8/1/33, Ser. A (MBIA) |
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Aaa/AAA | |
1,024,490 | ||||||||
| 1,150 | |
Ceres Redev. Agcy., Tax Allocation, 5.00%, 11/1/33 (MBIA) | |
Aaa/AAA | |
1,185,362 | ||||||||
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Ceres Unified School Dist., GO (FGIC), | |
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| 2,825 | |
zero coupon, 8/1/28 | |
Aaa/AAA | |
866,880 | ||||||||
| 2,940 | |
zero coupon, 8/1/29 | |
Aaa/AAA | |
849,101 | ||||||||
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Chula Vista Community Facs. Dist., Special Tax, | |
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| 2,000 | |
5.125%, 9/1/36 | |
NR/NR | |
1,998,360 | ||||||||
| 1,600 | |
5.75%, 9/1/33 | |
NR/NR | |
1,636,576 | ||||||||
| 675 | |
6.15%, 9/1/26 | |
NR/NR | |
711,626 | ||||||||
| 1,620 | |
6.20%, 9/1/33 | |
NR/NR | |
1,710,250 | ||||||||
| 1,000 | |
City of Carlsbad, Special Assessment, 6.00%, 9/2/34 | |
NR/NR | |
1,032,330 | ||||||||
| 8,000 | |
Contra Costa Cnty. Public Financing Auth., Tax Allocation, 5.625%, 8/1/33, Ser. A |
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NR/BBB | |
8,284,160 | ||||||||
| 3,775 | |
Cucamonga School Dist., CP, 5.20%, 6/1/27 | |
NR/A− | |
3,811,882 | ||||||||
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Educational Facs. Auth. Rev., | |
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| 2,500 | |
Institute of Technology, 5.00%, 10/1/32, Ser. A, (Pre-refunded @ $100, 10/1/11) (a) | |
Aaa/AAA | |
2,613,300 | ||||||||
| 2,455 | |
Loyola Marymount Univ., zero coupon, 10/1/34 (MBIA) | |
Aaa/NR | |
654,969 | ||||||||
| 5,000 | |
Pepperdine Univ., 5.00%, 9/1/33, Ser. A (FGIC) | |
Aaa/AAA | |
5,139,050 | ||||||||
| 2,195 | |
Elk Grove Unified School Dist., Community Facs. Dist. No. 1, Special Tax, 5.00%, 12/1/35 (MBIA) | |
Aaa/AAA | |
2,255,538 | ||||||||
| 500 | |
Franklin-McKinley School Dist., GO, 5.00%, 8/1/27, Ser. B, (Pre-refunded @ $100, 8/1/13) (FSA) (a) | |
Aaa/AAA | |
528,635 | ||||||||
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Fremont Community Facs. Dist. No. 1, Special Tax, | |
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| 1,250 | |
5.30%, 9/1/30 | |
NR/NR | |
1,253,025 | ||||||||
| 5,000 | |
6.30%, 9/1/31 | |
NR/NR | |
5,215,550 | ||||||||
| 9,500 | |
Fresno School Unified Dist., GO, 6.00%, 8/1/26, Ser. A (MBIA) | |
Aaa/AAA | |
11,115,570 | ||||||||
| 4,380 | |
Glendale Electric Works Rev., 5.00%, 2/1/27 (MBIA) | |
Aaa/AAA | |
4,501,939 | ||||||||
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Golden State Tobacco Securitization Corp., Tobacco Settlement Rev., | |
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| 6,000 | |
5.00%, 6/1/33, Ser. A-1 | |
Baa3/BBB | |
5,821,680 | ||||||||
| 10,000 | |
5.00%, 6/1/35, Ser. A (FGIC) (g) | |
Aaa/AAA | |
10,262,200 | ||||||||
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PIMCO California Municipal Income Fund III
Schedule of Investments
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| Principal Amount (000) |
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Credit Rating (Moody’s/S&P) |
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Value* | |||||||||
| $ | 4,000 | |
5.00%, 6/1/45, Ser. A (FGIC-TCRS) (g) | |
Aaa/AAA | |
$ | 4,086,240 | ||||||
| 9,000 | |
5.00%, 6/1/45, Ser. A (AMBAC-TCRS) (g) | |
Aaa/AAA | |
9,194,040 | ||||||||
| 18,000 | |
6.25%, 6/1/33, Ser. 2003-A-1 | |
Aaa/AAA | |
19,598,760 | ||||||||
| 38,490 | |
6.75%, 6/1/39, Ser. 2003-A-1, (Pre-refunded @ $100, 6/1/13) (a) |
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Aaa/AAA | |
44,006,772 | ||||||||
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Health Facs. Finance Auth. Rev., | |
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| 5,000 | |
Adventist Health System, 5.00%, 3/1/33 | |
NR/A | |
4,999,650 | ||||||||
| 6,000 | |
Cottage Health System, 5.00%, 11/1/33, Ser. B (MBIA) | |
Aaa/AAA | |
6,116,820 | ||||||||
| 5,000 | |
Kaiser Permanente, 5.00%, 10/1/18, Ser. B | |
A3/AAA | |
5,113,250 | ||||||||
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Paradise VY Estates (CA Mtg. Ins.), | |
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| 2,000 | |
5.125%, 1/1/22 | |
NR/A+ | |
2,056,280 | ||||||||
| 1,550 | |
5.25%, 1/1/26 | |
NR/A+ | |
1,596,856 | ||||||||
| 2,000 | |
Sutter Health, 6.25%, 8/15/35, Ser. A | |
Aa3/AA− | |
2,146,160 | ||||||||
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Infrastructure & Economic Dev. Bank Rev., | |
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| 7,750 | |
Bay Area Toll Bridges, 5.00%, 7/1/36, (Pre-refunded @ $100, 1/1/28) (AMBAC) (a)(g) | |
Aaa/AAA | |
8,340,783 | ||||||||
| 2,750 | |
Claremount Univ. Consortium, 5.25%, 10/1/33 | |
Aa3/NR | |
2,865,968 | ||||||||
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Kaiser Assistance Corp., | |
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| 3,000 | |
5.50%, 8/1/31, Ser. B | |
A2/A | |
3,128,610 | ||||||||
| 8,000 | |
5.55%, 8/1/31, Ser. A | |
NR/A+ | |
8,363,920 | ||||||||
| 3,725 | |
La Mesa-Spring Valley School Dist., GO, 5.00%, 8/1/26, Ser. A, (Pre-refunded @ $100, 8/1/12) (FGIC) (a) | |
Aaa/AAA | |
3,913,560 | ||||||||
| 20 | |
Lancaster Financing Auth., Tax Allocation, 4.75%, 2/1/34 (MBIA) | |
Aaa/AAA | |
20,015 | ||||||||
| 825 | |
Lee Lake Water Dist. Community Facs. Dist. No. 2, Montecito Ranch, Special Tax, 6.125%, 9/1/32 | |
NR/NR | |
845,757 | ||||||||
| 5,000 | |
Long Beach Community College Dist., GO, 5.00%, 5/1/28, Ser. A, (Pre-refunded @ $100, 5/1/13) (MBIA) (a) | |
Aaa/AAA | |
5,275,750 | ||||||||
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Los Angeles Department of Water & Power Rev., | |
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| 6,000 | |
4.75%, 7/1/30, Ser. A (FSA) (g) | |
Aaa/AAA | |
6,043,620 | ||||||||
| 500 | |
4.75%, 7/1/36, Ser. A-1 (FSA) | |
Aaa/AAA | |
501,645 | ||||||||
| 10,000 | |
5.00%, 7/1/30, Ser. A (g) | |
Aa3/AA− | |
10,202,000 | ||||||||
| 20,000 | |
5.00%, 7/1/35, Ser. A (FSA) (g) | |
Aaa/AAA | |
20,664,800 | ||||||||
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Los Angeles Unified School Dist., GO (MBIA) (a), | |
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| 7,650 | |
5.00%, 1/1/28, Ser. A, (Pre-refunded @ $100, 7/1/13) | |
Aaa/AAA | |
8,074,651 | ||||||||
| 3,000 | |
5.125%, 1/1/27, Ser. E, (Pre-refunded @ $100, 7/1/12) | |
Aaa/AAA | |
3,163,740 | ||||||||
| 1,000 | |
Lynwood Unified School Dist., GO, 5.00%, 8/1/27, Ser. A (FSA) | |
Aaa/NR | |
1,032,710 | ||||||||
| 5,280 | |
Modesto Irrigation Dist., CP, 5.00%, 7/1/33, Ser. A (MBIA) | |
Aaa/AAA | |
5,420,026 | ||||||||
| 4,585 | |
Moreno Valley Unified School Dist. Community Facs. Dist., Special Tax, 5.20%, 9/1/36 | |
NR/NR |
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4,601,002 |
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| 2,180 | |
Murrieta Valley Unified School Dist., Special Tax, | |
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6.40%, 9/1/24, (Pre-refunded @ $102, 9/1/09) (a) | |
NR/NR | |
2,336,786 | |||||||||
| 5,000 | |
Oakland, GO, 5.00%, 1/15/33, Ser. A (MBIA) | |
Aaa/AAA | |
5,123,550 | ||||||||
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Oakland Redev. Agcy., Tax Allocation, (Pre-refunded @ $100, 3/1/13) (a), | |
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| 985 | |
5.25%, 9/1/27 | |
NR/A | |
1,049,281 | ||||||||
| 1,545 | |
5.25%, 9/1/33 | |
NR/A | |
1,647,434 | ||||||||
| 5,000 | |
Orange Cnty. Community Facs. Dist., Ladera Ranch, Special Tax, | |
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5.55%, 8/15/33, Ser. A | |
NR/NR | |
5,081,850 | |||||||||
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PIMCO California Municipal Income Fund III
Schedule of Investments
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| Principal Amount (000) |
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Credit Rating (Moody’s/S&P) |
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Value* | |||||||||
| $ | 5,000 | |
Orange Cnty. Unified School Dist., CP, 4.75%, 6/1/29 (MBIA) | |
Aaa/AAA | |
$ | 4,979,550 | ||||||
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Orange Cnty. Water Dist. Rev., CP, Ser. B (MBIA), | |
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| 1,000 | |
5.00%, 8/15/28 | |
Aaa/AAA | |
1,021,580 | ||||||||
| 5,525 | |
5.00%, 8/15/34 (g) | |
Aaa/AAA | |
5,641,301 | ||||||||
| 5,000 | |
Pajaro Valley Unified School Dist., GO, 5.00%, 8/1/26, Ser. A, (Pre-refunded @ $100, 8/1/13) (FSA) (a)(g) | |
Aaa/AAA | |
5,286,350 | ||||||||
| 2,000 | |
Palm Desert Financing Auth., Tax Allocation, | |
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5.00%, 4/1/25, Ser. A (MBIA) | |
Aaa/AAA | |
2,056,260 | |||||||||
| 6,455 | |
Pasadena Water Rev., 5.00%, 6/1/33 (FGIC) (g) | |
Aaa/AAA | |
6,623,863 | ||||||||
| 1,410 | |
Pomona Public Financing Auth. Rev., 5.00%, 12/1/37, Ser. AF (MBIA) | |
Aaa/AAA | |
1,442,754 | ||||||||
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Poway Unified School Dist., Community Facs. Dist. No. 6, Special Tax, | |
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| 3,650 | |
5.125%, 9/1/28 | |
NR/NR | |
3,664,942 | ||||||||
| 1,285 | |
6.05%, 9/1/25 | |
NR/NR | |
1,345,254 | ||||||||
| 2,100 | |
6.125%, 9/1/33 | |
NR/NR | |
2,195,739 | ||||||||
| 5,000 | |
Riverside, CP, 5.00%, 9/1/33 (AMBAC) | |
Aaa/AAA | |
5,108,550 | ||||||||
| 500 | |
Rocklin Unified School Dist. Community Facs., Special Tax, | |
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5.00%, 9/1/29 (MBIA) | |
Aaa/AAA | |
513,280 | |||||||||
| 7,680 | |
Rowland Unified School Dist., GO, 5.00%, 8/1/28, Ser. B (FSA) | |
Aaa/AAA | |
7,906,483 | ||||||||
| 1,400 | |
Sacramento City Financing Auth. Rev., North Natomas CFD No. 2, | |
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6.25%, 9/1/23, Ser. A | |
NR/NR | |
1,430,506 | |||||||||
| 10,820 | |
Sacramento Cnty. Water Financing Auth. Rev., | |
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5.00%, 6/1/34, (Pre-refunded @ $100, 6/1/13) (AMBAC) (a)(g) | |
NR/NR | |
11,424,513 | |||||||||
| 8,000 | |
Sacramento Muni Utility Dist., Electric Rev., 5.00%, 8/15/33, Ser. R (MBIA) (g) |
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Aaa/AAA | |
8,215,600 | ||||||||
| 12,075 | |
San Diego Community College Dist., GO, 5.00%, 5/1/28, Ser. A (FSA) (g) | |
Aaa/AAA | |
12,417,809 | ||||||||
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San Diego Community Facs. Dist. No. 3, Special Tax, Ser. A, | |
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| 890 | |
5.60%, 9/1/21 | |
NR/NR | |
893,604 | ||||||||
| 580 | |
5.70%, 9/1/26 | |
NR/NR | |
582,366 | ||||||||
| 1,700 | |
5.75%, 9/1/36 | |
NR/NR | |
1,709,112 | ||||||||
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San Diego Unified School Dist., GO (FSA), | |
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| 480 | |
5.00%, 7/1/26, Ser. C | |
Aaa/AAA | |
507,739 | ||||||||
| 11,000 | |
5.00%, 7/1/26, Ser. E | |
Aaa/AAA | |
11,556,710 | ||||||||
| 8,425 | |
5.00%, 7/1/28, Ser. E | |
Aaa/AAA | |
8,851,389 | ||||||||
| 1,500 | |
San Diego Univ. Foundation Auxiliary Organization, Rev., | |
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5.00%, 3/1/27, Ser. A (MBIA) | |
Aaa/AAA | |
1,532,355 | |||||||||
| 3,000 | |
San Jose, Libraries & Parks, GO, 5.125%, 9/1/31 | |
Aa1/AA+ | |
3,085,050 | ||||||||
| 15,700 | |
San Marcos Public Facs. Auth., Tax Allocation, 5.00%, 2/1/11, Ser. A (FGIC) (g) |
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Aaa/AAA | |
16,078,998 | ||||||||
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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 | |
1,015,884 | ||||||||
| 3,520 | |
zero coupon, 8/1/28 | |
Aaa/AAA | |
1,287,581 | ||||||||
| 2,500 | |
zero coupon, 8/1/30 | |
Aaa/AAA | |
825,625 | ||||||||
| 3,780 | |
zero coupon, 8/1/31 | |
Aaa/AAA | |
1,187,033 | ||||||||
| 3,770 | |
zero coupon, 8/1/32 | |
Aaa/AAA | |
1,122,744 | ||||||||
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PIMCO California Municipal Income Fund III
Schedule of Investments
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| Principal Amount (000) |
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Credit Rating (Moody’s/S&P) |
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Value* | |||||||||
| $ | 1,250 | |
Santa Clara Valley Transportation Auth., Sales Tax Rev., 5.00%, 6/1/26, Ser. A, (Pre-refunded @ $100, 6/1/11) (MBIA) (a) |
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Aaa/AAA | |
$ | 1,302,538 | ||||||
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Santa Margarita Water Dist., Community Facs. Dist. No. 99-1, | |
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Special Tax, (Pre-refunded @ $102, 9/1/09) (a), | |
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| 2,500 | |
6.25%, 9/1/29 | |
NR/NR | |
2,618,875 | ||||||||
| 3,470 | |
Escrow, 6.25%, 9/1/29 | |
NR/NR | |
3,657,484 | ||||||||
| 3,550 | |
Santa Monica Community College Dist., GO, zero coupon, 8/1/27, Ser. C (MBIA) |
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Aaa/AAA | |
1,296,957 | ||||||||
| 1,205 | |
Sequoia Union High School Dist., GO, 5.00%, 7/1/23, (Pre-refunded @ $102, 7/1/11) (MBIA) (a) |
|
Aaa/NR | |
1,277,408 | ||||||||
| 4,250 | |
Sonoma Cnty. Jr. College Dist., GO, 5.00%, 8/1/27, Ser. A, (Pre-refunded @ $100, 8/1/13) (FSA) (a) |
|
Aaa/AAA | |
4,493,398 | ||||||||
| 1,000 | |
Sonoma Cnty. Water Agcy., Water Rev., 5.00%, 7/1/32, Ser. A (MBIA) |
|
Aaa/AAA | |
1,024,870 | ||||||||
|
South Tahoe JT Powers Financing Auth. Rev., | |
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| 2,500 | |
5.125%, 10/1/09 | |
NR/NR | |
2,505,500 | ||||||||
| 4,425 | |
5.45%, 10/1/33 | |
NR/BBB | |
4,544,519 | ||||||||
|
Southern CA Public Power Auth., Power Project Rev., | |
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| 15,010 | |
5.00%, 7/1/33, Ser. A, (Pre-refunded @ $100, 7/1/13) (AMBAC) (a)(g) |
|
Aaa/AAA | |
15,859,566 | ||||||||
| 12,200 | |
Magnolia Power, 5.00%, 7/1/33, Ser. 2003-A-1, (Pre-refunded @ $100, 7/1/13) (AMBAC) (a) |
|
Aaa/AAA | |
12,890,520 | ||||||||
| 4,095 | |
State Department Veteran Affairs Home Purchase Rev., | |
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|
5.35%, 12/1/27, Ser. A (AMBAC) | |
Aaa/AAA | |
4,283,739 | |||||||||
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State Public Works Board Lease Rev., | |
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|||||||||||
| 5,385 | |
CA State Univ., 5.00%, 10/1/19 | |
A1/A | |
5,484,676 | ||||||||
| 1,105 | |
Patton, 5.375%, 4/1/28 | |
A2/A | |
1,146,559 | ||||||||
| 4,600 | |
Univ. CA, M.I.N.D. Inst., 5.00%, 4/1/28, Ser. A | |
Aa2/AA− | |
4,698,532 | ||||||||
| 3,505 | |
Statewide Community Dev. Auth., Internext Group, CP, 5.375%, 4/1/30 |
|
NR/BBB | |
3,530,026 | ||||||||
|
Statewide Community Dev. Auth. Rev., | |
|
|||||||||||
| 1,150 | |
Baptist Univ., 5.50%, 11/1/38, Ser. A | |
NR/NR | |
1,158,096 | ||||||||
| 2,500 | |
Berkeley Montessori School, 7.25%, 10/1/33 | |
NR/NR | |
2,613,100 | ||||||||
|
Health Fac., | |
|
|||||||||||
| 7,300 | |
Jewish Home, 5.50%, 11/15/33 (CA St. Mtg.) | |
NR/A+ | |
7,683,031 | ||||||||
| 15,000 | |
Memorial Health Services, 5.50%, 10/1/33, Ser. A | |
A3/A+ | |
15,596,250 | ||||||||
| 10,000 | |
Sutter Health, 5.50%, 8/15/34, Ser. B | |
Aa3/AA− | |
10,442,300 | ||||||||
| 2,500 | |
Valleycare Health, 5.125%, 7/15/31, Ser. A | |
NR/NR | |
2,444,225 | ||||||||
| 1,795 | |
Sunnyvale Financing Auth., Water & Wastewater Rev., | |
|
||||||||||
|
5.00%, 10/1/26 (AMBAC) | |
Aaa/AAA | |
1,834,723 | |||||||||
| 2,000 | |
Tamalpais Union High School Dist., GO, 5.00%, 8/1/26 (MBIA) | |
Aaa/AAA | |
2,052,120 | ||||||||
| 2,000 | |
Temecula Public Financing Auth., Crowne Hill, Special Tax, | |
|
||||||||||
|
6.00%, 9/1/33, Ser. A | |
NR/NR | |
2,080,000 | |||||||||
|
Tobacco Securitization Agcy. Rev., | |
|
|||||||||||
|
Alameda Cnty., | |
|
|||||||||||
| 8,100 | |
5.875%, 6/1/35 | |
Baa3/NR | |
8,526,708 | ||||||||
| 7,000 | |
6.00%, 6/1/42 | |
Baa3/NR | |
7,431,970 | ||||||||
|
||||||||||||||
PIMCO California Municipal Income Fund III
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody’s/S&P) |
|
Value* | |||||||||
| $ | 4,910 | |
Gold Cnty., zero coupon, 6/1/33 | |
NR/BBB | |
$ | 1,120,266 | ||||||
| 2,000 | |
Kern Cnty., 6.125%, 6/1/43, Ser. A | |
NR/BBB | |
2,129,780 | ||||||||
| 5,000 | |
Tobacco Securitization Auth. of Southern California Rev., | |
|
||||||||||
|
5.00%, 6/1/37, Ser. A-1 | |
Baa3/BBB | |
4,775,950 | |||||||||
| 2,950 | |
Torrance Medical Center Rev., 5.50%, 6/1/31, Ser. A Univ. Rev. (g), |
|
A1/A+ | |
3,084,638 | ||||||||
| 5,500 | |
4.75%, 5/15/35, Ser. F, (FSA) | |
Aaa/AAA | |
5,515,675 | ||||||||
| 21,125 | |
5.00%, 9/1/33, Ser. Q, (Pre-refunded @ $101, 9/1/11) (FSA) (a) | |
Aaa/AAA | |
22,245,681 | ||||||||
| 2,355 | |
5.00%, 9/1/34, Ser. Q, (Pre-refunded @ $101, 9/1/11) (FSA) (a) | |
NR/NR | |
2,479,933 | ||||||||
| 4,000 | |
Vernon Electric System Rev., Malburg Generating Station, | |
|
||||||||||
|
5.50%, 4/1/33, (Pre-refunded @ $100, 4/1/08) (a) | |
Aaa/NR | |
4,053,800 | |||||||||
| 1,000 | |
West Basin Municipal Water Dist. Rev., CP, 5.00%, 8/1/30, Ser. A (MBIA) | |
Aaa/AAA | |
1,028,420 | ||||||||
| 2,500 | |
William S. Hart Union High School Dist., Special Tax, 6.00%, 9/1/33 | |
NR/NR | |
2,608,000 | ||||||||
| 2,750 | |
Woodland Finance Auth., Lease Rev., 5.00%, 3/1/32 (XLCA) | |
Aaa/AAA | |
2,823,700 | ||||||||
|
Total California Municipal Bonds & Notes (cost–$588,735,757) | |
|
618,320,014 | ||||||||||
|
OTHER MUNICIPAL BONDS & NOTES–3.9% |
|
|
||||||||||||
|
Florida–0.7% |
|
|
|||||||||||
| 4,720 | |
Sarasota Cnty. Health Fac. Auth. Rev., 5.625%, 7/1/27 (c) | |
NR/NR | |
4,622,957 | ||||||||
|
Indiana–0.8% |
|
|
|||||||||||
| 5,000 | |
Vigo Cnty. Hospital Auth. Rev., 5.70%, 9/1/37 (b)(c) | |
NR/NR | |
5,041,750 | ||||||||
|
New York–0.4% |
|
|
|||||||||||
| 2,500 | |
State Dormitory Auth. Rev., Hospital, 6.25%, 8/15/15 (FHA) | |
Aa2/AAA | |
2,738,225 | ||||||||
|
Pennsylvania–0.8% |
|
|
|||||||||||
|
Allegheny Cnty. Hospital Dev. Auth. Rev., Ser. A, | |
|
|||||||||||
| 1,000 | |
5.00%, 11/15/28 | |
Ba2/BB | |
963,090 | ||||||||
| 4,000 | |
5.375%, 11/15/40 | |
Ba2/BB | |
3,996,000 | ||||||||
|
4,959,090 | |||||||||||||
|
Puerto Rico–1.0% |
|
|
|||||||||||
| 1,500 | |
Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN, (Pre-refunded @ $100, 7/1/13) (a) | |
A3/BBB+ | |
1,590,720 | ||||||||
|
Public Building Auth. Rev., | |
|
|||||||||||
| 4,420 | |
5.00%, 7/1/36, Ser. I (GTD) | |
Baa3/BBB− | |
4,492,930 | ||||||||
| 290 | |
5.25%, 7/1/36, Ser. D | |
Baa3/BBB− | |
298,056 | ||||||||
|
|
|
6,381,706 | |||||||||||
|
South Dakota–0.3% |
|
|
|||||||||||
| 2,000 | |
Minnehaha Cnty. Health Facs. Rev., Bethany Lutheran, 5.50%, 12/1/35 (c)(d) | |
NR/NR | |
2,007,740 | ||||||||
|
Total Other Municipal Bonds & Notes (cost–$25,168,619) | |
|
25,751,468 | ||||||||||
|
CALIFORNIA VARIABLE RATE NOTES (e)–1.1% |
||||||||||||||
|
Golden State Tobacco Securitization Corp., Tobacco Settlement Rev., | |
||||||||||||
| 2,000 | |
9.537%, 6/1/35 (FGIC) | |
Aaa/AAA | |
2,262,200 | ||||||||
|
||||||||||||||
PIMCO California Municipal Income Fund III
Schedule of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal Amount (000) |
|
|
Credit Rating (Moody’s/S&P) |
|
Value* | |||||||||
|
Los Angeles Unified School Dist., GO (MBIA), | |
|
|||||||||||
| $ | 1,745 | |
8.085%, 1/1/23 | |
NR/NR | |
$ | 1,844,447 | ||||||
| 2,090 | |
11.196%, 1/1/11 | |
NR/NR | |
2,918,748 | ||||||||
|
Total California Variable Rate Notes (cost–$7,204,686) | |
|
7,025,395 | ||||||||||
|
OTHER VARIABLE RATE NOTES (e)–0.6% |
|
|
||||||||||||
|
Puerto Rico–0.6% |
|
|
|||||||||||
| 3,800 | |
Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A (cost–$3,997,958) | |
Ba1/BBB− | |
4,008,620 | ||||||||
|
U.S. TREASURY BILLS (f)–0.2% |
|
|
||||||||||||
| 1,365 | |
4.392%-4.75%, 8/30/07-9/13/07 (cost–$1,352,201) | |
|
1,352,201 | |||||||||
|
Total Investments (cost–$626,459,221)–100.0% |
|
|
$ | 656,457,698 | |||||||||
|
||||||||||||||
Notes to Schedule of Investments:
| * | Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotations are not readily available or if a development/event occurs that may significantly impact the value of a security, are fair-valued, in good faith, pursuant to guidelines established by the Board of Trustees. The Fund’s investments are valued daily using prices supplied by an independent pricing service or dealer quotations, or by using the last sale price on the exchange that is the primary market for such securities, or the 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. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded options and futures are valued at the settlement price determined by the relevant exchange. Securities purchased on a when-issued or delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term 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. 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) | 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). |
| (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) | When-issued or delayed-delivery security. To be settled/delivered after June 30, 2007. |
| (d) | Fair Valued Security—Security with an aggregate value of $2,007,740, representing 0.31% of total investments, has been fair valued. |
| (e) | 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 June 30, 2007. |
| (f) | All or partial amount segregated as collateral for futures contracts. |
| (g) | Residual Interest Bonds held in trust – Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. |
Glossary:
| AMBAC – insured by American Municipal Bond Assurance Corp. |
| CA Mtg. Ins. – insured by California Mortgage Insurance |
| CA St. Mtg. – insured by California State Mortgage |
| CP – Certificates of Participation |
| FGIC – insured by Financial Guaranty Insurance Co. |
| FHA – insured by Federal Housing Administration |
| FSA – insured by Financial Security Assurance, Inc. |
| GO – General Obligation Bond |
| GTD – Guaranteed |
| MBIA – insured by Municipal Bond Investors Assurance |
| NR – Not Rated |
| TCRS – Temporary Custodian Receipts |
| XLCA – insured by XL Capital Assurance |
Other Investments:
(1) Futures contracts outstanding at June 30, 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Type | |
|
Contracts | |
|
Market
Value (000) |
|
|
Expiration
Date |
|
|
Unrealized
Appreciation (Depreciation) |
||||||||||||
| Long: | |
|
Financial Future Euro – 90 day | |
|
|
|
124 | |
|
|
|
$ | 29,348 | |
|
|
9/17/07 | |
|
|
$ | (119,200 | ) |
|
|
Financial Future Euro – 90 day | |
|
|
|
124 | |
|
|
|
|
29,362 | |
|
|
12/17/07 | |
|
|
|
(106,800 | ) | |
|
|
Financial Future Euro – 90 day | |
|
|
|
124 | |
|
|
|
|
29,385 | |
|
|
3/17/08 | |
|
|
|
(80,450 | ) | |
|
|
U.S. Treasury Notes 5 yr. Futures | |
|
|
|
284 | |
|
|
|
|
29,558 | |
|
|
9/28/07 | |
|
|
|
(137,562 | ) | |
| Short: | |
|
U.S. Treasury Bond Futures | |
|
|
|
(1,053 | ) | |
|
|
|
(113,461 | ) | |
|
9/19/07 | |
|
|
|
1,369,492 | |
|
|
U.S. Treasury Notes 10 yr. Futures | |
|
|
|
(317 | ) | |
|
|
|
(33,508 | ) | |
|
9/19/07 | |
|
|
|
292,234 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ | 1,217,714 | |
|||||
(2) Transactions in options written for the nine months ended June 30, 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts | |
|
Premiums | |||||||
| Options outstanding, September 30, 2006 | |
|
|
|
423 | |
|
|
|
$ | 77,938 | |
| Options written | |
|
|
|
210 | |
|
|
|
|
87,911 | |
| Options expired | |
|
|
|
(633 | ) | |
|
|
|
(165,849 | ) |
| Options outstanding, June 30, 2007 | |
|
|
|
— | |
|
|
|
$ | — | |
Item 2. Controls and Procedures
(a) The registrant’s President and Chief Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR270.3a-3(c)), as amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.
(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d)) under the Act (17 CFR270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits
(a) Exhibit 99.302 Cert. — Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: PIMCO California Municipal Income Fund III
By /s/ Brian S. Shlissel
President & Chief Executive Officer
Date: August 28, 2007
By /s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer
Date: August 28, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dated indicated.
By /s/ Brian S. Shlissel
President & Chief Executive Officer
Date: August 28, 2007
By /s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer
Date: August 28, 2007