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Pimco California Municipal Income Fund

PCQ, or BlackRock Corporate High Yield Fund, Inc., is a non-diversified, closed-end management investment company.

The fund'0 principal investment objective is to provide a high level of current income, with a secondary objective of capital appreciation.

The Fund will invest primarily in high-yield debt securities, known as junk bonds, issued by corporations both in the United States and internationally.

PCQ, ticker symbol, has a gross assets total of USD 2.84 billion and SubHub for common and preferred stock with a maximum offering price of USD 250 million (from Jun 22, 2012 SEC filing).

The Company's earnings in the most recent quarter totaled USD7.6 million down from USD 13.5 million recorded last year, when adjusted for dividends.

Looking forward, prospective investors should note that the fund's’ investment strategy involves lower credit-rated issuers and consists primarily of below investment-grade quality debt.

In consequence, these types of securities are considered riskier than those of higher-rated securities.

Additionally, the Fund is subject to interest rate risk due to changes in short-term interest rates, which directly affects the net asset value and, ultimately, the level of interest income earned by the fund.

The fund's management uses a multi-pronged investment strategy, which can and has resulted in investments in securities issued by non-U.S. corporations that are denominated in non-US currencies, which may subject the fund to foreign exchange risk. PCQ has a 5.43 beta, indicating lower volatility than the overall market.

Lastly, the fund invests in industries such as energy 26.3%, finance 21.7%, telecommunications 14.7%, healthcare 13.9%, consumer products 11.3%, technology 8.7%, basic materials 4.7%, leisure 4.2%, and industrials 3.6%. As a result, those looking for stable income should consider PCQ a good purchase as the fund seeks an attractive level of current income.