-------------------------- 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 Date of Reporting Period: 1/31 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 (ss.ss. 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. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS PIMCO CALIFORNIA MUNICIPAL INCOME FUND SCHEDULE OF INVESTMENTS JANUARY 31, 2005 (unaudited) PRINCIPAL AMOUNT CREDIT RATING (000) (MOODY'S/S&P) VALUE* ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA MUNICIPAL BONDS & NOTES - 89.4% $1,000 ABAG Finance Auth. for Nonprofit Corps., CP, 5.375%, 2/15/19 .................... NR/BBB+ $1,036,680 1,000 ABAG Finance Auth. for Nonprofit Corps., Rev., 5.375%, 11/15/25 ................. NR/A 1,066,080 1,385 Alvord Unified School District, GO, 5.375%, 8/1/29, Ser. C (FSA) ................ Aaa/NR 1,456,701 1,650 Apple Valley, CP, 5.375%, 6/1/21 .............................................. NR/A 1,785,350 2,000 Baldwin Park Monrovia School Facs., Grant Financing Auth., Rev., 5.00%, 10/1/36 (AMBAC) ........................................................ Aaa/AAA 2,073,200 6,405 Campbell Union High School District, GO, 5.50%, 8/1/30 (FSA) .. ................. Aaa/NR 6,978,632 2,250 Capistrano Unified School District Community Fac. District, Special Tax, 5.75%, 9/1/29 ................................................................. NR/NR 2,338,403 8,250 Carson Improvement Board Act 1915, Special Assessment, 6.35%-6.375%, 9/2/23-9/2/31 ................................................... NR/NR 8,520,122 5,250 Central JT Powers Health Finance Auth., CP, 5.75%, 2/1/31. ...................... Baa2/BBB- 5,368,125 3,000 Central Valley Dept. Water Res. Rev., 5.00%, 12/1/15-12/1/25, Ser. AC (MBIA) .... Aaa/AAA 3,332,410 4,140 Charter Oak Unified School District, GO, 5.00%, 7/1/28, Ser. B (FSA) ............ Aaa/AAA 4,369,480 7,750 Contra Costa Cnty. Public Financing Auth., Tax Allocation Rev., 5.125%-5.85%, 8/1/19-8/1/33 ................................................... NR/BBB 8,242,515 2,750 CSUCI Financing Auth. Rev., 5.00%, 9/1/31, Ser. A (MBIA) ........................ Aaa/AAA 2,840,090 3,635 Cucamonga Cnty. Water District, CP, 5.125%, 9/1/35 (FGIC) ...................... Aaa/AAA 3,824,674 1,775 Educational Fac. Auth. Rev., zero coupon, 9/1/10 (AMBAC) ........................ Aaa/AAA 1,491,035 25,215 El Monte, CP, 4.75%-5.25%, 6/1/30-1/1/34 (AMBAC) ................................ Aaa/AAA 26,210,275 10,000 Foothill Eastern Corridor Agcy., Toll Road Rev., zero coupon, 1/15/33-1/15/34 .................................................. Baa3/BBB- 1,867,150 4,170 Fremont Community Fac. District, Special Tax., 6.00%-6.30%, 9/1/18-9/1/31 .................................................... NR/NR 4,312,555 Golden State Tobacco Securization Corp., Tobacco Settlement Rev., 27,655 6.25%-6.75%, 6/1/33-6/1/39, Ser. 2003-A-1 ..................................... Baa3/BBB 27,991,216 540 7.875, 6/1/42, Ser. A-3 ....................................................... Baa3/BBB 598,077 Health Fac. Financing Auth. Rev., 3,110 5.00%, 7/1/18-7/1/28, Ser. A .................................................. Baa1/BBB+ 3,168,213 5,315 5.125%, 7/1/18 ................................................................ NR/BBB+ 5,425,499 3,000 5.25%, 10/1/14, Ser. B ........................................................ A3/AAA 3,233,130 6,250 Infrastructure & Economic Dev. Bank Rev., 5.00%, 7/1/36 (AMBAC) ................. Aaa/AAA 6,565,750 14,000 La Quinta Redev. Agcy., Tax Allocation, 5.00%-5.125%, 9/1/21-9/2/32 (AMBAC) ........................................... Aaa/AAA 14,828,290 1,550 Lincoln Public Finance Auth. Rev., 6.125%, 9/2/27 ............................... NR/NR 1,602,793 845 Los Angeles Community Redev. Agcy., Freeway Recovery Tax Allocation, 5.875%-6.00%, 9/1/26-9/1/31 ................................................... NR/NR 846,680 6,250 Los Angeles Cnty. Metropolitan Transportation Auth. Rev., Sales Tax Rev., 4.75%, 7/1/28, Ser. B, ........................................................ Aaa/AAA 6,357,125 3,250 Los Angeles Unified School District, GO, 5.125%, 7/1/21, Ser. E (MBIA) .......... Aaa/AAA 3,527,940 Los Angeles Water & Power Rev., 13,000 5.25%, 7/1/21, Ser. A-A-1, (FSA) .............................................. Aaa/AAA 14,264,640 1,000 Menifee Union School District, Special Tax, 6.40%, 9/1/31. ...................... NR/NR 1,020,550 2,665 Merced Irrigation District Electric System Rev., 6.50%, 9/1/22 .................. Baa3/NR 2,742,418 Metropolitan Water District, Southern CA, Waterworks Rev., 750 5.00%, 7/1/26, Ser.A (Pre-refunded @ 101, 1/1/08) (a) ......................... Aa2/AA+ 812,378 2,750 5.00%, 7/1/26, Ser.A (Pre-refunded @ 101, 1/1/08) (a) ......................... Aa2/AAA 2,978,717 5,820 Montclair Redev. Agcy., Tax Allocation, 5.30%, 10/1/30 (MBIA) ................... Aaa/AAA 6,282,457 3,730 Murrieta Valley Unified School District, Special Tax, 6.30%-6.50%, 9/1/18-9/1/31 .................................................... NR/NR 3,893,582 6,255 Orange Cnty. Sanitation District, CP, 5.25%, 2/1/30 (FGIC) ...................... Aaa/AAA 6,683,280 1,080 Palm Springs Community Redev. Agcy., Tax Allocation, 5.50%, 8/1/21 .............. NR/A- 1,168,765 PIMCO CALIFORNIA MUNICIPAL INCOME FUND SCHEDULE OF INVESTMENTS JANUARY 31, 2005 (unaudited) (continued) PRINCIPAL AMOUNT CREDIT RATING (000) (MOODY'S/S&P) VALUE* ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA MUNICIPAL BONDS & NOTES (continued) $1,010 Pomona Unified School District, GO, 6.10%, 2/1/19, Ser. A (MBIA) ................ Aaa/AAA $1,255,339 1,690 Rancho Etiwanda Public Fac., Special Tax, 6.375%, 9/1/24 .......................... NR/NR 1,764,580 2,770 Rancho Mirage Redev. Agcy., Tax Allocation, 5.50%-5.625%, 4/1/24-4/1/33 ..................................................... Baa1/BBB+ 2,954,415 8,305 Riverside Cnty., CP, 5.125%, 11/1/30 (MBIA) ....................................... Aaa/AAA 8,811,854 1,000 Riverside Cnty. Public Auth. Financing, Tax Allocation, 5.625%, 10/1/33, Ser. A ......................................................... Baa2/BBB 1,035,340 1,850 Riverside Improvement Board Act 1915, Special Assessment, 6.15%-6.375%, 9/2/19-9/2/26 ..................................................... NR/NR 1,921,522 575 Roseville, Woodcreek Community Fac. District, Special Tax, 6.375%, 9/1/27 ......... NR/NR 613,272 2,000 Sacramento Health Fac. Rev., 5.30%, 1/1/24, Ser. A ................................ NR/A 2,094,540 6,855 Sacramento, Special Tax, 5.70%-6.15%, 9/1/21-9/1/26 ............................... NR/NR 7,041,942 545 San Diego Cnty., CP, 5.25%, 10/1/28.. ............................................. A2/NR 576,948 1,000 San Diego Cnty., Water Auth. Rev., CP, 5.00%, 5/1/32, Ser. A (MBIA) ............... Aaa/AAA 1,044,560 3,330 San Francisco Bay Area Rapid Transit District Rev., 5.125%, 7/1/36 (AMBAC) ........ Aaa/AAA 3,480,483 720 San Francisco City & Cnty. Redev. Agcy. Rev., Special Tax, 6.125%, 8/1/31, ................................................................. NR/NR 743,501 5,065 San Joaquin Cnty., CP, 5.00%, 9/1/20 (MBIA). ...................................... Aaa/AAA 5,369,457 San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev., 5,000 zero coupon, 1/15/19, Ser. A .................................................... Ba2/BB 4,499,850 5,000 5.50%, 1/15/28 .................................................................. Ba2/BB 4,829,250 230 San Jose Improvement Board Act 1915, Special Assessment, 5.60%, 9/2/17, Ser. 24Q ......................................................... NR/NR 236,958 5,000 San Jose Unified School District, Santa Clara Cnty., GO, 5.125%, 8/1/25, Ser. D (FSA) .................................................... Aaa/NR 5,310,150 26,450 San Juan Unified School District, GO, zero coupon, 8/1/22-8/1/26 (FSA) ............ Aaa/AAA 10,386,659 600 Santa Ana Financing Auth., Rev., 5.60%, 9/1/19 .................................... NR/BBB 639,612 1,815 Santa Clara CP, 5.00%, 2/1/32 (AMBAC) ............................................. Aaa/AAA 1,893,934 1,435 Santa Maria JT Union High School Dist., GO, 5.25%, 8/1/25, Ser. A (FSA) ..................................................... Aaa/AAA 1,597,255 Statewide Community Dev. Auth., CP, 8,000 5.375%, 4/1/30 .................................................................. NR/BBB- 8,072,400 8,000 6.50%, 7/1/20 ................................................................... Baa1/BBB+ 9,108,240 Statewide Community Dev. Auth., Rev., 15,250 5.125%, 10/1/30, Ser. A, ........................................................ NR/A 15,674,713 4,000 5.50%, 8/15/34, Ser. B .......................................................... A1/AA- 4,206,160 3,000 5.50%, 11/15/33 ................................................................. NR/A 3,213,210 9,900 6.625%, 10/1/31-11/1/31 ......................................................... NR/NR 10,218,993 2,550 6.75%, 6/1/28 (b) ............................................................... NR/NR 2,713,940 10,800 Tobacco Securitization Auth. Rev., 5.25%-5.375%, 6/1/31-6/1/41, Ser. A ............................................. Baa3/BBB 9,425,577 6,865 Tustin Unified School Dist., Special Tax, 5.50%-5.625%, 9/1/22-9/1/32 ..................................................... NR/NR 6,967,405 University Rev., 10,000 5.00%, 5/15/36, Ser. A (AMBAC) .................................................. Aaa/AAA 10,440,300 7,000 5.125%, 9/1/31, Ser. O (FGIC) ................................................... Aaa/AAA 7,431,690 3,750 West Kern Cnty. Water District, CP, 5.625%, 6/1/31 ................................ Baa2/NR 3,960,787 ------------ Total California Municipal Bonds & Notes (cost-$339,302,426) ...................... 360,639,813 ------------ OTHER MUNICIPAL BONDS & NOTES-7.4% ILLINOIS-1.4% 5,500 Educational Facs. Auth Revs., 5.00% 7/1/33, Ser. A ................................ Aa1/AA 5,706,195 ------------ LOUISIANA-0.4% 1,750 Tobacco Settlement Finance Corp. Rev., 5.875%, 5/15/39, Ser. 2001-B .............. Baa3/BBB 1,645,822 ------------ NEVADA-0.5% 2,025 Clark Cnty. Bond Bank GO, 5.00%, 6/1/32 (MBIA) .................................... Aaa/AAA 2,101,889 ------------ PIMCO CALIFORNIA MUNICIPAL INCOME FUND SCHEDULE OF INVESTMENTS JANUARY 31, 2005 (unaudited) (continued) PRINCIPAL AMOUNT CREDIT RATING (000) (MOODY'S/S&P) VALUE* ------------------------------------------------------------------------------------------------------------------------------------ OTHER MUNICIPAL BONDS & NOTES (continued) NEW JERSEY-1.5% $6,210 Tobacco Settlement Finance Corp., 6.00%-6.375%, 6/1/37-6/1/42 .................. Baa3/BBB $6,026,300 -------------- NEW YORK-0.6% 2,000 State Dorm Auth Revs., 6.25%, 8/15/15 (FHA) .................................... Aa2/AAA 2,354,180 -------------- PUERTO RICO-2.5% 3,100 Commonwealth Public Finance Corp., 5.75%, 8/1/27, Ser. A ....................... Baa2/BBB+ 3,488,492 Electric Power Auth. Power Rev., 1,250 5.125%, 7/1/29, Ser. NN ...................................................... A3/A- 1,314,888 5,000 5.25%, 7/1/29, Ser. HH (FSA) ................................................. Aaa/AAA 5,417,750 -------------- 10,221,130 -------------- RHODE ISLAND-0.4% 1,500 Tobacco Settlement Financing Corp., 6.125%, 6/1/32, Ser. A ..................... Baa3/BBB 1,446,900 -------------- SOUTH CAROLINA-0.1% 340 Tobacco Settlement Rev. Management Auth., 6.375%, 5/15/30, Ser. B .............. Baa3/BBB 336,797 -------------- Total Other Municipal Bonds & Notes (cost-$27,868,296) 29,839,213 -------------- CALIFORNIA VARIABLE RATE NOTES (c) (d) (e)-2.7% 10,003 Los Angeles Wastewater System Rev., 7.91%, 6/1/28, Ser. 318 (FGIC) (cost-$9,059,681) ............................. Aaa/NR 10,693,073 -------------- U.S. TREASURY BILLS (f) - 1.0% 4,210 2.13%-2.16%, 3/3/05-3/17/05 (cost-$4,199,026) ................................ AAA/AAA 4,199,152 -------------- Total investments before call options written (cost-$380,429,429)-100.5% ....... 405,371,251 -------------- Contracts ----------- CALL OPTIONS WRITTEN (g)-(0.5)% U.S. Treasury Bond Futures, Chicago Board of Trade: (211) Strike price $106, expires 2/18/05 ........................................... (1,866,031) (202) Strike price $113, expires 2/18/05 ........................................... (47,344) -------------- Total Call Options Written (premiums received-$1,538,217) ...................... (1,913,375) -------------- Total Investments (cost-$378,891,212)-100.0%. .................................. $ 403,457,876 -------------- ---------------- Futures contracts outstanding at January 31, 2005: Notional Value Expiration Unrealized Type (000) Date Depreciation ------------------------------------------------------------------------------------------------------------------ Short: U.S. Treasury Bond Futures (696) 3/21/2005 $ 1,811,461 Long: 90 Day Eurodollar Futures 1,235 9/19/2005 802,750 ----------------- $ 2,614,211 ----------------- --------------------------- NOTES TO SCHEDULES 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 impact the value of the 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. Prices obtained from an independent pricing services use information provided by market makers or estimates of market value obtained from yield data relating to investments or securities with similar characteristics. 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. Exchange traded options, futures, and options on futures are valued at the settlement price determined by the relevant exchange. 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) 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 refundung date. (b) Illiquid security. (c) Variable Rate Notes - 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). (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 investors. (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. (f) All or partial amount segregated as initial margin on futures contracts. (g) Non-income producing. Glossary: AMBAC - insured by American Municipal Bond Assurance Corp. CP - Certificates of Participation FGIC - insured by Financial Guaranty Insurance Co. FSA - insured by Financial Security Assurance, Inc. GO - General Obligation Bonds MBIA - insured by Municipal Bond Investors Assurance NR - Not Rated Radian - insured by Radian Guaranty Inc. 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: March 22, 2005 By /s/ Lawrence G. Altadonna Treasurer, Principal Financial & Accounting Officer Date: March 22, 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 dated indicated. By /s/ Brian S. Shlissel President & Chief Executive Officer Date: March 22, 2005 By /s/ Lawrence G. Altadonna Treasurer, Principal Financial & Accounting Officer Date: March 22, 2005