-------------------------- 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: PIMCO CALIFORNIA MUNICIPAL INCOME FUND INC. 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: 7/31 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 JULY 31, 2004 (UNAUDITED) PRINCIPAL AMOUNT CREDIT RATING (000) (MOODY'S/S&P) VALUE ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA MUNICIPAL BONDS & NOTES - 88.1% $1,000 Association of Bay Area Governments Fin. Auth. for Nonprofit Corps., CP, 5.375%, 2/15/19 NR/BBB+ $1,003,530 1,000 Association of Bay Area Governments Fin. Auth. for Nonprofit Coros., Rev., 5.375%, 11/15/25 NR/BBB 1,012,390 1,385 Alvord Unified School Dist., GO, 5.375%, 8/1/29, Ser. C (FSA) Aaa/NR 1,453,959 1,650 Apple Valley, CP, 5.375%, 6/1/21 NR/BBB 1,683,115 2,000 Baldwin Park Monrovia School Facs., Grant Financing Auth., 5.00%, 10/1/36 (AMBAC) Aaa/AAA 1,977,760 6,405 Campbell Union High School Dist., GO, 5.50%, 8/1/30 (FSA) Aaa/NR 6,703,409 2,250 Capistrano Unified School Dist., Community Fac. Dist., Special Tax, 5.75%, 9/1/29 NR/NR 2,251,170 8,250 Carson Improvement Board Act 1915, Special Assessment, 6.35%-6.375%, 9/2/23-9/2/31 NR/NR 8,499,753 5,250 Central JT Powers Health Fin. Auth., CP, 5.75%, 2/1/31. Baa2/BBB- 5,063,415 4,140 Charter Oak Unified School Dist., GO, 5.00%, 7/1/28, Ser. B (FSA). Aaa/AAA 4,139,793 Contra Costa Cnty. Public Fin. Auth., Tax Allocation Rev., 600 5.125%, 8/1/19 (Pre-refunded @ 102, 8/1/09 ) (a) NR/BBB 669,930 7,150 5.125%-5.85%, 8/1/19-8/1/33 NR/BBB 7,213,105 2,750 CSUCI Fin. Auth. Rev., 5.00%, 9/1/31, Ser. A (MBIA) Aaa/AAA 2,777,637 3,635 Cucamonga Cnty. Water Dist., CP, 5.125%, 9/1/35 (FGIC) Aaa/AAA 3,659,936 1,775 Educational Fac. Auth. Rev., zero coupon, 9/1/10 (AMBAC) Aaa/AAA 1,418,065 25,215 El Monte, CP, 4.75%-5.25%, 6/1/30-1/1/34 (AMBAC) Aaa/AAA 25,038,371 10,000 Foothill Eastern Corridor Agcy., Toll Road Rev., zero coupon, 1/15/33-1/15/34. Baa3/BBB- 1,684,650 4,170 Fremont Community Fac. Dist., Special Tax., 6.00%-6.30%, 9/1/18-9/1/31. NR/NR 4,249,520 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 25,068,599 540 7.875, 6/1/42, Ser. A-3 Baa3/BBB 551,767 Health Fac. Fin. Auth. Rev., 500 5.00%, 3/1/33 NR/A 477,320 890 5.00%, 7/1/18, (Pre-refunded 7/1/08 @ 101) (a) Baa1/AAA 978,315 3,110 5.00%, 7/1/18-7/1/28, Ser. A Baa1/BBB+ 3,017,094 5,315 5.125%, 7/1/18 NR/A- 5,336,207 3,000 5.25%, 10/1/14, Ser. B A3/AAA 3,194,940 6,250 Infrastructure & Economic Dev. Bank Rev., 5.00%, 7/1/36 (AMBAC) Aaa/AAA 6,229,938 14,000 La Quinta Redev. Agcy., Tax Allocation, 5.00%-5.125%, 9/1/21-9/2/32 (AMBAC) Aaa/AAA 14,151,340 1,560 Lincoln Public Fin. Auth. Rev., 6.125%, 9/2/27 NR/NR 1,589,905 845 Los Angeles Community Redev. Agcy., Freeway Recovery, 5.875%-6.00%, 9/1/26-9/1/31 NR/NR 800,203 6,250 Los Angeles Cnty. Metropolitan Transportation Auth. Rev., Sales Tax Rev., 4.75%, 7/1/28, Ser. B, Aaa/AAA 6,016,313 3,250 Los Angeles Unified School Dist., GO, 5.125%, 7/1/21, Ser. E (MBIA) Aaa/AAA 3,392,578 Los Angeles Water & Power Rev., Ser. A-A-1, 3,000 5.00%, 7/1/11 (MBIA) Aaa/AAA 3,285,510 13,000 5.25%, 7/1/21 (FSA) Aaa/AAA 13,683,280 1,000 Menifee Union School Dist., Special Tax, 6.40%, 9/1/31 NR/NR 1,020,090 2,665 Merced Irrigation Dist. Elec. Syst. Rev., 6.50%, 9/1/22 Baa3/NR 2,747,695 2,750 Metropolitan Water Dist., Waterworks Rev., 5.00%, 7/1/26, (Pre-refunded @ 101, 1/1/08) (a) Aa2/AAA 3,002,257 750 Metropolitan Water Dist., Waterworks Rev., 5.00%, 7/1/26, Ser.A Aa2/AA 751,020 5,820 Montclair Redev. Agcy., Tax Allocation, 5.30%, 10/1/30 (MBIA) Aaa/AAA 5,931,511 3,730 Murrieta Valley Yuma Unified School Dist., Special Tax, 6.30%-6.50%, 9/1/18-9/1/31 NR/NR 3,838,439 6,255 Orange Cnty. Santation Dist., CP, 5.25%, 2/1/30 (FGIC) Aaa/AAA 6,362,586 1,080 Palm Springs Community Redev. Agcy., Tax Allocation, 5.50%, 8/1/21 NR/A- 1,110,910 PIMCO CALIFORNIA MUNICIPAL INCOME FUND SCHEDULE OF INVESTMENTS JULY 31, 2004 (UNAUDITED) (CONTINUED) PRINCIPAL AMOUNT CREDIT RATING (000) (MOODY'S/S&P) VALUE ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA MUNICIPAL BONDS & NOTES (CONTINUED) $1,010 Pomona Unified School Dist. GO, 6.10%, 2/1/19, Ser. A (MBIA) Aaa/AAA $1,205,768 1,690 Rancho Etiwanda Public Fac., Special Tax, 6.375%, 9/1/24 NR/NR 1,738,368 2,770 Rancho Mirage Redev. Agcy., Tax Allocation, 5.50%-5.625%, 4/1/24-4/1/33 Baa1/BBB+ 2,806,795 8,305 Riverside Cnty., CP, 5.125%, 11/1/30 (MBIA) Aaa/AAA 8,343,784 1,000 Riverside Cnty. Pub. Financing., Tax Allocation, 5.625%, 10/1/33, Ser. A. Baa2/BBB- 1,001,200 1,850 Riverside Improvement Board Act 1915, Special Assessment, 6.15%-6.375%, 9/2/19-9/2/26 NR/NR 1,891,049 575 Roseville, Woodcreek Community Fac. Dist., Special Tax, 6.375%, 9/1/27 NR/NR 599,621 2,000 Sacramento Health Fac. Rev., 5.30%, 1/1/24, Ser. A NR/BBB 2,011,900 6,855 Sacramento, Granite Park Community Fac. Dist., Special Tax, 5.70%-6.15%, 9/1/21-9/1/26 NR/NR 6,910,553 545 San Diego Cnty., CP, 5.25%, 10/1/28 A2/NR 549,164 1,000 San Diego Cnty., Water Auth. Rev., CP, 5.00%, 5/1/32, Ser. A (MBIA) Aaa/AAA 995,760 3,330 San Francisco Bay Area Rapid Transit Dist. Rev., 5.125%, 7/1/36 (AMBAC) Aaa/AAA 3,340,390 720 San Francisco City & Cnty. Redev. Agcy. Rev., Special Tax, 6.125%, 8/1/31, NR/NR 728,755 5,065 San Joaquin Cnty., CP, 5.00%, 9/1/20 (MBIA). Aaa/AAA 5,225,966 San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev., Ser. A, 5,000 zero coupon, 1/15/19 Baa3/BBB- 4,166,300 5,000 5.50%, 1/15/28 Ba2/BB 4,547,250 230 San Jose Improvement Board Act 1915, Special Assessment, 5.60%, 9/2/17, Ser. 24Q NR/NR 236,222 5,000 San Jose Unified School Dist., Santa Clara Cnty., GO, 5.125%, 8/1/25, Ser. D (FSA) Aaa/NR 5,098,500 26,450 San Juan Unified School Dist., GO, zero coupon, 8/1/22-8/1/26 (FSA) Aaa/AAA 8,968,277 600 Santa Ana Financing. Auth., Rev., 5.60%, 9/1/19 NR/BBB 615,792 1,815 Santa Clara CP, 5.00%, 2/1/32 (AMBAC) Aaa/AAA 1,796,251 1,435 Santa Maria JT Union High School Dist., GO, 5.25%, 8/1/25, Ser. A (FSA) Aaa/AAA 1,484,235 Statewide Community Dev. Auth., CP, 8,000 5.375%, 4/1/30 NR/BBB- 7,467,600 8,000 6.50%, 7/1/20 Baa1/BBB+ 8,800,080 Statewide Community Dev. Auth., Rev., 15,250 5.125%, 10/1/30, Ser. A, NR/BBB 14,440,377 4,000 5.50%, 8/15/34, Ser. B A2/A+ 4,064,760 3,000 5.50% 11/15/33 NR/BBB 3,006,210 9,900 6.625%, 10/1/31-11/1/31. NR/NR 9,854,237 2,550 6.75%, 6/1/28 (b) NR/NR 2,552,728 10,800 Tobacco Securitization Auth. Rev., Ser. A, 5.25%-5.375%, 6/1/31-6/1/41 Baa3/BBB 7,922,859 6,865 Tustin Unified School Dist., Special Tax, 5.50%-5.625%, 9/1/22-9/1/32 NR/NR 6,806,593 University Rev., 12,000 5.00%, 5/15/11-5/15/36, Ser. A (AMBAC). Aaa/AAA 12,154,760 7,000 5.125%, 9/1/3, Ser. O (FGIC). Aaa/AAA 7,071,190 3,750 West Kern Cnty. Water Dist., CP, 5.625%, 6/1/31 Baa2/NR 3,750,712 ---------------- Total California Municipal Bonds & Notes (cost-$342,260,621) 345,191,331 ---------------- OTHER MUNICIPAL BONDS & NOTES - 5.6% ILLINOIS - 1.4% 5,500 Educational Facs. Auth Revs, 5.00% 7/1/33, Ser. A Aa1/AA 5,433,450 ---------------- LOUISIANA - 0.3% 1,750 Tobacco Settlement Finance Corp., 5.875%, 5/15/39 Ser. 2001-B. Baa3/BBB 1,430,800 ---------------- NEW JERSEY - 1.3% 6,210 Tobacco Settlement Finance Corp., 6.00%-6.125%, 6/1/37-6/1/42. Baa3/BBB 5,003,044 ---------------- PIMCO CALIFORNIA MUNICIPAL INCOME FUND SCHEDULE OF INVESTMENTS JULY 31, 2004 (UNAUDITED) (CONTINUED) PRINCIPAL AMOUNT CREDIT RATING (000) (MOODY'S/S&P) VALUE ------------------------------------------------------------------------------------------------------------------------------------ OTHER MUNICIPAL BONDS & NOTES (CONTINUED) PUERTO RICO - 2.5% $3,050 Commonwealth GO, 5.50%, 7/1/12 (FSA) Aaa/AAA $3,465,868 Electric Power Auth. Power Rev., 1,250 5.125%, 7/1/29, Ser. NN A3/A- 1,254,825 5,000 5.25%, 7/1/29, Ser. HH (FSA) Aaa/AAA 5,142,600 --------------- 9,863,293 --------------- SOUTH CAROLINA - 0.1% 340 Tobacco Settlement Rev. Management Auth., 6.375%, 5/15/30, Ser. B Baa3/BBB 290,455 --------------- Total Other Municipal Bonds & Notes (cost-$21,894,379) 22,021,042 --------------- CALIFORNIA VARIABLE RATE NOTES (c) (d) (e) - 2.6% 10,003 Los Angeles Wastewater Syst. Rev., RITES, 8.69%, 6/1/28, Ser. 318 (FGIC) (cost-$9,052,794) Aaa/NR 10,001,100 --------------- OTHER VARIABLE RATE NOTES (c) -0.9% PUERTO RICO-0.9% 3,100 Commonwealth Public Fin. Corp., 5.75%, 8/1/27, Ser. A (cost-$3,350,328) Baa2/BBB+ 3,443,945 --------------- CALIFORNIA SHORT-TERM VARIABLE RATE DEMAND NOTES (c) (f) - 2.2% 1,500 Health Facs. Financing Auth. Rev., 1.08%, 8/2/04, Ser. B, (AMBAC), VMIG1/A1+ 1,500,000 900 Irvine Ranch Water Dist., 1.04%, 8/2/04 Ser. A, VMIG1/AA- 900,000 1,000 Irvine Ranch Water Dist. GO, 1.04%, 8/2/04 VMIG1/AAA 1,000,000 3,500 Metropolitan Water Dist., Waterworks Rev., 1.10%, 8/2/04, Ser. C-1 VMIG1/A-1+ 3,500,000 1,100 Orange Cnty. Sanitation Dist. CP., 1.08%, 8/2/04 (AMBAC) VMIG1/A-1+ 1,100,000 500 Statewide Sutter Health Communities Dev. Auth. Rev., CP., 1.08%, 8/2/04 (AMBAC) VMIG1/A-1 500,000 --------------- Total California Short-Term Variable Rate Demand Notes (cost-$8,500,000) 8,500,000 --------------- U.S. TREASURY BILLS (g) - 0.7% 2,995 0.86%-0.96%, 9/2/04-9/16/04 (cost-$2,989,795) . AAA/AAA 2,990,136 --------------- Total Investments before call options written (COST-$388,047,917)-100.1%. 100.1% 392,147,554 --------------- Contracts CALL OPTIONS WRITTEN (h) - (0.1)% ----------- U.S. Treasury Bond Futures, Chicago Board of Trade Call, (170) Strike price $108, expires 8/27/04 (215,156) (170) Strike price $109, expires 8/27/04 (135,469) (117) Strike price $110, expires 8/27/04 (148,078) -------------- Total Call Options Written (premiums received-$270,310) (498,703) -------------- Total Investments, net of call options written (cost-$387,777,607) 100.0% $ 391,648,851 -------------- PIMCO CALIFORNIA MUNICIPAL INCOME FUND SCHEDULE OF INVESTMENTS JULY 31, 2004 (UNAUDITED) (CONTINUED) NOTES TO SCHEDULE OF INVESTEMENTS: (a) Pre-refunded bonds are collaterlized 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) Illiquid Security (c) 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 changes in a designated base rate (such as the prime interest rate). (d) Security exempt from registration under Rule 144A of the securities Act of 1933. These securities may be resold in transactions exempt from registration, typically to qualified institutional investors. (e) Residual Interest Municipal Bonds. The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index. (f) Maturity date shown is date of next call. (g) All or partial principal amount segregated as initial margin on futures contracts. (h) Non-income producing securities Glossary: ---------- AMBAC- insured by American Municipal Bond Assurance Corp. CP- Certificates of Participation FGIC- insured by insured 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 RITES- Residual Interest Tax Exempt Securities 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. 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 Inc. By /s/ Brian S. Shlissel President & Chief Executive Officer Date: September 24, 2004 By /s/ Lawrence G. Altadonna Treasurer, Principal Financial & Accounting Officer Date: September 24, 2004 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: September 24, 2004 By /s/ Lawrence G. Altadonna Treasurer, Principal Financial & Accounting Officer Date: September 24, 2004