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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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
Address of Principal Executive Offices:		1345 Avenue of the Americas,
		New York, NY 10105
Name and Address of Agent for Service:		Lawrence G. Altadonna
		1345 Avenue of the Americas,
		New York, NY 10105
Registrant’s telephone number, including area code:		212-739-3371
Date of Fiscal Year End:		April 30, 2010
Date of Reporting Period:		July 31, 2009

Form N-Q is to be used by management investment companies, other than small business investment companies 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 30b1-5 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, 100 F Street, NE, Washington, DC 20549-2001. 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 Schedule of Investments
July 31, 2009 (unaudited)

Principal
Amount						Credit Rating
(000)						(Moody’s/S&P)		Value*
CALIFORNIA MUNICIPAL BONDS & NOTES—91.5%
$	1,385			Alvord Unified School Dist., GO, 5.375%, 8/1/29, Ser. C (FSA)		Aa3/NR		$	1,401,191
				Assoc. of Bay Area Gov’t Finance Auth. Rev.,
	1,000			Channing House, Rev., CP, 5.375%, 2/15/19		NR/BBB-			906,450
	1,000			Poway Housing, Inc. Project, 5.375%, 11/15/25, Ser. A (CA Mtg. Ins.)		NR/A			946,070
	10,000			Bay Area Toll Auth. Rev., 5.00%, 4/1/34, Ser. F1		Aa3/AA			9,791,200
	5,000			Chula Vista Rev., 5.875%, 2/15/34, Ser. B		A1/A+			4,913,850
				Contra Costa Cnty. Public Financing Auth., Tax Allocation,
	2,150			5.125%, 8/1/19		NR/BBB			2,011,690
	350			5.85%, 8/1/33, Ser. A		NR/NR			321,352
	3,635			Cucamonga Cnty. Water Dist., CP, 5.125%, 9/1/35 (FGIC)(NPFGC)		A2/AA-			3,291,602
	5,000			Desert Community College Dist., GO, 5.00%, 8/1/37, Ser. C (FSA)		Aa3/AAA			4,726,700
	6,300			Eastern Municipal Water Dist., CP, 5.00%, 7/1/35, Ser. H		Aa3/AA			5,967,171
				Educational Facs. Auth. Rev.,
				Claremont McKenna College,
	10,200			5.00%, 1/1/39 (f)		Aa2/NR			9,716,928
	1,400			5.00%, 1/1/39		Aa2/NR			1,333,696
				Univ. of Southern California, Ser. A,
	5,000			5.00%, 10/1/38		Aa1/AA+			5,017,900
	10,000			5.00%, 10/1/39 (f)		Aa1/AA+			10,021,200
	2,975			El Dorado Irrigation Dist. & El Dorado Water Agcy., CP, 5.75%, 8/1/39, Ser. A		Aa2/AAA			2,978,808
				El Monte, CP (AMBAC),
	10,790			4.75%, 6/1/30		A3/A+			9,536,418
	14,425			5.25%, 1/1/34		A3/NR			13,297,398
				Fremont Community Dist., Special Tax,
	165			6.00%, 9/1/18		NR/NR			147,456
	505			6.00%, 9/1/19		NR/NR			437,310
	3,500			6.30%, 9/1/31		NR/NR			2,890,230
				Golden State Tobacco Securitization Corp. Rev.,
	9,000			5.00%, 6/1/33, Ser. A-1		Baa3/BBB			6,004,530
	3,000			5.00%, 6/1/35, Ser. A (FGIC)		Baa2/A-			2,598,720
	6,000			5.00%, 6/1/38, Ser. A (FGIC)		Baa2/A-			5,020,320
	1,600			5.00%, 6/1/45 (AMBAC)(TCRS)		Baa2/A-			1,299,760
				Health Facs. Finance Auth. Rev.,
				Adventist Health Systems, Ser. A,
	4,630			5.00%, 3/1/33		NR/A			3,977,587
	2,000			5.75%, 9/1/39		NR/A			1,890,860
				Catholic Healthcare West, Ser. A,
	1,875			5.00%, 7/1/18		A2/A			1,840,594
	875			5.00%, 7/1/28		A2/A			775,530
	2,000			6.00%, 7/1/34		A2/A			1,931,660
	4,000			6.00%, 7/1/39		A2/A			3,804,080
	1,000			Children’s Hospital of Orange Cnty., 6.50%, 11/1/38, Ser. A		NR/A			984,210
	5,315			Northern California Presbyterian, 5.125%, 7/1/18		NR/BBB+			4,707,655
	10,590			Kern Cnty., CP, 5.75%, 8/1/35, Ser. A		Aa2/AAA			10,547,428
				La Quinta Redev. Agcy., Tax Allocation (AMBAC),
	3,000			5.00%, 9/1/21		NR/A+			2,815,200
	10,000			5.10%, 9/1/31		NR/A+			8,601,400
	1,000			5.125%, 9/1/32		NR/A+			850,840
	1,495			Lincoln Public Financing Auth. Rev., Twelve Bridges Ltd., 6.125%, 9/2/27		NR/NR			1,254,365

PIMCO California Municipal Income Fund Schedule of Investments
July 31, 2009 (unaudited)

Principal
Amount						Credit Rating
(000)						(Moody’s/S&P)		Value*
				Long Beach Bond Finance Auth. Rev., Ser. A,
$	3,900			5.50%, 11/15/37		A2/A		$	3,262,038
	1,000			Long Beach Natural Gas, 5.50%, 11/15/27		A2/A			884,120
				Los Angeles Department of Water & Power Rev.,
	5,000			4.75%, 7/1/30, Ser. A-2 (FSA) (f)		Aa3/AAA			4,908,750
	3,930			5.125%, 7/1/41, Ser. A		Aa3/AA			3,766,198
	3,000			5.375%, 7/1/34, Ser. A (f)		Aa3/AA			3,049,680
	7,000			5.375%, 7/1/38, Ser. A (f)		Aa3/AA			7,038,150
				Los Angeles Unified School Dist., GO,
	10,000			5.00%, 7/1/29, Ser. I (f)		Aa3/AA-			9,838,600
	13,000			5.00%, 1/1/34, Ser. I		Aa3/AA-			12,383,280
	5,000			5.00%, 1/1/34, Ser. I (f)		Aa3/AA-			4,762,800
	250			5.30%, 1/1/34, Ser. D		Aa3/AA-			248,295
	2,900			Municipal Finance Auth. Rev., Biola Univ., 5.875%, 10/1/34		Baa1/NR			2,686,763
	5,000			Orange Cnty. Sanitation Dist., CP, 5.00%, 2/1/39, Ser. A		NR/AAA			4,799,050
	1,080			Palm Springs Community Redev. Agcy., Tax Allocation, 5.50%, 8/1/21		NR/A			1,090,940
	2,145			Patterson Public Financing Auth. Rev., Waste Water Systems Project, 5.50%, 6/1/39		NR/AAA			2,059,350
	8,305			Riverside Cnty., CP, 5.125%, 11/1/30 (NPFGC)		A2/AA-			7,926,873
				Riverside, Improvement Board Act 1915, Special Assessment,
	500			6.15%, 9/2/19		NR/NR			469,265
	1,350			6.375%, 9/2/26		NR/NR			1,251,423
				San Diego Cnty. Water Auth., CP, Ser. A,
	1,000			5.00%, 5/1/32 (NPFGC)		Aa3/AA+			954,190
	6,250			5.00%, 5/1/38 (FSA)		Aa3/AAA			5,843,437
	545			San Diego Cnty., CP, 5.25%, 10/1/28		A2/NR			545,071
	2,000			San Diego Public Facs. Financing Auth. Rev., 5.25%, 5/15/39, Ser. A		A2/A+			1,949,860
	3,285			San Diego Regional Building Auth. Rev., Cnty. Operations Center & Annex, 5.375%, 2/1/36, Ser. A		A1/AA+			3,179,157
	5,000			San Diego Unified School Dist., GO, 4.75%, 7/1/27, Ser. D-2 (FSA)		Aa2/AAA			5,016,150
	880			San Francisco Bay Area Transit Financing Auth. Rev., 5.125%, 7/1/36 (AMBAC)		Aa3/AA+			862,954
	650			San Francisco City & Cnty., CP, 5.25%, 4/1/31, Ser. A		A1/AA-			633,542
	720			San Francisco City & Cnty. Redev. Agcy. Rev., Special Tax, 6.125%, 8/1/31, Ser. B		NR/NR			644,638
	5,065			San Joaquin Cnty., General Hospital Project, CP, 5.00%, 9/1/20 (NPFGC)		A2/A			4,743,930
				San Joaquin Hills Transportation Corridor Agcy. Toll Road Rev., Ser. A,
	5,000			5.50%, 1/15/28		Ba2/BB-			3,500,700
	5,000			5.70%, 1/15/19		Ba2/BB-			4,238,650
	230			San Jose, Improvement Board Act 1915, Special Assessment, 5.60%, 9/2/17, Ser. Q		NR/NR			210,392
	600			Santa Ana Financing Auth. Rev., 5.60%, 9/1/19, Ser. C		NR/BBB			605,622
	3,500			Santa Clara Cnty. Financing Auth. Rev., 5.75%, 2/1/41, Ser. A (AMBAC)		A1/A+			3,469,690
	1,815			Santa Clara, CP, 5.00%, 2/1/32 (AMBAC)		Aa3/AA			1,826,525
	1,300			Santa Cruz Cnty. Redev. Agcy., Tax Allocation, 7.00%, 9/1/36, Ser. A		A2/A			1,362,088
	2,000			State Public Works Board Rev., Regents Univ., 5.00%, 4/1/34, Ser. E		Aa2/AA-			1,850,520
				State, GO,
	5,885			5.00%, 9/1/35		Baa1/A			5,409,021
	3,300			5.00%, 12/1/37		Baa1/A			3,012,009
	8,000			6.00%, 4/1/38		Baa1/A			8,271,680

PIMCO California Municipal Income Fund Schedule of Investments
July 31, 2009 (unaudited)

Principal
Amount						Credit Rating
(000)						(Moody’s/S&P)		Value*
				Statewide Communities Dev. Auth. Rev.,
$	900			Baptist Univ., 5.50%, 11/1/38, Ser. A		NR/NR		$	596,277
	1,000			Catholic Healthcare West, 5.50%, 7/1/31, Ser. D		A2/A			927,230
	5,320			Gross-Gillispie School, 6.625%, 10/1/31		NR/NR			4,308,828
	15,250			Henry Mayo Newhall Memorial Hospital, 5.125%, 10/1/30 (CA Mtg. Ins.)		NR/A			13,791,185
	8,000			Internext Group, CP, 5.375%, 4/1/30		NR/BBB			5,899,840
	3,000			Jewish Home, 5.50%, 11/15/33 (CA St. Mtg.)		NR/A			2,780,160
	1,000			Kaiser Permanente, 5.25%, 3/1/45, Ser. B		NR/A+			871,520
				Methodist Hospital Project (FHA),
	2,100			6.625%, 8/1/29		Aa2/AA			2,281,377
	7,700			6.75%, 2/1/38		Aa2/AA			8,303,218
				St. Joseph,
	100			5.125%, 7/1/24 (NPFGC)		Aa3/AA-			98,765
	3,200			5.75%, 7/1/47, Ser. A (FGIC)		Aa3/AA-			3,113,760
	2,325			St. Marks School, 6.75%, 6/1/28 (a)(b)		NR/NR			2,196,800
	4,000			Sutter Health, 5.50%, 8/15/34, Ser. B		Aa3/A+			3,718,080
	910			Windrush School, 5.50%, 7/1/37		NR/NR			639,111
	2,000			Turlock, Emanuel Medical Center, CP, 5.50%, 10/15/37, Ser. B		NR/BBB			1,434,660
				Tustin Unified School Dist., Special Tax, Ser. B,
	2,345			5.50%, 9/1/22		NR/NR			2,152,053
	2,520			5.60%, 9/1/29		NR/NR			2,156,994
	2,000			5.625%, 9/1/32		NR/NR			1,649,860
				Univ. Rev.,
	8,000			4.75%, 5/15/35, Ser. F (FSA) (f)		Aa1/AAA			7,404,080
	10,000			5.00%, 5/15/36, Ser. A (AMBAC)		Aa1/AA			9,697,800
	1,000			Western Municipal Water Dist. Facs. Auth. Rev., 5.00%, 10/1/39, Ser. B		NR/AA+			952,130
	1,000			Westlake Village, CP, 5.00%, 6/1/39		NR/AA+			945,210
				Total California Municipal Bonds & Notes (cost—$367,647,903)					353,033,698
OTHER MUNICIPAL BONDS & NOTES—3.5%
				Illinois—1.4%
	5,260			Educational Facs. Auth. Rev., Univ. of Chicago, 5.00%, 7/1/33, Ser. A		Aa1/AA			5,293,085
				Iowa—1.5%
	8,700			Tobacco Settlement Auth. Rev., 5.60%, 6/1/34, Ser. B		Baa3/BBB			5,973,159
				Louisiana—0.4%
	1,750			Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. 2001— B		Baa3/BBB			1,387,313
				New York—0.1%
	450			New York City Municipal Water Finance Auth., Water & Sewer System Rev., 5.00%, 6/15/37, Ser. D (f)		Aa2/AAA			447,291
				South Carolina—0.1%
	340			Tobacco Settlement Rev. Management Auth. Rev., 6.375%, 5/15/30, Ser. B		Baa3/BBB			404,335
				Total Other Municipal Bonds & Notes (cost—$16,240,734)					13,505,183

PIMCO California Municipal Income Fund Schedule of Investments
July 31, 2009 (unaudited)

Principal
Amount						Credit Rating
(000)						(Moody’s/S&P)		Value*
CORPORATE BONDS & NOTES (e)—2.1%
				Financial Services—2.1%
$	7,800			American General Finance Corp., 4.625%, 9/1/10		Baa2/BB+		$	6,018,605
	3,500			CIT Group, Inc., 5.80%, 7/28/11		Ca/CC			1,972,117
				Total Corporate Bonds & Notes (cost—$8,337,862)					7,990,722
OTHER VARIABLE RATE NOTES (a)(c)(d)—1.5%
				Illinois—1.5%
	6,670			Chicago Water Supply System Rev., 10.903%, 5/1/14, Ser. 1419 (AMBAC) (cost—$6,963,724)		NR/AA-			5,920,225
CALIFORNIA VARIABLE RATE NOTES (a)(d)—0.4%
	1,670			Sacramento Cnty. Sanitation Dist. Rev., 10.731%, 8/1/13, Ser. 1034 (NPFGC) (cost—$1,853,940)		NR/AA			1,685,347
SHORT-TERM INVESTMENTS—1.0%
Corporate Notes (e)—1.0%
				Financial Services—1.0%
	1,200			American General Finance Corp., 0.945%, 10/2/09, FRN		Baa2/BB+			1,116,030
	3,400			CIT Group, Inc., 4.125%, 11/3/09		Ca/CC			2,011,597
				International Lease Finance Corp., FRN,
	500			0.881%, 5/24/10		Baa2/BBB+			435,352
	400			0.909%, 1/15/10		Baa2/BBB+			381,901
				Total Corporate Notes (cost—$5,236,986)					3,944,880
				Total Investments (cost—$406,281,149)—100.0%				$	386,080,055

Notes to Schedule of Investments:

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
FRN—Floating Rate Note. The interest rate disclosed reflects the rate in effect on July 31, 2009.
FSA—insured by Financial Security Assurance, Inc.
GO—General Obligation Bond
NPFGC—insured by National Public Finance Guarantee Corporation
NR—Not Rated
TCRS—Temporary Custodian Receipts

Other Investments:

(1) The weighted average daily balance of reverse repurchase agreements outstanding during the three months ended July 31, 2009 was $10,920,728 at a weighted average interest rate of 0.78%. The total market value of underlying collateral (refer to the Schedule of Investments for positions segregated as collateral for reverse repurchase agreements) for open reverse repurchase agreements at July 31, 2009 was $11,935,602. Open reverse repurchase agreements at July 31, 2009:

Counterparty		Rate				Trade Date				Maturity Date				Principal & Interest				Principal
Barclays Bank			0.75	%			7/1/09				8/4/09			$	1,776,109			$	1,775,000
			0.75	%			7/2/09				8/6/09				8,325,473				8,322,000
																		$	10,097,000

Fair Value Measurements—The Fund has adopted the Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of the fair value measurements. Under this standard, fair-value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants at the measurement date. The three levels of the fair value hierarchy under FAS 157 are described below:

	•		Level 1 — quoted prices in active markets for identical investments that the Fund has the ability to access
	•		Level 2 — valuations based on other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.), or quotes from inactive exchanges
	•		Level 3 — valuations based on significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The Fund has adopted FASB Staff Position No. 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability have Significantly Decreased and Identifying Transactions that are not Orderly (“FAS-157-4”). FAS 157-4 provides guidance on determining when there has been a significant decrease in the volume and level of activity for the asset or liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement. FAS 157-4 emphasizes that even if there has been a significant decrease in volume and level activity for an asset or liability and regardless of the valuation techniques used, the objective of a fair value measurement remains the same.

An investment asset or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement.

The valuation techniques used by the Fund to measure fair value during the three months ended July 31, 2009 maximized the use of observable inputs and minimized the use of unobservable inputs.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A summary of the inputs used as of July 31, 2009, in valuing the Fund’s assets and liabilities is listed below by investment type.

						Level 2 —				Level 3 —
						Other Significant				Significant
		Level 1 —				Observable				Unobservable				Value at
		Quoted Prices				Inputs				Inputs				7/31/09
California Municipal Bonds & Notes			—			$	353,033,698				—			$	353,033,698
Other Municipal Bonds & Notes			—				13,505,183				—				13,505,183
Corporate Bonds & Notes			—				7,990,722				—				7,990,722
Other Variable Rate Notes			—				5,920,225				—				5,920,225
California Variable Rate Notes			—				1,685,347				—				1,685,347
Short-Term Investments			—				3,944,880				—				3,944,880
Total Investments in Securities			—			$	386,080,055				—			$	386,080,055

Item 2. Controls and Procedures

(a) The registrant’s President & Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a -3(c))), 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 over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -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.

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 dates indicated.