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 811-10331

 

Name of Fund: BlackRock California Municipal Income Trust (BFZ)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock California Municipal Income Trust, 55 East 52nd Street, New York, NY 10055

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 07/31/2011

 

Date of reporting period: 04/30/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments April 30, 2011 (Unaudited)

BlackRock California Municipal Income Trust (BFZ)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California — 100.9%

 

 

 

 

 

 

 

Corporate — 0.2%

 

 

 

 

 

 

 

City of Chula Vista California, RB, San
Diego Gas, Series D, AMT (AMBAC),
5.00%, 12/01/27

 

$

330

 

$

327,050

 

City of Chula Vista California, Refunding
RB, San Diego Gas & Electric,
Series A, 5.88%, 2/15/34

 

 

680

 

 

708,138

 

 

 

 

 

 

 

 

 

 

 

 

1,035,188

 

County/City/Special District/School District — 38.9%

 

 

 

 

 

 

 

Butte-Glenn Community College District,
GO, Election of 2002, Series C,
5.50%, 8/01/30

 

 

8,425

 

 

9,084,340

 

California State Public Works Board, RB,
Various Capital Projects,
Sub-Series I-1, 6.63%, 11/01/34

 

 

8,000

 

 

8,438,160

 

Central Unified School District, GO,
Election of 2008, Series A (AGC),
5.63%, 8/01/33

 

 

400

 

 

406,428

 

Cerritos Community College District, GO,
Election of 2004, Series C, 5.25%,
8/01/31

 

 

3,000

 

 

3,070,350

 

City & County of San Francisco
California, COP, Refunding, Series A,
5.00%, 10/01/31

 

 

7,730

 

 

7,527,088

 

City of Los Angeles California, Refunding
RB, Series A, 5.00%, 6/01/39

 

 

2,000

 

 

1,976,100

 

City of San Jose California, RB,
Convention Center Expansion &
Renovation Project:

 

 

 

 

 

 

 

6.13%, 5/01/31

 

 

500

 

 

503,155

 

6.50%, 5/01/36

 

 

1,210

 

 

1,221,507

 

6.50%, 5/01/42

 

 

2,225

 

 

2,233,099

 

County of Kern California, COP, Capital
Improvements Projects, Series A
(AGC), 6.00%, 8/01/35

 

 

2,000

 

 

2,123,140

 

El Dorado Union High School District,
GO, Election of 2008, 5.00%,
8/01/35

 

 

5,020

 

 

5,093,945

 

Evergreen Elementary School District,
GO, Election of 2006, Series B (AGC),
5.13%, 8/01/33

 

 

2,500

 

 

2,503,975

 

Grossmont Healthcare District, GO,
Election of 2006, Series B, 6.13%,
7/15/40

 

 

2,000

 

 

2,102,060

 

La Quinta Redevelopment Agency, Tax
Allocation Bonds, Redevelopment
Project Area Number 1 (AMBAC),
5.13%, 9/01/32

 

 

1,000

 

 

850,260

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

County/City/Special District/School
District (continued)

 

 

 

 

 

 

 

Long Beach Unified School District
California, GO, Refunding, Election of
2008, Series A, 5.75%, 8/01/33

 

$

4,135

 

$

4,394,016

 

Los Alamitos Unified School District
California, GO, School Facilities
Improvement District No. 1, 5.50%,
8/01/33

 

 

5,175

 

 

5,356,022

 

Los Angeles Municipal Improvement
Corp., Refunding RB, Real Property,
Series B (AGC), 5.50%, 4/01/30

 

 

4,975

 

 

5,106,390

 

Modesto Irrigation District, COP, Capital
Improvements:

 

 

 

 

 

 

 

Series A, 5.75%, 10/01/29

 

 

3,000

 

 

3,096,060

 

Series A, 5.75%, 10/01/34

 

 

155

 

 

157,354

 

Series B, 5.50%, 7/01/35

 

 

3,000

 

 

2,898,630

 

Murrieta Valley Unified School District
Public Financing Authority, Special Tax
Bonds, Refunding, Series A (AGC),
5.13%, 9/01/26

 

 

1,000

 

 

1,016,490

 

Oak Grove School District California, GO,
Election of 2008, Series A, 5.50%,
8/01/33

 

 

6,000

 

 

6,233,280

 

Orange County Sanitation District, COP
(NPFGC), 5.00%, 2/01/33

 

 

3,600

 

 

3,611,916

 

Orange County Water District, COP,
Refunding, 5.25%, 8/15/34

 

 

2,000

 

 

2,063,660

 

Pittsburg Redevelopment Agency, Tax
Allocation Bonds, Refunding,
Subordinate, Los Medanos
Community Project, Series A, 6.50%,
9/01/28

 

 

5,500

 

 

5,257,450

 

Pittsburg Unified School District, GO,
Election of 2006, Series B (AGM),
5.50%, 8/01/34

 

 

2,000

 

 

2,060,060

 

Port of Oakland, Refunding RB,
Series M, AMT (NPFGC), 5.38%,
11/01/27

 

 

6,300

 

 

5,954,067

 

San Diego Community College District
California, GO, Election of 2002,
5.25%, 8/01/33

 

 

1,500

 

 

1,524,990

 

San Diego Regional Building Authority
California, RB, County Operations
Center & Annex, Series A, 5.38%,
2/01/36

 

 

6,500

 

 

6,517,810

 

San Jose Financing Authority, Refunding
RB, Civic Center Project, Series B
(AMBAC), 5.00%, 6/01/37

 

 

6,000

 

 

5,493,660

 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

COP

Certificates of Participation

GO

General Obligation Bonds

LRB

Lease Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2011

1


 

 

 

 

Schedule of Investments (continued)

BlackRock California Municipal Income Trust (BFZ)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

County/City/Special District/School
District (concluded)

 

 

 

 

 

 

 

San Leandro Unified School District
California, GO, Election of 2006,
Series B (AGM), 6.25%, 8/01/29

 

$

1,150

 

$

1,253,983

 

Santa Ana Unified School District, GO,
Election of 2008, Series A:

 

 

 

 

 

 

 

5.50%, 8/01/30

 

 

6,330

 

 

6,539,523

 

5.13%, 8/01/33

 

 

10,000

 

 

9,992,600

 

Santa Clara County Financing Authority,
Refunding LRB, Series L, 5.25%,
5/15/36

 

 

21,000

 

 

20,683,110

 

Santa Cruz County Redevelopment
Agency California, Tax Allocation
Bonds, Live Oak/Soquel Community
Improvement, Series A:

 

 

 

 

 

 

 

6.63%, 9/01/29

 

 

1,000

 

 

1,066,770

 

7.00%, 9/01/36

 

 

1,700

 

 

1,804,363

 

Snowline Joint Unified School District,
COP, Refunding, Refining Project
(AGC), 5.75%, 9/01/38

 

 

2,250

 

 

2,377,890

 

Torrance Unified School District
California, GO, Election of 2008,
Measure Z, 6.00%, 8/01/33

 

 

4,000

 

 

4,273,080

 

Westminster Redevelopment Agency
California, Tax Allocation Bonds,
Subordinate, Commercial
Redevelopment Project No. 1 (AGC),
6.25%, 11/01/39

 

 

7,750

 

 

8,435,177

 

 

 

 

 

 

 

 

 

 

 

 

164,301,958

 

Education — 2.8%

 

 

 

 

 

 

 

California Educational Facilities
Authority, Refunding RB, San
Francisco University, 6.13%,
10/01/36

 

 

6,280

 

 

6,457,410

 

California State University, RB,
Systemwide, Series A (AGM), 5.00%,
11/01/39

 

 

2,400

 

 

2,167,752

 

University of California, RB:

 

 

 

 

 

 

 

Limited Project, Series D (NPFGC),
5.00%, 5/15/32

 

 

2,600

 

 

2,596,568

 

Series O, 5.38%, 5/15/34

 

 

460

 

 

473,754

 

 

 

 

 

 

 

 

 

 

 

 

11,695,484

 

Health — 17.4%

 

 

 

 

 

 

 

ABAG Finance Authority for Nonprofit
Corps, Refunding RB, Sharp
Healthcare:

 

 

 

 

 

 

 

6.38%, 8/01/34

 

 

3,055

 

 

3,076,415

 

6.25%, 8/01/39

 

 

3,760

 

 

3,749,660

 

Series A, 6.00%, 8/01/30

 

 

2,250

 

 

2,229,480

 

California Health Facilities Financing
Authority, RB:

 

 

 

 

 

 

 

Adventist Health System-West,
Series A, 5.75%, 9/01/39

 

 

6,000

 

 

5,679,300

 

Catholic Healthcare West, Series J,
5.63%, 7/01/32

 

 

1,700

 

 

1,665,864

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

Catholic Healthcare West, Series A,
6.00%, 7/01/29

 

 

1,000

 

 

1,020,600

 

Catholic Healthcare West, Series A,
6.00%, 7/01/34

 

 

4,400

 

 

4,439,116

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

Health (concluded)

 

 

 

 

 

 

 

California Health Facilities Financing
Authority, Refunding RB (concluded):

 

 

 

 

 

 

 

Catholic Healthcare West, Series A,
6.00%, 7/01/39

 

$

2,500

 

$

2,514,175

 

Providence Health, 6.50%,
10/01/18 (a)

 

 

25

 

 

31,910

 

Providence Health, 6.50%,
10/01/38

 

 

4,090

 

 

4,372,210

 

Sutter Health, Series B, 6.00%,
8/15/42

 

 

6,015

 

 

6,099,872

 

California Infrastructure & Economic
Development Bank, RB, Kaiser

 

 

 

 

 

 

 

Hospital Assistance I-LLC, Series A,
5.55%, 8/01/31

 

 

10,000

 

 

9,588,500

 

California Statewide Communities
Development Authority, RB, Series A:

 

 

 

 

 

 

 

Health Facility, Memorial Health
Services, 5.50%, 10/01/33

 

 

8,310

 

 

8,162,581

 

Kaiser Permanente, 5.50%,
11/01/32

 

 

11,060

 

 

10,550,687

 

California Statewide Communities
Development Authority, Refunding RB,
Catholic Healthcare West:

 

 

 

 

 

 

 

Series B, 5.50%, 7/01/30

 

 

3,000

 

 

2,933,730

 

Series E, 5.50%, 7/01/31

 

 

5,010

 

 

4,861,153

 

Grossmont Healthcare District, GO,
Election of 2006, Series B, 6.00%,
7/15/34

 

 

2,225

 

 

2,326,749

 

 

 

 

 

 

 

 

 

 

 

 

73,302,002

 

Housing — 1.0%

 

 

 

 

 

 

 

California Statewide Communities
Development Authority, Multifamily
Housing Revenue Bond Pass-Through
Certificates, RB, Series 3, Westgate
Courtyards Apartments, Mandatory
Put Bonds, AMT, 5.80%, 11/01/34 (b)

 

 

2,180

 

 

2,081,835

 

City of Los Angeles, Multifamily Housing
Revenue Bond Pass-Through
Certificates, RB, Series 5, San Lucas
Apartments, AMT, 5.95%, 11/01/34 (b)

 

 

2,035

 

 

1,926,819

 

 

 

 

 

 

 

 

 

 

 

 

4,008,654

 

State — 8.2%

 

 

 

 

 

 

 

California State Public Works Board, RB:

 

 

 

 

 

 

 

Department of Education, Riverside
Campus Project, Series B, 6.50%,
4/01/34

 

 

9,000

 

 

9,366,120

 

Various Capital Projects,
Sub-Series I-1, 6.38%, 11/01/34

 

 

2,475

 

 

2,556,898

 

State of California, GO, Various Purpose,
6.50%, 4/01/33

 

 

20,500

 

 

22,518,225

 

 

 

 

 

 

 

 

 

 

 

 

34,441,243

 

Transportation — 10.2%

 

 

 

 

 

 

 

County of Orange California, RB,
Series B, 5.75%, 7/01/34

 

 

8,000

 

 

8,388,160

 

County of Sacramento California, RB,
Senior Series B, 5.75%, 7/01/39

 

 

1,850

 

 

1,864,948

 

 

 

 

2

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2011


 

 

 

 

Schedule of Investments (continued)

BlackRock California Municipal Income Trust (BFZ)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

Transportation (concluded)

 

 

 

 

 

 

 

Los Angeles Department of Airports,
Refunding RB, Los Angeles
International Airport, Sub-Series C,
5.25%, 5/15/38

 

$

400

 

$

389,288

 

Los Angeles Harbor Department, RB,
Series B, 5.25%, 8/01/34

 

 

5,530

 

 

5,577,447

 

Palm Springs Unified School District,
GO, Election of 2004, Series A (AGM),
5.00%, 8/01/31

 

 

11,625

 

 

11,725,673

 

Port of Oakland, RB, Series K, AMT
(NPFGC), 5.75%, 11/01/29

 

 

5,300

 

 

5,176,192

 

San Francisco City & County Airports
Commission, RB, Series E, 6.00%,
5/01/39

 

 

6,750

 

 

7,072,920

 

San Joaquin County Transportation
Authority, RB, Limited Tax, Measure K,
Series A, 6.00%, 3/01/36

 

 

2,880

 

 

3,037,306

 

 

 

 

 

 

 

 

 

 

 

 

43,231,934

 

Utilities — 22.2%

 

 

 

 

 

 

 

Anaheim Public Financing Authority, RB,
Electric System Distribution Facilities,
Series A, 5.38%, 10/01/36 (c)

 

 

5,000

 

 

5,024,600

 

California Infrastructure & Economic
Development Bank, RB, California
Independent System Operator,
Series A, 6.25%, 2/01/39

 

 

5,500

 

 

5,688,485

 

Calleguas-Las Virgines Public Financing
Authority California, RB, Calleguas
Municipal Water District Project,
Series A (NPFGC), 5.13%, 7/01/32

 

 

5,475

 

 

5,525,315

 

City of Chula Vista California, Refunding
RB, San Diego Gas & Electric:

 

 

 

 

 

 

 

Series D, 5.88%, 1/01/34

 

 

1,000

 

 

1,041,380

 

Series E, 5.88%, 1/01/34

 

 

6,500

 

 

6,768,970

 

City of Los Angeles California, Refunding
RB, Sub-Series A, 5.00%, 6/01/32

 

 

4,000

 

 

4,037,640

 

City of Petaluma California, Refunding
RB, 6.00%, 5/01/36

 

 

5,625

 

 

5,923,237

 

Dublin-San Ramon Services District,
Refunding RB, 6.00%, 8/01/41

 

 

2,425

 

 

2,503,158

 

East Bay Municipal Utility District, RB,
Series A (NPFGC), 5.00%, 6/01/32

 

 

4,660

 

 

4,777,712

 

El Dorado Irrigation District & El Dorado
Water Agency California, COP,
Refunding, Series A, 5.75%, 3/01/24

 

 

5,000

 

 

5,472,600

 

Los Angeles Department of Water &
Power, RB:

 

 

 

 

 

 

 

Power System, Sub-Series A-1,
5.25%, 7/01/38

 

 

11,215

 

 

11,381,431

 

Series A, 5.38%, 7/01/34

 

 

3,050

 

 

3,157,268

 

Los Angeles Department of Water &
Power, Refunding RB, Power System,
Sub-Series A-2, 5.00%, 7/01/30

 

 

2,200

 

 

2,217,402

 

San Diego Public Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

Senior Series A, 5.25%, 5/15/34

 

 

9,500

 

 

9,561,655

 

Series A, 5.25%, 8/01/38

 

 

3,255

 

 

3,280,096

 

San Francisco City & County Public
Utilities Commission, RB, Series A
(NPFGC), 5.00%, 11/01/32

 

 

4,000

 

 

4,013,760

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

Utilities (concluded)

 

 

 

 

 

 

 

San Francisco City & County Public
Utilities Commission, Refunding RB,
Series A, 5.00%, 11/01/35

 

$

10,625

 

$

10,632,225

 

Southern California Public Power
Authority, RB, Windy Point/Windy Flats
Project, Series 1, 5.00%, 7/01/30

 

 

2,750

 

 

2,800,463

 

 

 

 

 

 

 

 

 

 

 

 

93,807,397

 

Total Municipal Bonds in California

 

 

 

 

 

425,823,860

 

Multi-State — 1.9%

 

 

 

 

 

 

 

Housing — 1.9%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust (d)(e):

 

 

 

 

 

 

 

5.75%, 5/15/15

 

 

500

 

 

526,565

 

6.00%, 5/15/15

 

 

1,500

 

 

1,575,090

 

6.00%, 5/15/19

 

 

1,000

 

 

1,046,750

 

6.30%, 5/15/19

 

 

1,000

 

 

1,050,850

 

7.20%, 11/15/52

 

 

3,500

 

 

3,809,855

 

Total Municipal Bonds in Multi-State

 

 

 

 

 

8,009,110

 

Puerto Rico — 1.7%

 

 

 

 

 

 

 

County/City/Special District/School District — 0.7%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A, 6.50%,
8/01/44

 

 

3,000

 

 

3,129,900

 

State — 1.0%

 

 

 

 

 

 

 

Commonwealth of Puerto Rico, GO,
Refunding, Public Improvement,
Series B, 6.50%, 7/01/37

 

 

4,000

 

 

4,062,800

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

7,192,700

 

Total Municipal Bonds – 104.5%

 

 

 

 

 

441,025,670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (f)

 

 

 

 

 

 

 

California — 64.5%

 

 

 

 

 

 

 

County/City/Special District/School District — 25.4%

 

 

 

 

 

 

 

Los Angeles Community College District
California, GO:

 

 

 

 

 

 

 

Election of 2001, Series A (AGM),
5.00%, 8/01/32

 

 

8,000

 

 

7,937,280

 

Election of 2008, Series A, 6.00%,
8/01/33

 

 

20,131

 

 

21,731,292

 

Election of 2008, Series C, 5.25%,
8/01/39

 

 

12,900

 

 

13,030,806

 

Los Angeles Unified School District
California, GO, Series I, 5.00%,
1/01/34

 

 

5,000

 

 

4,854,400

 

Mount San Antonio Community College
District California, GO, Election of
2001, Series C (AGM), 5.00%,
9/01/31

 

 

10,770

 

 

10,819,327

 

Ohlone Community College District, GO,
Ohlone, Series B (AGM), 5.00%,
8/01/30

 

 

12,499

 

 

12,535,662

 

San Bernardino Community College
District California, GO, Election of
2002, Series C (AGM), 5.00%,
8/01/31

 

 

2,000

 

 

1,952,560

 

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2011

3


 

 

 

 

Schedule of Investments (continued)

BlackRock California Municipal Income Trust (BFZ)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (f)

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

County/City/Special District/School
District (concluded)

 

 

 

 

 

 

 

San Diego Community College District
California, GO:

 

 

 

 

 

 

 

Election of 2002, 5.25%, 8/01/33

 

$

10,484

 

$

10,658,786

 

Election of 2006 (AGM), 5.00%,
8/01/32

 

 

9,000

 

 

9,018,450

 

San Jose Unified School District Santa
Clara County California, GO, Election
of 2002, Series D, 5.00%, 8/01/32

 

 

14,625

 

 

14,659,157

 

 

 

 

 

 

 

 

 

 

 

 

107,197,720

 

Education — 11.3%

 

 

 

 

 

 

 

California Educational Facilities
Authority, RB, University of Southern
California, Series A, 5.25%, 10/01/39

 

 

10,395

 

 

10,664,230

 

Grossmont Union High School District
California, GO, Election of 2004,
5.00%, 8/01/33

 

 

13,095

 

 

12,683,787

 

San Mateo County Community College
District, GO, Election of 2005,
Series B, 5.00%, 9/01/31

 

 

8,630

 

 

8,689,720

 

University of California, RB:

 

 

 

 

 

 

 

Limited Project, Series D (AGM),
5.00%, 5/15/41

 

 

2,600

 

 

2,506,010

 

Series O, 5.75%, 5/15/34

 

 

12,300

 

 

13,088,799

 

 

 

 

 

 

 

 

 

 

 

 

47,632,546

 

Utilities — 27.8%

 

 

 

 

 

 

 

California State Department of Water
Resources, Refunding RB, Central
Valley Project, Series AE, 5.00%,
12/01/29

 

 

7,000

 

 

7,344,400

 

City of Napa California, RB (AMBAC),
5.00%, 5/01/35

 

 

3,000

 

 

2,975,130

 

East Bay Municipal Utility District, RB,
Sub-Series A (NPFGC), 5.00%,
6/01/35

 

 

3,000

 

 

2,983,230

 

Eastern Municipal Water District, COP,
Series H, 5.00%, 7/01/33

 

 

18,002

 

 

17,622,875

 

Los Angeles Department of Water &
Power, RB:

 

 

 

 

 

 

 

Power System, Sub-Series A-1
(AMBAC), 5.00%, 7/01/37

 

 

15,998

 

 

15,858,264

 

System, Sub-Series A-2 (AGM),
5.00%, 7/01/35

 

 

2,000

 

 

2,000,760

 

Metropolitan Water District of Southern
California, RB, Series A, 5.00%,
7/01/37

 

 

11,180

 

 

11,285,539

 

Orange County Sanitation District, COP,
Series B (AGM), 5.00%, 2/01/37

 

 

14,700

 

 

14,779,233

 

Orange County Water District, COP,
Refunding, 5.00%, 8/15/39

 

 

10,480

 

 

10,486,917

 

San Diego County Water Authority, COP,
Refunding:

 

 

 

 

 

 

 

Series 2002-A (NPFGC), 5.00%,
5/01/32

 

 

5,292

 

 

5,297,827

 

Series 2008-A (AGM), 5.00%,
5/01/33

 

 

14,290

 

 

14,306,719

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (f)

 

 

Par
(000)

 

 

Value

 

California (concluded)

 

 

 

 

 

 

 

Utilities (concluded)

 

 

 

 

 

 

 

San Diego Public Facilities Financing
Authority, Refunding RB, Senior
Series A, 5.25%, 5/15/39

 

$

12,457

 

$

12,366,562

 

 

 

 

 

 

 

 

 

 

 

 

117,307,456

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 64.5%

 

 

 

 

 

272,137,722

 

Total Long-Term Investments
(Cost – $714,308,971) – 169.0%

 

 

 

 

 

713,163,392

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

BIF California Municipal Money Fund,
0.04% (g)(h)

 

 

20,829,312

 

 

20,829,312

 

Total Short-Term Securities
(Cost – $20,829,312) – 4.9%

 

 

 

 

 

20,829,312

 

Total Investments
(Cost – $735,138,283*) – 173.9%

 

 

 

 

 

733,992,704

 

Other Assets Less Liabilities – 0.8%

 

 

 

 

 

3,137,627

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (34.1)%

 

 

 

 

 

(143,825,574

)

Preferred Shares, at Redemption Value – (40.6)%

 

 

 

 

 

(171,334,258

)

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

421,970,499

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

591,833,821

 

 

 

Gross unrealized appreciation

 

$

10,517,750

 

Gross unrealized depreciation

 

 

(12,071,804

)

 

 

Net unrealized depreciation

 

$

(1,554,054

)

 

 

 

 

(a)

US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

 

(b)

Variable rate security. Rate shown is as of report date.

 

 

(c)

When-issued security. Unsettled when-issued transactions were as follows:

 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

JPMorgan Chase Bank NA

 

$

5,024,600

 

$

39,100

 

 

 

(d)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

 

(e)

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.

 

 

(f)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

 

 

4

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2011


 

 

 

 

Schedule of Investments (continued)

BlackRock California Municipal Income Trust (BFZ)

 

 

(g)

Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

 

Shares
Held at
July 31, 2010

 

 

Net
Activity

 

 

Shares
Held at
April 30, 2011

 

 

Income

 

BIF California
Municipal
Money Fund

 

 

26,178,133

 

 

(5,348,821

)

 

20,829,312

 

$

3,127

 

 

 

(h)

Represents the current yield as of report date.

 

 

•

Financial futures contracts sold as of April 30, 2011 were as follows:

Contracts

 

 

Issue

 

 

Exchange

 

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

160

 

 

10-Year U.S. Treasury Note

 

 

Chicago Board of Trade

 

 

June 2011

 

$

18,962,196

 

$

(420,304

)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial reporting purposes as follows:

 

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

 

 

 

 

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its semi-annual report.

 

 

 

 

The following tables summarize the inputs used as of April 30, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

713,163,392

 

 

—

 

$

713,163,392

 

Short-Term
Securities

 

$

20,829,312

 

 

—

 

 

—

 

 

20,829,312

 

Total

 

$

20,829,312

 

$

713,163,392

 

 

—

 

$

733,992,704

 

 

 

 

 

1

See above Schedule of Investments for values in each sector.


 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2011

5


 

 

 

 

Schedule of Investments (concluded)

BlackRock California Municipal Income Trust (BFZ)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

$

(420,304

)

 

—

 

 

—

 

$

(420,304

)

2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

 

 

6

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2011

Item 2 –

Controls and Procedures

 

 

2(a) –

The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

 

2(b) –

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

 

Item 3 –

Exhibits

 

 

 

Certifications – Attached hereto

 

 

 

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.

 

 

 

BlackRock California Municipal Income Trust

 

 
  By: /s/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer of
    BlackRock California Municipal Income Trust
   
  Date: June 24, 2011
   
  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.
   
  By: /s/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock California Municipal Income Trust
   
  Date: June 24, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock California Municipal Income Trust
     
  Date: June 24, 2011