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: Anne F. Ackerley, 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: 07/31/2010

 

Date of reporting period: 04/30/2010

 

Item 1 – Schedule of Investments

 

 

 

Schedule of Investments April 30, 2010 (Unaudited)

BlackRock California Municipal Income Trust (BFZ)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California — 111.0%

 

 

 

 

 

 

 

Corporate — 1.0%

 

 

 

 

 

 

 

California Pollution Control Financing
Authority, RB, Waste Management
Inc. Project, Series C, AMT, 6.75%,
12/01/27

 

$

3,700

 

$

3,791,057

 

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

 

 

680

 

 

749,605

 

 

 

 

 

 

 

 

 

 

 

 

4,540,662

 

County/City/Special District/School District — 38.0%

 

 

 

 

 

 

 

Benicia Unified School District, GO,
CAB, Series B (NPFGC), 5.54%,
8/01/23 (a)

 

 

6,500

 

 

3,038,100

 

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

 

 

7,925

 

 

8,625,174

 

California State Department of Water
Resources, Refunding RB, Water
System, Series AF, 5.00%, 12/01/29

 

 

2,500

 

 

2,687,600

 

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

 

 

1,650

 

 

1,801,272

 

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

 

 

400

 

 

428,712

 

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

 

 

3,000

 

 

3,138,480

 

Chabot-Las Positas Community College
District California, GO, Election of
2004, Series B (AMBAC), 5.00%,
8/01/31

 

 

2,500

 

 

2,549,550

 

City & County of San Francisco
California, COP, Multiple Capital
Improvement Projects, Series A,
5.00%, 4/01/29

 

 

3,035

 

 

3,060,949

 

Corona-Norca Unified School District
California, Special Tax Bonds,
Community Facilities District No. 98-
1 (AMBAC), 5.10%, 9/01/32

 

 

6,000

 

 

5,797,800

 

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

 

 

1,500

 

 

1,663,470

 

Elk Grove Unified School District
California, Special Tax Bonds, CAB,
Community Facilities No. 1
(AMBAC) (a):

 

 

 

 

 

 

 

5.60%, 12/01/29

 

 

7,485

 

 

2,183,524

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Elk Grove Unified School District
California, Special Tax Bonds, CAB,
Community Facilities No. 1
(AMBAC) (a) (concluded):

 

 

 

 

 

 

 

5.60%, 12/01/30

 

$

7,485

 

$

2,025,965

 

5.60%, 12/01/31

 

 

7,485

 

 

1,889,513

 

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

 

 

2,500

 

 

2,586,400

 

Glendale Community College District
California, GO, Election of 2002,
Series D (NPFGC), 5.00%, 11/01/31

 

 

2,500

 

 

2,551,425

 

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

 

 

4,135

 

 

4,528,900

 

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

 

 

5,125

 

 

5,480,573

 

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

 

 

2,580

 

 

2,754,047

 

Modesto Irrigation District, COP Capital
Improvements, Series A:

 

 

 

 

 

 

 

5.75%, 10/01/29

 

 

3,000

 

 

3,256,830

 

5.75%, 10/01/34

 

 

100

 

 

106,823

 

Series B, 5.50%, 7/01/35

 

 

5,700

 

 

6,017,889

 

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

 

 

1,000

 

 

1,052,070

 

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

 

 

6,000

 

 

6,412,080

 

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

 

 

2,000

 

 

2,124,040

 

Peralta Community College District
California, GO, Election of 2006,
Series C, 5.00%, 8/01/39

 

 

7,500

 

 

7,627,275

 

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

 

 

5,500

 

 

6,076,070

 

 

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)

CAB

Capital Appreciation Bonds

COP

Certificates of Participation

GO

General Obligation Bonds

LRB

Lease Revenue Bonds

M/F

Multi-Family

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2010

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)

 

 

 

 

 

 

 

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

 

$

2,000

 

$

2,116,660

 

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

 

 

3,300

 

 

3,232,251

 

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

 

 

2,000

 

 

2,047,260

 

San Diego Community College District
California, GO:

 

 

 

 

 

 

 

5.25%, 8/01/33

 

 

1,000

 

 

1,050,000

 

Election of 2002 (AGM), 5.00%,
5/01/25

 

 

10,615

 

 

11,225,150

 

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

 

 

6,500

 

 

6,868,745

 

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

 

 

6,000

 

 

6,017,400

 

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

 

 

5,625

 

 

5,762,138

 

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

 

 

1,125

 

 

1,284,356

 

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

 

 

 

 

 

 

 

5.50%, 8/01/30

 

 

6,050

 

 

6,467,087

 

5.13%, 8/01/33

 

 

10,000

 

 

10,335,600

 

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

 

 

 

 

 

 

 

6.63%, 9/01/29

 

 

1,000

 

 

1,085,760

 

7.00%, 9/01/36

 

 

1,700

 

 

1,885,402

 

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

 

 

2,000

 

 

2,211,220

 

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

 

 

4,000

 

 

4,433,720

 

Val Verde Unified School District
California, GO, Election of 2008,
Series A, 5.50%, 8/01/33

 

 

6,615

 

 

6,982,331

 

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

 

 

7,750

 

 

8,832,442

 

 

 

 

 

 

 

 

 

 

 

 

171,302,053

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

Education — 6.0%

 

 

 

 

 

 

 

California Educational Facilities
Authority, RB:

 

 

 

 

 

 

 

5.25%, 12/01/32

 

$

3,000

 

$

3,110,400

 

Scripps College (NPFGC), 5.00%,
8/01/31

 

 

2,385

 

 

2,388,268

 

University of San Diego, Series A,
5.25%, 10/01/30

 

 

2,250

 

 

2,268,698

 

California Educational Facilities
Authority, Refunding RB, Loyola
Marymount University, Series A,
5.13%, 10/01/40

 

 

1,605

 

 

1,615,063

 

Mount San Antonio Community College
District California, GO, Election of
2001, Series D, 5.00%, 6/01/33

 

 

2,995

 

 

3,048,700

 

Peralta Community College District
California, GO, Election of 2006,
Series C, 5.50%, 8/01/29

 

 

2,890

 

 

3,102,010

 

University of California, RB, Limited
Project, Series D:

 

 

 

 

 

 

 

(AGM), 5.00%, 5/15/41

 

 

2,600

 

 

2,633,800

 

(NPFGC), 5.00%, 5/15/32

 

 

2,600

 

 

2,661,906

 

(NPFGC), 5.00%, 5/15/37

 

 

1,385

 

 

1,401,357

 

University of California, Refunding RB:

 

 

 

 

 

 

 

General, Series A (AMBAC), 5.00%,
5/15/33

 

 

2,185

 

 

2,228,132

 

Series S, 5.00%, 5/15/40

 

 

2,500

 

 

2,578,850

 

 

 

 

 

 

 

 

 

 

 

 

27,037,184

 

Health — 15.4%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.38%, 8/01/34

 

 

3,000

 

 

3,160,680

 

6.25%, 8/01/39

 

 

3,000

 

 

3,272,490

 

California Health Facilities Financing
Authority, RB:

 

 

 

 

 

 

 

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

 

 

6,000

 

 

6,232,140

 

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

 

 

1,475

 

 

1,512,376

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

4,400

 

 

4,733,520

 

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

 

 

500

 

 

535,995

 

Catholic Healthcare West, Series E,
5.63%, 7/01/25

 

 

3,000

 

 

3,199,980

 

Providence Health & Services,
Series C, 6.50%, 10/01/38

 

 

1,165

 

 

1,316,287

 

Scripps Health, Series A, 5.00%,
11/15/36

 

 

5,290

 

 

5,243,818

 

California Infrastructure & Economic
Development Bank, RB, Kaiser
Hospital Assistance I-LLC, Series A,
5.55%, 8/01/31

 

 

15,260

 

 

15,411,990

 

 

 

 

2

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2010


 

 

 

Schedule of Investments (continued)

BlackRock California Municipal Income Trust (BFZ)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

Health (concluded)

 

 

 

 

 

 

 

California Statewide Communities
Development Authority, RB:

 

 

 

 

 

 

 

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

 

$

7,000

 

$

7,105,070

 

Kaiser Permanente, Series A,
5.50%, 11/01/32

 

 

10,000

 

 

10,125,600

 

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

 

 

 

 

 

 

 

Series B, 5.50%, 7/01/30

 

 

3,000

 

 

3,098,340

 

Series E, 5.50%, 7/01/31

 

 

4,500

 

 

4,622,940

 

 

 

 

 

 

 

 

 

 

 

 

69,571,226

 

State — 10.0%

 

 

 

 

 

 

 

California State Public Works Board,
RB:

 

 

 

 

 

 

 

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

 

 

9,000

 

 

9,693,000

 

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

 

 

2,475

 

 

2,651,591

 

State of California, GO, Various
Purpose:

 

 

 

 

 

 

 

6.00%, 3/01/33

 

 

5,000

 

 

5,503,550

 

6.50%, 4/01/33

 

 

23,825

 

 

27,012,071

 

 

 

 

 

 

 

 

 

 

 

 

44,860,212

 

Transportation — 9.5%

 

 

 

 

 

 

 

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

 

 

8,000

 

 

8,690,640

 

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

 

 

1,850

 

 

1,989,471

 

Foothill Eastern Transportation Corridor
Agency California, RB, CAB, Senior
Lien, Series A, 5.79%, 1/01/26 (a)(b)

 

 

10,000

 

 

5,181,800

 

Foothill Eastern Transportation Corridor
Agency California, Refunding RB,
CAB, 5.88%, 7/15/26

 

 

5,000

 

 

4,973,650

 

Los Angeles Department of Airports,
Refunding RB, Senior, Los Angeles
International Airport, Series A, 5.00%,
5/15/40

 

 

4,880

 

 

4,972,525

 

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

 

 

4,650

 

 

4,649,721

 

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

 

 

6,750

 

 

7,403,670

 

San Joaquin Hills Transportation
Corridor Agency California, Refunding
RB, CAB, Series A (NPFGC) (a):

 

 

 

 

 

 

 

5.50%, 1/15/31

 

 

10,000

 

 

1,931,500

 

5.51%, 1/15/34

 

 

20,000

 

 

3,044,200

 

 

 

 

 

 

 

 

 

 

 

 

42,837,177

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

Utilities — 31.1%

 

 

 

 

 

 

 

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

 

$

5,500

 

$

5,813,280

 

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

 

 

5,475

 

 

5,645,327

 

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

 

 

 

 

 

 

 

Series D, 5.88%, 1/01/34

 

 

1,000

 

 

1,102,360

 

Series E, 5.88%, 1/01/34

 

 

4,375

 

 

4,822,825

 

City of Los Angeles California,
Refunding RB (NPFGC):

 

 

 

 

 

 

 

Series A, 5.00%, 6/01/32

 

 

4,000

 

 

4,043,200

 

Sub-Series A, 5.00%, 6/01/27

 

 

5,000

 

 

5,198,550

 

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

 

 

3,000

 

 

3,069,330

 

East Bay Municipal Utility District, RB
(NPFGC):

 

 

 

 

 

 

 

Series A, 5.00%, 6/01/37

 

 

4,000

 

 

4,174,280

 

Sub-Series A, 5.00%, 6/01/35

 

 

3,000

 

 

3,103,230

 

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

 

 

5,000

 

 

5,577,400

 

Los Angeles Department of Water &
Power, RB:

 

 

 

 

 

 

 

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

 

 

3,500

 

 

3,749,200

 

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

 

 

16,000

 

 

16,435,200

 

Series A, 5.38%, 7/01/34

 

 

3,000

 

 

3,240,180

 

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

 

 

2,000

 

 

2,052,140

 

Metropolitan Water District of Southern
California, RB:

 

 

 

 

 

 

 

Series A, 5.00%, 7/01/37

 

 

11,180

 

 

11,678,852

 

Series B-2 (NPFGC), 5.00%,
10/01/27

 

 

1,750

 

 

1,876,770

 

Metropolitan Water District of Southern
California, Refunding RB:

 

 

 

 

 

 

 

Series B, 5.00%, 7/01/28

 

 

1,000

 

 

1,084,870

 

Series C, 5.00%, 7/01/29

 

 

4,235

 

 

4,557,199

 

Series C, 5.00%, 7/01/35

 

 

3,500

 

 

3,697,435

 

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

 

 

14,700

 

 

15,270,360

 

5.00%, 5/01/33

 

 

10,040

 

 

10,353,850

 

San Diego Public Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

9,500

 

 

10,067,720

 

Senior Series A, 5.25%, 5/15/39

 

 

4,750

 

 

5,001,322

 

Series A, 5.25%, 8/01/38

 

 

2,565

 

 

2,683,606

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2010

3


 

 

 

Schedule of Investments (continued)

BlackRock California Municipal Income Trust (BFZ)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

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

 

$

5,625

 

$

5,814,112

 

 

 

 

 

 

 

 

 

 

 

 

140,112,598

 

Total Municipal Bonds in California

 

 

 

 

 

500,261,112

 

Multi-State — 5.5%

 

 

 

 

 

 

 

Diversified Financial Services — 0.6%

 

 

 

 

 

 

 

MuniMae TE Bond Subsidiary LLC,
6.80%, 6/30/50 (c)(d)

 

 

3,000

 

 

2,460,030

 

Housing — 4.9%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust (c)(d):

 

 

 

 

 

 

 

5.75%, 5/15/15

 

 

500

 

 

521,570

 

6.00%, 5/15/15

 

 

1,500

 

 

1,559,250

 

6.00%, 5/15/19

 

 

1,000

 

 

1,044,000

 

6.30%, 5/15/19

 

 

1,000

 

 

1,048,500

 

6.80%, 11/30/50

 

 

4,000

 

 

4,077,560

 

7.20%, 11/15/52

 

 

3,500

 

 

3,829,980

 

M/F Housing Pass-Through Certificates,
RB, AMT:

 

 

 

 

 

 

 

Series 3, Westgate Courtyards
Apartments, 5.80%, 11/01/34

 

 

2,220

 

 

2,162,724

 

Series 5, 5.95%, 11/01/34

 

 

2,075

 

 

2,056,512

 

MuniMae TE Bond Subsidiary LLC,
6.30%, 6/30/49 (c)(d)

 

 

6,269

 

 

5,814,145

 

 

 

 

 

 

 

 

 

 

 

 

22,114,241

 

Total Municipal Bonds in Multi-State

 

 

 

 

 

24,574,271

 

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

 

 

3,389,130

 

State — 1.0%

 

 

 

 

 

 

 

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

 

 

4,000

 

 

4,405,720

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

7,794,850

 

Total Municipal Bonds – 118.2%

 

 

 

 

 

532,630,233

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (e)

 

 

 

 

 

 

 

California — 36.1%

 

 

 

 

 

 

 

County/City/Special District/School District — 19.8%

 

 

 

 

 

 

 

Los Angeles Community College District
California, GO, Series A:

 

 

 

 

 

 

 

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

 

 

8,000

 

 

8,189,920

 

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

 

 

20,131

 

 

22,573,244

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (Concluded)

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

$

5,000

 

$

5,088,000

 

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

 

 

10,770

 

 

11,027,618

 

San Diego Community College District
California, GO:

 

 

 

 

 

 

 

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

 

 

10,484

 

 

11,009,847

 

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

 

 

9,000

 

 

9,258,390

 

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

 

 

21,004

 

 

21,970,824

 

 

 

 

 

 

 

 

 

 

 

 

89,117,843

 

Education — 8.4%

 

 

 

 

 

 

 

California Educational Facilities
Authority, RB:

 

 

 

 

 

 

 

Stanford University, Series Q,
5.25%, 12/01/32

 

 

10,000

 

 

10,368,182

 

University of Southern California,
Series A, 5.25%, 10/01/18

 

 

10,395

 

 

11,146,766

 

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

 

 

2,400

 

 

2,426,808

 

University of California, RB, Series O,
5.75%, 5/15/34

 

 

12,300

 

 

13,810,317

 

 

 

 

 

 

 

 

 

 

 

 

37,752,073

 

Utilities — 7.9%

 

 

 

 

 

 

 

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

 

 

7,000

 

 

7,499,310

 

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

 

 

18,002

 

 

18,511,669

 

San Diego County Water Authority, COP,
Refunding:

 

 

 

 

 

 

 

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

 

 

4,250

 

 

4,382,855

 

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

 

 

5,292

 

 

5,360,936

 

 

 

 

 

 

 

 

 

 

 

 

35,754,770

 

Total Municipal Bonds in California

 

 

 

 

 

162,624,686

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 36.1%

 

 

 

 

 

162,624,686

 

Total Long-Term Investments
(Cost – $673,748,488) – 154.3%

 

 

 

 

 

695,254,919

 

 

 

 

 

 

 

 

 

 

 

 

4

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2010


 

 

 

Schedule of Investments (concluded)

BlackRock California Municipal Income Trust (BFZ)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

CMA California Municipal Money Fund,
0.04% (f)(g)

 

 

7,851,040

 

$

7,851,040

 

Total Short-Term Securities
(Cost – $7,851,040) – 1.7%

 

 

 

 

 

7,851,040

 

Total Investments
(Cost – $681,599,528*) – 156.0%

 

 

 

 

 

703,105,959

 

Other Assets Less Liabilities – 2.2%

 

 

 

 

 

9,862,746

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (20.2)%

 

 

 

 

 

(91,046,786

)

Preferred Shares, at Redemption Value – (38.0)%

 

 

 

 

 

(171,341,592

)

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

450,580,327

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

590,046,965

 

 

 

Gross unrealized appreciation

 

$

28,222,384

 

Gross unrealized depreciation

 

 

(6,146,498

)

 

 

Net unrealized appreciation

 

$

22,075,886

 

 

 

 

 

(a)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(b)

Security is collateralized by Municipal or US Treasury obligations.

 

 

(c)

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, and is subject to mandatory redemption at maturity.

 

 

(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)

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.

 

 

(f)

Investment 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 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
July 31,
2009

 

Net
Activity

 

Shares
Held at
April 30,
2010

 

Income

 

CMA California
Municipal
Money Fund

 

 

3,630,796

 

 

4,220,244

 

 

7,851,040

 

$

1,782

 

 

 

(g)

Represents the current yield as of report date.

 

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are 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)

 

 

 

 

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 other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

 

The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

695,254,919

 

 

—

 

$

695,254,919

 

Short-Term
Securities

 

$

7,851,040

 

 

—

 

 

—

 

 

7,851,040

 

Total

 

$

7,851,040

 

$

695,254,919

 

 

—

 

$

703,105,959

 

 

 

 

 

1

See above Schedule of Investments for values in each sector.

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2010

5

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 13(a)-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/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    BlackRock California Municipal Income Trust
   
  Date: June 28, 2010
   
  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/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer (principal executive officer) of
    BlackRock California Municipal Income Trust
   
  Date: June 28, 2010
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock California Municipal Income Trust
     
  Date: June 28, 2010