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: 07/31/2011

 

Date of reporting period: 10/31/2010

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments October 31, 2010 (Unaudited)

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

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California — 91.9%

 

 

 

 

 

 

 

Corporate — 2.3%

 

 

 

 

 

 

 

California Pollution Control Financing
Authority, RB, Waste Management Inc.
Project, Series C, Mandatory Put
Bonds, AMT, 6.75%, 12/01/27 (a)

 

$

3,700

 

$

3,724,790

 

City of Chula Vista California, RB, AMT:

 

 

 

 

 

 

 

San Diego Gas & Electric, Series B,
5.00%, 12/01/27

 

 

5,700

 

 

5,892,090

 

San Diego Gas, Series D (AMBAC),
5.00%, 12/01/27

 

 

310

 

 

320,447

 

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

 

 

680

 

 

767,135

 

 

 

 

 

 

 

 

 

 

 

 

 

10,704,462

 

County/City/Special District/School District — 33.2%

 

 

 

 

 

 

 

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

 

 

8,425

 

 

9,350,233

 

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

 

 

8,300

 

 

9,281,143

 

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

 

 

400

 

 

444,780

 

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

 

 

3,000

 

 

3,249,150

 

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

 

 

7,730

 

 

8,093,078

 

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

 

 

2,000

 

 

2,245,840

 

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

 

 

5,020

 

 

5,297,255

 

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

 

 

 

 

 

 

 

5.60%, 12/01/29

 

 

7,485

 

 

2,211,593

 

5.60%, 12/01/30

 

 

7,485

 

 

2,050,665

 

5.60%, 12/01/31

 

 

7,485

 

 

1,907,028

 

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

 

 

2,500

 

 

2,658,375

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

$

1,000

 

$

1,001,830

 

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

 

 

4,135

 

 

4,629,133

 

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

 

 

5,125

 

 

5,600,344

 

Los Angeles Community College District
California, GO, Election of 2001,
Series E-1, 5.00%, 8/01/33

 

 

10,250

 

 

10,787,305

 

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

 

 

2,580

 

 

2,815,760

 

Modesto Irrigation District, COP:

 

 

 

 

 

 

 

Capital Improvements, Series A,
5.75%, 10/01/29

 

 

3,000

 

 

3,326,880

 

Capital Improvements, Series A,
5.75%, 10/01/34

 

 

155

 

 

168,000

 

Series B, 5.50%, 7/01/35

 

 

5,700

 

 

6,104,130

 

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

 

 

1,000

 

 

1,067,670

 

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

 

 

6,000

 

 

6,561,480

 

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

 

 

2,000

 

 

2,163,740

 

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

 

 

5,500

 

 

6,161,595

 

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

 

 

2,000

 

 

2,170,440

 

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

 

 

3,300

 

 

3,344,682

 

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

 

 

1,500

 

 

1,626,870

 

 

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

NPFGC

 

National Public Finance Guarantee Corp.

RB

 

Revenue Bonds

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

OCTOBER 31, 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)

 

 

 

 

 

 

 

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

 

$

6,500

 

$

6,990,165

 

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

 

 

6,000

 

 

6,038,880

 

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

 

 

1,125

 

 

1,304,471

 

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

 

 

 

 

 

 

 

5.50%, 8/01/30

 

 

6,100

 

 

6,649,366

 

5.13%, 8/01/33

 

 

10,000

 

 

10,538,500

 

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

 

 

 

 

 

 

 

6.63%, 9/01/29

 

 

1,000

 

 

1,117,140

 

7.00%, 9/01/36

 

 

1,700

 

 

1,920,915

 

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

 

 

2,250

 

 

2,524,568

 

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

 

 

4,000

 

 

4,560,400

 

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

 

 

7,750

 

 

8,948,073

 

 

 

 

 

 

 

 

 

 

 

 

 

154,911,477

 

Education — 5.0%

 

 

 

 

 

 

 

California Educational Facilities
Authority, RB, Stanford University,
Series Q, 5.25%, 12/01/32

 

 

13,000

 

 

13,405,600

 

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

 

 

2,890

 

 

3,209,634

 

University of California, RB:

 

 

 

 

 

 

 

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

 

 

2,600

 

 

2,723,942

 

Series O, 5.38%, 5/15/34

 

 

450

 

 

496,112

 

University of California, Refunding RB:

 

 

 

 

 

 

 

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

 

 

2,215

 

 

2,253,009

 

Series S, 5.00%, 5/15/40

 

 

1,250

 

 

1,299,300

 

 

 

 

 

 

 

 

 

 

 

 

 

23,387,597

 

Health — 16.1%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.38%, 8/01/34

 

 

3,000

 

 

3,212,430

 

6.25%, 8/01/39

 

 

3,250

 

 

3,650,075

 

California Health Facilities Financing
Authority, RB:

 

 

 

 

 

 

 

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

 

 

6,000

 

 

6,278,580

 

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

 

 

1,575

 

 

1,630,692

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

Health (concluded)

 

 

 

 

 

 

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

$

4,400

 

$

4,819,628

 

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

 

 

500

 

 

544,335

 

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

 

 

3,000

 

 

3,257,880

 

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

 

 

1,465

 

 

1,687,885

 

St. Joseph Health System, Series A,
5.75%, 7/01/39

 

 

1,625

 

 

1,727,408

 

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

 

 

15,260

 

 

15,637,990

 

California Statewide Communities
Development Authority, RB:

 

 

 

 

 

 

 

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

 

 

7,000

 

 

7,191,310

 

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

 

 

10,000

 

 

10,145,700

 

California Statewide Communities
Development Authority, Refunding RB:

 

 

 

 

 

 

 

Catholic Healthcare West, Series B,
5.50%, 7/01/30

 

 

3,000

 

 

3,144,630

 

Catholic Healthcare West, Series E,
5.50%, 7/01/31

 

 

4,980

 

 

5,199,767

 

Cottage Health Obligation Group,
5.25%, 11/01/30

 

 

1,650

 

 

1,725,801

 

City of Torrance California, RB, Torrance
Memorial Medical Center, Series A,
5.00%, 9/01/40

 

 

5,500

 

 

5,440,710

 

 

 

 

 

 

 

 

 

 

 

 

 

75,294,821

 

Housing — 0.9%

 

 

 

 

 

 

 

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 (a)

 

 

2,200

 

 

2,201,694

 

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

 

 

2,055

 

 

2,061,329

 

 

 

 

 

 

 

 

 

 

 

 

 

4,263,023

 

State — 9.9%

 

 

 

 

 

 

 

California State Public Works
Board, RB:

 

 

 

 

 

 

 

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

 

 

9,000

 

 

9,918,270

 

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

 

 

2,475

 

 

2,712,773

 

 

 

 

2

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

OCTOBER 31, 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)

 

 

 

 

 

 

 

State (concluded)

 

 

 

 

 

 

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

6.00%, 3/01/33

 

$

3,000

 

$

3,445,920

 

6.50%, 4/01/33

 

 

21,000

 

 

24,689,070

 

6.00%, 11/01/35

 

 

5,000

 

 

5,625,150

 

 

 

 

 

 

 

 

 

 

 

 

 

46,391,183

 

Transportation — 5.0%

 

 

 

 

 

 

 

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

 

 

8,000

 

 

8,768,080

 

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

 

 

1,850

 

 

2,015,409

 

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

 

 

5,150

 

 

5,153,554

 

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

 

 

6,750

 

 

7,584,232

 

 

 

 

 

 

 

 

 

 

 

 

 

23,521,275

 

Utilities — 19.5%

 

 

 

 

 

 

 

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

 

 

5,500

 

 

5,892,480

 

California Statewide Communities
Development Authority, Refunding RB,
Southern California Edison, Series A,
4.50%, 9/01/29

 

 

5,000

 

 

4,943,400

 

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

 

 

5,475

 

 

5,736,376

 

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

 

 

 

 

 

 

 

Series D, 5.88%, 1/01/34

 

 

1,000

 

 

1,128,140

 

Series E, 5.88%, 1/01/34

 

 

4,375

 

 

4,935,612

 

City of Los Angeles California, Refunding
RB, Sub-Series A:

 

 

 

 

 

 

 

5.00%, 6/01/32

 

 

4,000

 

 

4,299,320

 

(NPFGC), 5.00%, 6/01/27

 

 

5,085

 

 

5,400,728

 

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

 

 

5,000

 

 

5,678,350

 

Los Angeles Department of Water &
Power, RB:

 

 

 

 

 

 

 

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

 

 

7,660

 

 

8,239,632

 

Series A, 5.38%, 7/01/34

 

 

3,050

 

 

3,335,266

 

San Diego Public Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

9,500

 

 

10,238,055

 

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

 

 

7,375

 

 

7,912,859

 

Series A, 5.25%, 8/01/38

 

 

3,215

 

 

3,438,475

 

San Francisco City & County Public
Utilities Commission, Refunding RB,
Series A:

 

 

 

 

 

 

 

5.00%, 11/01/28

 

 

5,000

 

 

5,481,950

 

5.00%, 11/01/35

 

 

10,625

 

 

11,322,531

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

Utilities (concluded)

 

 

 

 

 

 

 

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

 

$

2,750

 

$

2,984,713

 

 

 

 

 

 

 

 

 

 

 

 

 

90,967,887

 

Total Municipal Bonds in California

 

 

 

 

 

429,441,725

 

Multi-State — 3.7%

 

 

 

 

 

 

 

Housing — 3.7%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust (c)(d):

 

 

 

 

 

 

 

5.75%, 5/15/15

 

 

500

 

 

534,655

 

6.00%, 5/15/15

 

 

1,500

 

 

1,598,625

 

6.00%, 5/15/19

 

 

1,000

 

 

1,083,370

 

6.30%, 5/15/19

 

 

1,000

 

 

1,087,420

 

6.80%, 11/30/50

 

 

4,000

 

 

4,013,520

 

7.20%, 11/15/52

 

 

3,500

 

 

3,878,875

 

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

 

 

5,763

 

 

5,301,628

 

Total Municipal Bonds in Multi-State

 

 

 

 

 

17,498,093

 

Puerto Rico — 3.3%

 

 

 

 

 

 

 

County/City/Special District/School District — 2.3%

 

 

 

 

 

 

 

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

 

 

3,000

 

 

3,453,420

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, First Sub-Series C,
5.25%, 8/01/41

 

 

7,000

 

 

7,303,520

 

 

 

 

 

 

 

 

 

 

 

 

 

10,756,940

 

State — 1.0%

 

 

 

 

 

 

 

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

 

 

4,000

 

 

4,568,880

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

15,325,820

 

Total Municipal Bonds – 98.9%

 

 

 

 

 

462,265,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (e)

 

 

 

 

 

 

 

California — 66.6%

 

 

 

 

 

 

 

County/City/Special District/School District — 29.0%

 

 

 

 

 

 

 

Los Angeles Community College District
California, GO:

 

 

 

 

 

 

 

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

 

 

8,000

 

 

8,391,760

 

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

 

 

20,131

 

 

23,110,982

 

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

 

 

12,900

 

 

13,877,820

 

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

 

 

5,000

 

 

5,188,500

 

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

 

 

10,770

 

 

11,239,787

 

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

OCTOBER 31, 2010

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 (e)

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

$

12,499

 

$

12,984,913

 

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

 

 

2,000

 

 

2,086,120

 

San Diego Community College District
California, GO:

 

 

 

 

 

 

 

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

 

 

10,484

 

 

11,371,072

 

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

 

 

9,000

 

 

9,467,730

 

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

 

 

14,625

 

 

15,510,916

 

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

 

 

21,004

 

 

22,320,093

 

 

 

 

 

 

 

 

 

 

 

 

 

135,549,693

 

Education — 11.3%

 

 

 

 

 

 

 

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

 

 

10,395

 

 

11,254,771

 

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

 

 

2,400

 

 

2,474,160

 

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

 

 

13,095

 

 

13,510,069

 

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

 

 

8,630

 

 

9,020,076

 

University of California, RB:

 

 

 

 

 

 

 

Limited Project, Series D (AGM),

 

 

 

 

 

 

 

5.00%, 5/15/41

 

 

2,600

 

 

2,710,344

 

Series O, 5.75%, 5/15/34

 

 

12,300

 

 

14,026,182

 

 

 

 

 

 

 

 

 

 

 

 

 

52,995,602

 

Transportation — 2.6%

 

 

 

 

 

 

 

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

 

 

11,625

 

 

12,204,464

 

Utilities — 23.7%

 

 

 

 

 

 

 

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

 

 

7,000

 

 

7,645,540

 

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

 

 

3,000

 

 

3,119,790

 

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

 

 

3,000

 

 

3,121,320

 

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

 

 

18,002

 

 

18,937,785

 

Los Angeles Department of Water &
Power, RB:

 

 

 

 

 

 

 

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

 

 

15,998

 

 

16,791,704

 

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

 

 

2,000

 

 

2,068,680

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (e)

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

Utilities (concluded)

 

 

 

 

 

 

 

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

 

$

11,180

 

$

11,835,148

 

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

 

 

14,700

 

 

15,422,652

 

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

 

 

10,480

 

 

11,055,562

 

San Diego County Water Authority, COP,
Refunding:

 

 

 

 

 

 

 

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

 

 

5,292

 

 

5,454,358

 

San Diego County Water Authority, COP,
Refunding:

 

 

 

 

 

 

 

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

 

 

14,290

 

 

15,066,518

 

 

 

 

 

 

 

 

 

 

 

 

 

110,519,057

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 66.6%

 

 

 

 

 

311,268,816

 

Total Long-Term Investments
(Cost – $737,522,032) – 165.5%

 

 

 

 

 

773,534,454

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

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

 

 

2,707,874

 

 

2,707,874

 

Total Short-Term Securities
(Cost – $2,707,874) – 0.6%

 

 

 

 

 

2,707,874

 

Total Investments
(Cost – $740,229,906*) – 166.1%

 

 

 

 

 

776,242,328

 

Other Assets Less Liabilities – 4.5%

 

 

 

 

 

20,998,337

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (33.9)%

 

 

 

 

 

(158,625,486

)

Preferred Shares, at Redemption Value – (36.7)%

 

 

 

 

(171,340,157

)

 

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

467,275,022

 

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

581,136,706

 

 

 

 

Gross unrealized appreciation

 

$

38,026,276

 

Gross unrealized depreciation

 

 

(1,415,265

)

 

 

 

Net unrealized appreciation

 

$

36,611,011

 

 

 

 

 

 

(a)

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

 

 

(b)

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

 

 

(c)

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.

 

 

(d)

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.

 

 

 

4

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

OCTOBER 31, 2010

 

 

 

 

Schedule of Investments (concluded)

BlackRock California Municipal Income Trust (BFZ)

 

 

(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)

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
October 31,
2010

 

Income

 

BIF California
Municipal
Money
Fund

 

 

26,178,133

 

 

(23,470,259

)

 

2,707,874

 

$

1,211

 

 

 

 

(g)

Represents the current yield as of report date.

 

 

 

•

For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

 

 

•

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 tables summarizes the inputs used as of October 31, 2010 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

773,534,454

 

 

—

 

$

773,534,454

 

Short-Term
Securities

 

$

2,707,874

 

 

—

 

 

—

 

 

2,707,874

 

Total

 

$

2,707,874

 

$

773,534,454

 

$

—

 

$

776,242,328

 

 

 

1

See above Schedule of Investments for values in each sector.

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

OCTOBER 31, 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 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/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    BlackRock California Municipal Income Trust
   
  Date: December 22, 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: December 22, 2010
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock California Municipal Income Trust
     
  Date: December 22, 2010