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: 07/31/2012

 

Date of reporting period: 10/31/2011

 

Item 1 – Schedule of Investments

 


 

 

 

 

Schedule of Investments October 31, 2011 (Unaudited)

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California — 102.6%

 

 

 

 

 

 

 

Corporate — 0.2%

 

 

 

 

 

 

 

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

 

$

680

 

$

750,502

 

County/City/Special District/School District — 34.2%

 

 

 

 

 

 

 

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

 

 

8,425

 

 

9,450,238

 

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

 

 

8,000

 

 

8,943,600

 

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

 

 

3,000

 

 

3,239,280

 

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

 

 

2,000

 

 

2,105,580

 

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

 

 

 

 

 

 

 

6.13%, 5/01/31

 

 

500

 

 

529,715

 

6.50%, 5/01/36

 

 

1,210

 

 

1,302,323

 

6.50%, 5/01/42

 

 

2,225

 

 

2,381,151

 

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

 

 

2,000

 

 

2,224,180

 

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

 

 

5,020

 

 

5,421,901

 

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

 

 

2,500

 

 

2,641,300

 

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

 

 

2,000

 

 

2,255,660

 

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

 

 

4,135

 

 

4,575,129

 

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

 

 

5,710

 

 

6,236,519

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

$

4,975

 

$

5,288,823

 

Modesto Irrigation District, COP, Capital
Improvements, Series A:

 

 

 

 

 

 

 

5.75%, 10/01/29

 

 

3,000

 

 

3,241,980

 

5.75%, 10/01/34

 

 

180

 

 

191,365

 

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

 

 

6,000

 

 

6,602,700

 

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

 

 

3,600

 

 

3,660,660

 

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

 

 

2,000

 

 

2,202,280

 

Pico Rivera Public Financing Authority,
RB, 5.75%, 9/01/39

 

 

2,000

 

 

2,096,080

 

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

 

 

2,000

 

 

2,170,880

 

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

 

 

1,500

 

 

1,634,220

 

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

 

 

6,500

 

 

6,955,910

 

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

 

 

6,000

 

 

6,013,080

 

San Leandro Unified School District
California, GO:

 

 

 

 

 

 

 

Election of 2006, Series B (AGM),
6.25%, 8/01/29

 

 

1,150

 

 

1,298,028

 

Election of 2010, Series A,
5.75%, 8/01/41

 

 

3,060

 

 

3,361,502

 

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

 

 

 

 

 

 

 

5.50%, 8/01/30

 

 

6,455

 

 

6,912,014

 

5.13%, 8/01/33

 

 

10,000

 

 

10,418,700

 


 

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

FSA

Financial Security Assurance Inc.

GO

General Obligation Bonds

LRB

Lease Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds


 

 

 

 

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

OCTOBER 31, 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)

 

 

 

 

 

 

 

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

 

$

21,000

 

$

22,016,610

 

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

 

 

 

 

 

 

 

6.63%, 9/01/29

 

 

1,000

 

 

1,106,220

 

7.00%, 9/01/36

 

 

1,700

 

 

1,900,464

 

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

 

 

2,250

 

 

2,447,730

 

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

 

 

4,000

 

 

4,505,600

 

Tustin Unified School District, GO,
Election of 2008, Series B, 5.25%,
8/01/31

 

 

3,445

 

 

3,748,987

 

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

 

 

7,750

 

 

8,914,903

 

 

 

 

 

 

 

157,995,312

 

Education — 2.3%

 

 

 

 

 

 

 

Belmont-Redwood Shores California
School District, GO, Election 2010
Series A, 5.00%, 8/01/41

 

 

3,125

 

 

3,242,000

 

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

 

 

6,280

 

 

6,972,056

 

University of California, RB, Series O,
5.38%, 5/15/34

 

 

460

 

 

500,186

 

 

 

 

 

 

 

10,714,242

 

Health — 19.5%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.38%, 8/01/34

 

 

3,055

 

 

3,162,964

 

6.25%, 8/01/39

 

 

3,760

 

 

4,028,652

 

Series A, 6.00%, 8/01/30

 

 

2,250

 

 

2,438,010

 

The Jackson Laboratory,
Refunding RB, 5.75%,
7/01/37

 

 

650

 

 

658,079

 

California Health Facilities Financing
Authority, RB:

 

 

 

 

 

 

 

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

 

 

6,475

 

 

6,735,036

 

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

 

 

8,300

 

 

8,524,349

 

Children’s Hospital, Series A,
5.25%, 11/01/41 (a)

 

 

4,000

 

 

3,928,840

 

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

 

 

25

 

 

32,477

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

Health (concluded)

 

 

 

 

 

 

 

California Health Facilities Financing
Authority, RB (concluded):

 

 

 

 

 

 

 

Sutter Health, Series A,
5.25%, 11/15/46

 

$

5,000

 

$

4,990,300

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,087,500

 

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

 

 

4,400

 

 

4,735,016

 

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

 

 

2,750

 

 

2,942,995

 

Providence Health, 6.50%,
10/01/38

 

 

4,090

 

 

4,615,401

 

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

 

 

6,015

 

 

6,558,636

 

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

 

 

 

 

 

 

 

Series B, 5.50%, 7/01/30

 

 

2,980

 

 

3,082,214

 

Series E, 5.50%, 7/01/31

 

 

4,255

 

 

4,394,564

 

California Statewide Communities
Development Authority, RB Series A:

 

 

 

 

 

 

 

Health Facility Memorial

 

 

 

 

 

 

 

Health Services, 5.50%,
10/01/33

 

 

8,310

 

 

8,372,574

 

Kaiser Permanente, 5.50%,
11/01/32

 

 

11,090

 

 

11,144,563

 

California Statewide Communities
Development Authority, Refunding
RB:

 

 

 

 

 

 

 

Kaiser, Series C, 5.25%,
8/01/31

 

 

2,000

 

 

2,031,720

 

Trinity Health, 5.00%,
12/01/41

 

 

4,000

 

 

3,975,200

 

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

 

 

2,275

 

 

2,554,120

 

 

 

 

 

 

 

89,993,210

 

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 (c)

 

 

2,160

 

 

2,132,870

 

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

 

 

2,015

 

 

2,015,343

 

 

 

 

 

 

 

4,148,213

 


 

 

 

 

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

OCTOBER 31, 2011

2




 

 

 

 

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 — 7.4%

 

 

 

 

 

 

 

California State Public Works Board, RB:

 

 

 

 

 

 

 

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

 

$

9,000

 

$

9,921,240

 

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

 

 

5,025

 

 

5,522,927

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

6.00%, 3/01/33

 

 

5,000

 

 

5,627,000

 

6.50%, 4/01/33

 

 

5,985

 

 

6,978,570

 

State of California, GO, Various Purpose,
Various Purpose, 6.00%, 4/01/38

 

 

5,370

 

 

5,944,268

 

 

 

 

 

 

 

33,994,005

 

Transportation — 11.9%

 

 

 

 

 

 

 

City of San Jose California, RB, AMT
Series A-1:

 

 

 

 

 

 

 

5.75%, 3/01/34

 

 

2,215

 

 

2,312,327

 

6.25%, 3/01/34

 

 

2,650

 

 

2,863,643

 

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

 

 

8,000

 

 

8,682,000

 

County of Sacramento California, RB:

 

 

 

 

 

 

 

Airport System & PFC/Grant,
Series D, 6.00%, 7/01/35

 

 

3,000

 

 

3,224,310

 

Senior Series B, 5.75%,
7/01/39

 

 

1,850

 

 

1,958,854

 

Los Angeles Department of Airports, RB:

 

 

 

 

 

 

 

Los Angeles International
Airport, Series D, 5.00%,
5/15/30

 

 

1,000

 

 

1,065,010

 

Series A, 5.00%, 5/15/34

 

 

6,000

 

 

6,311,280

 

Los Angeles Department of Airports,
Refunding RB:

 

 

 

 

 

 

 

Los Angeles International
Airport, Sub-Series C, 5.25%,
5/15/38

 

 

1,330

 

 

1,391,300

 

Senior, Los Angeles
International Airport, Series A,
5.00%, 5/15/40

 

 

5,000

 

 

5,262,450

 

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

 

 

5,530

 

 

5,982,575

 

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

 

 

5,000

 

 

5,230,800

 

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

 

 

6,750

 

 

7,506,405

 

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

 

 

2,880

 

 

3,288,643

 

 

 

 

 

 

 

55,079,597

 

Utilities — 26.2%

 

 

 

 

 

 

 

Anaheim Public Financing Authority, RB:

 

 

 

 

 

 

 

Anaheim Electric System
Distribution, 5.25%,
10/01/39

 

 

1,500

 

 

1,594,515

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

Utilities (continued)

 

 

 

 

 

 

 

Anaheim Public Financing Authority, RB
(concluded):

 

 

 

 

 

 

 

Electric System Distribution
Facilities, Series A, 5.38%,
10/01/36

 

$

7,690

 

$

8,336,729

 

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

 

 

5,500

 

 

5,907,935

 

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

 

 

5,475

 

 

5,717,926

 

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

 

 

 

 

 

 

 

Series D, 5.88%, 1/01/34

 

 

2,500

 

 

2,759,200

 

Series E, 5.88%, 1/01/34

 

 

6,500

 

 

7,173,920

 

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

 

 

4,000

 

 

4,279,040

 

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

 

 

5,625

 

 

6,392,588

 

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

 

 

2,425

 

 

2,678,243

 

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

 

 

4,660

 

 

4,924,408

 

Los Angeles Department of Water &
Power, RB:

 

 

 

 

 

 

 

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

 

 

11,215

 

 

11,980,312

 

Series A, 5.38%, 7/01/34

 

 

3,050

 

 

3,332,735

 

System Series A, 5.25%,
7/01/39

 

 

4,000

 

 

4,357,880

 

System Series A, 5.00%,
7/01/41

 

 

4,740

 

 

4,981,550

 

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

 

 

2,200

 

 

2,250,974

 

San Diego County Water Authority, COP,
Series A, 5.00%, 5/01/32

 

 

1,850

 

 

1,873,717

 

San Diego Public Facilities Financing
Authority, Senior, Series A, 5.25%,
5/15/34

 

 

9,520

 

 

10,134,706

 

San Diego Public Facilities Financing
Authority, Refunding RB, Series A,
5.25%, 8/01/38

 

 

3,255

 

 

3,483,468

 

San Francisco City & County Public
Utilities Commission, RB:

 

 

 

 

 

 

 

Local Water Main, Sub-Series C,
5.00%, 11/01/30

 

 

1,120

 

 

1,216,376

 

Local Water Main, Sub-Series C,
5.00%, 11/01/36

 

 

1,000

 

 

1,055,580

 

Series A, (NPFGC), 5.00%,
11/01/32

 

 

4,000

 

 

4,031,800

 

WSIP Sub-Series A, 5.00%,
11/01/28

 

 

5,000

 

 

5,486,600

 

WSIP Sub-Series A, 5.00%,
11/01/37

 

 

5,695

 

 

6,002,074

 


 

 

 

 

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

OCTOBER 31, 2011

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

 

$

10,625

 

$

11,168,044

 

 

 

 

 

 

 

121,120,320

 

Total Municipal Bonds in California

 

 

 

 

 

473,795,401

 

Multi-State — 1.8%

 

 

 

 

 

 

 

Housing — 1.8%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust(d)(e):

 

 

 

 

 

 

 

5.75%, 5/15/15

 

 

500

 

 

535,405

 

6.00%, 5/15/15

 

 

1,500

 

 

1,622,355

 

6.00%, 5/15/19

 

 

1,000

 

 

1,097,980

 

6.30%, 5/15/19

 

 

1,000

 

 

1,101,570

 

7.20%, 11/15/52

 

 

3,500

 

 

3,822,385

 

 

 

 

 

 

 

8,179,695

 

Total Municipal Bonds in Multi-State

 

 

 

 

 

8,179,695

 

Total Municipal Bonds – 104.4%

 

 

 

 

 

481,975,096

 

 


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (f)

 

 

 

 

 

 

 

California — 61.8%

 

 

 

 

 

 

 

County/City/Special District/School District — 24.5%

 

 

 

 

 

 

 

Los Angeles Community College District
California, GO:

 

 

 

 

 

 

 

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

 

 

8,000

 

 

8,394,240

 

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

 

 

20,131

 

 

22,948,150

 

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

 

 

12,900

 

 

14,109,762

 

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

 

 

5,000

 

 

5,283,100

 

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

 

 

10,770

 

 

11,190,461

 

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

 

 

12,499

 

 

12,841,537

 

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

 

 

2,000

 

 

2,056,840

 

San Diego Community College District
California, GO:

 

 

 

 

 

 

 

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

 

 

10,484

 

 

11,422,455

 

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

 

 

9,000

 

 

9,528,750

 


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (f)

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

$

14,625

 

$

15,192,275

 

 

 

 

 

 

 

112,967,570

 

Education — 11.8%

 

 

 

 

 

 

 

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

 

 

10,395

 

 

11,231,694

 

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

 

 

13,095

 

 

13,610,612

 

Mount Diablo California Uniform School
District, GO, Election of 2002, 5.00%,
6/01/31

 

 

4,000

 

 

4,078,600

 

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

 

 

8,630

 

 

9,090,669

 

University of California, RB:

 

 

 

 

 

 

 

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

 

 

2,600

 

 

2,681,042

 

Series O, 5.75%, 5/15/34

 

 

12,300

 

 

13,765,176

 

 

 

 

 

 

 

54,457,793

 

Utilities — 25.5%

 

 

 

 

 

 

 

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

 

 

7,000

 

 

7,565,390

 

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

 

 

3,000

 

 

3,118,260

 

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

 

 

3,000

 

 

3,221,070

 

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

 

 

18,002

 

 

18,704,016

 

Los Angeles Department of Water &
Power, RB:

 

 

 

 

 

 

 

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

 

 

15,998

 

 

16,562,824

 

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

 

 

2,000

 

 

2,063,640

 

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

 

 

11,180

 

 

11,776,006

 

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

 

 

14,700

 

 

15,332,394

 

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

 

 

10,480

 

 

11,113,935

 

San Diego County Water Authority, COP,
Refunding, Series 2008-A (AGM),
5.00%, 5/01/33

 

 

14,290

 

 

14,984,065

 


 

 

 

 

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

OCTOBER 31, 2011

4




 

 

 

 

 

 

Schedule of Investments (continued)

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) 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

 

$

13,187,988

 

 

 

 

 

 

 

117,629,588

 

Total Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts – 61.8%

 

 

 

 

 

285,054,951

 

Total Long-Term Investments
(Cost – $731,470,661) – 166.2%

 

 

 

 

 

767,030,047

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

BIF California Municipal Money
Fund, 0.00% (g)(h)

 

 

4,361,179

 

 

4,361,179

 

Total Short-Term Securities
(Cost – $4,361,179) – 0.9%

 

 

 

 

 

4,361,179

 

Total Investments
(Cost - $735,831,840*) – 167.1%

 

 

 

 

 

771,391,226

 

Other Assets Less Liabilities – 1.0%

 

 

 

 

 

4,669,558

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (31.0)%

 

 

 

 

 

(143,139,766

)

AMPS, at Redemption Value – (37.1)%

 

 

 

 

 

(171,329,007

)

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

461,592,011

 


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

593,262,943

 

Gross unrealized appreciation

 

$

35,875,573

 

Gross unrealized depreciation

 

 

(813,378

)

Net unrealized appreciation

 

$

35,062,195

 


 

 

(a)

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


 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

Morgan Stanley Co,. Inc.

 

$

3,928,840

 

$

17,520

 


 

 

(b)

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.

 

 

(c)

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

 

 

(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.

 

 

(e)

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

 

 

(f)

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

 

 

(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,
2011

 

Net
Activity

 

Shares
Held at
October 31,
2011

 

Income

 

BIF California
Municipal
Money Fund

 

 

2,720,243

 

 

1,640,936

 

 

4,361,179

 

$

 


 

 

 

(h)

Represents the current yield as of report date.

 

 

 

For Trust’s 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 ratings group indexes, and/or as defined by Trust management. These definitions 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. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

 

 

 

Level 1 — unadjusted 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)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Trust’s perceived risk of 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.

 

 

 

 

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

OCTOBER 31, 2011

5




 

 

 

 

Schedule of Investments (concluded)

BlackRock California Municipal Income Trust (BFZ)

The following table summarizes the inputs used as of October 31, 2011 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

 

$

767,030,047

 

 

 

$

767,030,047

 

Short-Term
Securities

 

$

4,361,179

 

 

 

 

 

 

4,361,179

 

Total

 

$

4,361,179

 

$

767,030,047

 

 

 

$

771,391,226

 


 

 

1

See above Schedule of Investments for values in each sector.


 

 

 

 

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

OCTOBER 31, 2011

6


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 (principal executive officer) of
    BlackRock California Municipal Income Trust
   
  Date: December 21, 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: December 21, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock California Municipal Income Trust
     
  Date: December 21, 2011