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 |
|
Value |
|
||
California 102.6% |
|
|
|
|
|
|
|
Corporate 0.2% |
|
|
|
|
|
|
|
City of Chula Vista California, Refunding |
|
$ |
680 |
|
$ |
750,502 |
|
County/City/Special District/School District 34.2% |
|
|
|
|
|
|
|
Butte-Glenn Community College District, |
|
|
8,425 |
|
|
9,450,238 |
|
California State Public Works Board, RB, |
|
|
8,000 |
|
|
8,943,600 |
|
Cerritos Community College District, GO, |
|
|
3,000 |
|
|
3,239,280 |
|
City of Los Angeles, RB, Series A, 5.00%, |
|
|
2,000 |
|
|
2,105,580 |
|
City of San Jose California, RB, |
|
|
|
|
|
|
|
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 |
|
|
2,000 |
|
|
2,224,180 |
|
El Dorado Union High School District, |
|
|
5,020 |
|
|
5,421,901 |
|
Evergreen Elementary School District, |
|
|
2,500 |
|
|
2,641,300 |
|
Grossmont Healthcare District, GO, |
|
|
2,000 |
|
|
2,255,660 |
|
Long Beach Unified School District |
|
|
4,135 |
|
|
4,575,129 |
|
Los Alamitos Unified School District |
|
|
5,710 |
|
|
6,236,519 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
California (continued) |
|
|
|
|
|
|
|
County/City/Special
District/School District |
|
|
|
|
|
|
|
Los Angeles Municipal Improvement |
|
$ |
4,975 |
|
$ |
5,288,823 |
|
Modesto Irrigation District, COP, Capital |
|
|
|
|
|
|
|
5.75%, 10/01/29 |
|
|
3,000 |
|
|
3,241,980 |
|
5.75%, 10/01/34 |
|
|
180 |
|
|
191,365 |
|
Oak Grove School District California, GO, |
|
|
6,000 |
|
|
6,602,700 |
|
Orange County Sanitation District, COP |
|
|
3,600 |
|
|
3,660,660 |
|
Orange County Water District, COP, |
|
|
2,000 |
|
|
2,202,280 |
|
Pico Rivera Public Financing Authority, |
|
|
2,000 |
|
|
2,096,080 |
|
Pittsburg Unified School District, GO, |
|
|
2,000 |
|
|
2,170,880 |
|
San Diego Community College District |
|
|
1,500 |
|
|
1,634,220 |
|
San Diego Regional Building Authority |
|
|
6,500 |
|
|
6,955,910 |
|
San Jose Financing Authority, Refunding |
|
|
6,000 |
|
|
6,013,080 |
|
San Leandro Unified School District |
|
|
|
|
|
|
|
Election
of 2006, Series B (AGM), |
|
|
1,150 |
|
|
1,298,028 |
|
Election
of 2010, Series A, |
|
|
3,060 |
|
|
3,361,502 |
|
Santa Ana Unified School District, GO, |
|
|
|
|
|
|
|
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 |
|
Value |
|
||
California (continued) |
|
|
|
|
|
|
|
County/City/Special
District/School District |
|
|
|
|
|
|
|
Santa Clara County Financing Authority, |
|
$ |
21,000 |
|
$ |
22,016,610 |
|
Santa Cruz County Redevelopment |
|
|
|
|
|
|
|
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, |
|
|
2,250 |
|
|
2,447,730 |
|
Torrance Unified School District |
|
|
4,000 |
|
|
4,505,600 |
|
Tustin Unified School District, GO, |
|
|
3,445 |
|
|
3,748,987 |
|
Westminster Redevelopment Agency |
|
|
7,750 |
|
|
8,914,903 |
|
|
|
|
|
|
|
157,995,312 |
|
Education 2.3% |
|
|
|
|
|
|
|
Belmont-Redwood Shores California |
|
|
3,125 |
|
|
3,242,000 |
|
California Educational Facilities |
|
|
6,280 |
|
|
6,972,056 |
|
University of California, RB, Series O, |
|
|
460 |
|
|
500,186 |
|
|
|
|
|
|
|
10,714,242 |
|
Health 19.5% |
|
|
|
|
|
|
|
ABAG Finance Authority for Nonprofit |
|
|
|
|
|
|
|
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, |
|
|
650 |
|
|
658,079 |
|
California Health Facilities Financing |
|
|
|
|
|
|
|
Adventist
Health System-West, |
|
|
6,475 |
|
|
6,735,036 |
|
Catholic
Healthcare West, |
|
|
8,300 |
|
|
8,524,349 |
|
Childrens
Hospital, Series A, |
|
|
4,000 |
|
|
3,928,840 |
|
Providence
Health, 6.50%, |
|
|
25 |
|
|
32,477 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
California (continued) |
|
|
|
|
|
|
|
Health (concluded) |
|
|
|
|
|
|
|
California Health Facilities Financing |
|
|
|
|
|
|
|
Sutter
Health, Series A, |
|
$ |
5,000 |
|
$ |
4,990,300 |
|
California Health Facilities Financing |
|
|
|
|
|
|
|
Catholic
Healthcare West, |
|
|
1,000 |
|
|
1,087,500 |
|
Catholic
Healthcare West, |
|
|
4,400 |
|
|
4,735,016 |
|
Catholic
Healthcare West, |
|
|
2,750 |
|
|
2,942,995 |
|
Providence
Health, 6.50%, |
|
|
4,090 |
|
|
4,615,401 |
|
Sutter
Health, Series B, |
|
|
6,015 |
|
|
6,558,636 |
|
California Statewide Communities |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
Health Facility Memorial |
|
|
|
|
|
|
|
Health
Services, 5.50%, |
|
|
8,310 |
|
|
8,372,574 |
|
Kaiser
Permanente, 5.50%, |
|
|
11,090 |
|
|
11,144,563 |
|
California Statewide Communities |
|
|
|
|
|
|
|
Kaiser,
Series C, 5.25%, |
|
|
2,000 |
|
|
2,031,720 |
|
Trinity
Health, 5.00%, |
|
|
4,000 |
|
|
3,975,200 |
|
Grossmont Healthcare District, GO, |
|
|
2,275 |
|
|
2,554,120 |
|
|
|
|
|
|
|
89,993,210 |
|
Housing 0.9% |
|
|
|
|
|
|
|
California Statewide Communities |
|
|
2,160 |
|
|
2,132,870 |
|
City of Los Angeles, Multifamily Housing |
|
|
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 |
|
Value |
|
||
California (continued) |
|
|
|
|
|
|
|
State 7.4% |
|
|
|
|
|
|
|
California State Public Works Board, RB: |
|
|
|
|
|
|
|
Department
of Education, |
|
$ |
9,000 |
|
$ |
9,921,240 |
|
Various
Capital Projects |
|
|
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, |
|
|
5,370 |
|
|
5,944,268 |
|
|
|
|
|
|
|
33,994,005 |
|
Transportation 11.9% |
|
|
|
|
|
|
|
City of San Jose California, RB, AMT |
|
|
|
|
|
|
|
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, |
|
|
8,000 |
|
|
8,682,000 |
|
County of Sacramento California, RB: |
|
|
|
|
|
|
|
Airport
System & PFC/Grant, |
|
|
3,000 |
|
|
3,224,310 |
|
Senior
Series B, 5.75%, |
|
|
1,850 |
|
|
1,958,854 |
|
Los Angeles Department of Airports, RB: |
|
|
|
|
|
|
|
Los
Angeles International |
|
|
1,000 |
|
|
1,065,010 |
|
Series A, 5.00%, 5/15/34 |
|
|
6,000 |
|
|
6,311,280 |
|
Los Angeles Department of Airports, |
|
|
|
|
|
|
|
Los
Angeles International |
|
|
1,330 |
|
|
1,391,300 |
|
Senior,
Los Angeles |
|
|
5,000 |
|
|
5,262,450 |
|
Los Angeles Harbor Department, RB, |
|
|
5,530 |
|
|
5,982,575 |
|
Palm Springs Unified School District, |
|
|
5,000 |
|
|
5,230,800 |
|
San Francisco City & County Airports |
|
|
6,750 |
|
|
7,506,405 |
|
San Joaquin County Transportation |
|
|
2,880 |
|
|
3,288,643 |
|
|
|
|
|
|
|
55,079,597 |
|
Utilities 26.2% |
|
|
|
|
|
|
|
Anaheim Public Financing Authority, RB: |
|
|
|
|
|
|
|
Anaheim
Electric System |
|
|
1,500 |
|
|
1,594,515 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
California (continued) |
|
|
|
|
|
|
|
Utilities (continued) |
|
|
|
|
|
|
|
Anaheim Public Financing Authority, RB |
|
|
|
|
|
|
|
Electric
System Distribution |
|
$ |
7,690 |
|
$ |
8,336,729 |
|
California Infrastructure & Economic |
|
|
5,500 |
|
|
5,907,935 |
|
Calleguas-Las Virgines Public Financing |
|
|
5,475 |
|
|
5,717,926 |
|
City of Chula Vista California, San Diego |
|
|
|
|
|
|
|
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 |
|
|
4,000 |
|
|
4,279,040 |
|
City of Petaluma California, Refunding |
|
|
5,625 |
|
|
6,392,588 |
|
Dublin-San Ramon Services District, |
|
|
2,425 |
|
|
2,678,243 |
|
East Bay Municipal Utility District, RB, |
|
|
4,660 |
|
|
4,924,408 |
|
Los Angeles Department of Water & |
|
|
|
|
|
|
|
Power
System, Sub-Series A-1, |
|
|
11,215 |
|
|
11,980,312 |
|
Series A, 5.38%, 7/01/34 |
|
|
3,050 |
|
|
3,332,735 |
|
System
Series A, 5.25%, |
|
|
4,000 |
|
|
4,357,880 |
|
System
Series A, 5.00%, |
|
|
4,740 |
|
|
4,981,550 |
|
Los Angeles Department of Water & |
|
|
2,200 |
|
|
2,250,974 |
|
San Diego County Water Authority, COP, |
|
|
1,850 |
|
|
1,873,717 |
|
San Diego Public Facilities Financing |
|
|
9,520 |
|
|
10,134,706 |
|
San Diego Public Facilities Financing |
|
|
3,255 |
|
|
3,483,468 |
|
San Francisco City & County Public |
|
|
|
|
|
|
|
Local
Water Main, Sub-Series C, |
|
|
1,120 |
|
|
1,216,376 |
|
Local
Water Main, Sub-Series C, |
|
|
1,000 |
|
|
1,055,580 |
|
Series
A, (NPFGC), 5.00%, |
|
|
4,000 |
|
|
4,031,800 |
|
WSIP
Sub-Series A, 5.00%, |
|
|
5,000 |
|
|
5,486,600 |
|
WSIP
Sub-Series A, 5.00%, |
|
|
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 |
|
Value |
|
||
California (concluded) |
|
|
|
|
|
|
|
Utilities (concluded) |
|
|
|
|
|
|
|
San Francisco City & County Public |
|
$ |
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 |
|
|
|
|
|
|
|
California 61.8% |
|
|
|
|
|
|
|
County/City/Special District/School District 24.5% |
|
|
|
|
|
|
|
Los Angeles Community College District |
|
|
|
|
|
|
|
Election
of 2001, Series A (AGM), |
|
|
8,000 |
|
|
8,394,240 |
|
Election
of 2008, Series A, |
|
|
20,131 |
|
|
22,948,150 |
|
Election
of 2008, Series C, |
|
|
12,900 |
|
|
14,109,762 |
|
Los Angeles Unified School District |
|
|
5,000 |
|
|
5,283,100 |
|
Mount San Antonio Community College |
|
|
10,770 |
|
|
11,190,461 |
|
Ohlone Community College District, GO, |
|
|
12,499 |
|
|
12,841,537 |
|
San Bernardino Community College |
|
|
2,000 |
|
|
2,056,840 |
|
San Diego Community College District |
|
|
|
|
|
|
|
Election
of 2002, 5.25%, |
|
|
10,484 |
|
|
11,422,455 |
|
Election
of 2006 (AGM), 5.00%, |
|
|
9,000 |
|
|
9,528,750 |
|
|
|
|
|
|
|
|
|
Municipal
Bonds Transferred to Tender |
|
Par |
|
Value |
|
||
California (continued) |
|
|
|
|
|
|
|
County/City/Special District/School District (concluded) |
|
|
|
|
|
|
|
San Jose Unified School District Santa |
|
$ |
14,625 |
|
$ |
15,192,275 |
|
|
|
|
|
|
|
112,967,570 |
|
Education 11.8% |
|
|
|
|
|
|
|
California Educational Facilities |
|
|
10,395 |
|
|
11,231,694 |
|
Grossmont Union High School District |
|
|
13,095 |
|
|
13,610,612 |
|
Mount Diablo California Uniform School |
|
|
4,000 |
|
|
4,078,600 |
|
San Mateo County Community College |
|
|
8,630 |
|
|
9,090,669 |
|
University of California, RB: |
|
|
|
|
|
|
|
Limited
Project, Series D (AGM), |
|
|
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 |
|
|
7,000 |
|
|
7,565,390 |
|
City of Napa California, RB (AMBAC), |
|
|
3,000 |
|
|
3,118,260 |
|
East Bay Municipal Utility District, RB, |
|
|
3,000 |
|
|
3,221,070 |
|
Eastern Municipal Water District, COP, |
|
|
18,002 |
|
|
18,704,016 |
|
Los Angeles Department of Water & |
|
|
|
|
|
|
|
Power
System, Sub-Series A-1 |
|
|
15,998 |
|
|
16,562,824 |
|
System,
Sub-Series A-2 (AGM), |
|
|
2,000 |
|
|
2,063,640 |
|
Metropolitan Water District of Southern |
|
|
11,180 |
|
|
11,776,006 |
|
Orange County Sanitation District, COP, |
|
|
14,700 |
|
|
15,332,394 |
|
Orange County Water District, COP, |
|
|
10,480 |
|
|
11,113,935 |
|
San Diego County Water Authority, COP, |
|
|
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 |
|
Par |
|
Value |
|
||
California (concluded) |
|
|
|
|
|
|
|
Utilities (concluded) |
|
|
|
|
|
|
|
San Diego Public Facilities Financing |
|
$ |
12,457 |
|
$ |
13,187,988 |
|
|
|
|
|
|
|
117,629,588 |
|
Total Municipal Bonds Transferred to Tender |
|
|
|
|
|
285,054,951 |
|
Total
Long-Term Investments |
|
|
|
|
|
767,030,047 |
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
BIF California Municipal Money |
|
|
4,361,179 |
|
|
4,361,179 |
|
Total
Short-Term Securities |
|
|
|
|
|
4,361,179 |
|
Total
Investments |
|
|
|
|
|
771,391,226 |
|
Other Assets Less Liabilities 1.0% |
|
|
|
|
|
4,669,558 |
|
Liability for TOB Trust Certificates, Including
Interest |
|
|
|
|
|
(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
|
|
||
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 |
|
Net |
|
Shares |
|
Income |
|
||||
BIF California |
|
|
2,720,243 |
|
|
1,640,936 |
|
|
4,361,179 |
|
$ |
|
|
|
|
|
(h) |
Represents the current yield as of report date. |
|
|
|
|
|
For Trusts compliance purposes, the Trusts 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 Trusts 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 Trusts perceived risk of investing in those securities. For information about the Trusts policy regarding valuation of investments and other significant accounting policies, please refer to the Trusts 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 Trusts investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term |
|
|
|
|
$ |
767,030,047 |
|
|
|
|
$ |
767,030,047 |
|
Short-Term |
|
$ |
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 |