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: 04/30/2012

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments April 30, 2012 (Unaudited)

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California — 93.9%

 

 

 

 

 

 

 

Corporate — 0.2%

 

 

 

 

 

 

 

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

 

$

680

 

$

784,244

 

County/City/Special District/School District — 37.1%

 

 

 

 

 

 

 

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

 

 

8,425

 

 

9,758,509

 

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

 

 

8,000

 

 

9,492,080

 

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

 

 

3,000

 

 

3,390,960

 

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

 

 

2,000

 

 

2,181,540

 

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

 

 

 

 

 

 

 

6.13%, 5/01/31

 

 

500

 

 

558,035

 

6.50%, 5/01/36

 

 

1,210

 

 

1,375,044

 

6.50%, 5/01/42

 

 

2,225

 

 

2,515,719

 

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

 

 

2,000

 

 

2,304,760

 

Desert Community College District, GO,
CAB, Election of 2004, Series C
(AGM), 5.90%, 8/01/46 (a)

 

 

4,230

 

 

614,957

 

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

 

 

2,500

 

 

2,775,000

 

Grossmont Healthcare District, GO,
Election of 2006, Series B:

 

 

 

 

 

 

 

6.00%, 7/15/34

 

 

2,275

 

 

2,711,368

 

6.13%, 7/15/40

 

 

2,000

 

 

2,375,780

 

Grossmont Union High School District,
GO, CAB, Election of 2004, 5.46%,
8/01/32 (a)

 

 

9,015

 

 

3,162,372

 

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

 

 

4,135

 

 

4,815,373

 

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

 

 

5,735

 

 

6,515,132

 

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

 

 

4,975

 

 

5,581,602

 

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

 

 

 

 

 

 

 

5.75%, 10/01/29

 

 

3,000

 

 

3,382,080

 

5.75%, 10/01/34

 

 

180

 

 

199,787

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

County/City/Special District/School District

 

 

 

 

 

 

 

(continued)

 

 

 

 

 

 

 

Norwalk-La Mirada Unified School
District California, GO, CAB, Election of
2002, Series E (AGC), 5.54%,
8/01/38 (a)

 

$

7,500

 

$

1,772,925

 

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

 

 

6,000

 

 

6,869,880

 

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

 

 

2,000

 

 

2,278,620

 

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

 

 

2,000

 

 

2,205,800

 

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

 

 

2,000

 

 

2,241,860

 

Sacramento Area Flood Control Agency,
Consolidated Capital Assessment
District:

 

 

 

 

 

 

 

5.25%, 10/01/32

 

 

3,000

 

 

3,350,430

 

5.00%, 10/01/37

 

 

7,000

 

 

7,569,660

 

San Bernardino Community College
District, GO, Election Of 2008, Series
B, 6.34%, 8/01/44 (a)

 

 

5,000

 

 

888,200

 

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

 

 

1,500

 

 

1,721,610

 

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

 

 

6,500

 

 

7,206,355

 

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

 

 

6,000

 

 

6,018,420

 

San Leandro Unified School District
California, GO, Election of 2010,
Series A, 5.75%, 8/01/41

 

 

3,060

 

 

3,524,202

 

San Marcos Unified School District, GO,
CAB, 2010 Election, Series B, 5.68%,
8/01/47 (a)(b)

 

 

4,800

 

 

683,520

 

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

 

 

 

 

 

 

 

5.50%, 8/01/30

 

 

6,455

 

 

7,162,533

 

5.13%, 8/01/33

 

 

10,000

 

 

10,869,800

 

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

 

 

21,000

 

 

23,045,190

 

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

 

 

 

 

 

 

 

6.63%, 9/01/29

 

 

1,000

 

 

1,161,260

 

7.00%, 9/01/36

 

 

1,460

 

 

1,728,859

 

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

 

 

2,250

 

 

2,542,320

 

 

 

 

 

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2012

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)

 

 

 

 

 

 

 

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

 

$

4,000

 

$

4,696,960

 

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

 

 

3,445

 

 

3,991,618

 

West Contra Costa Unified School
District, GO, Election of 2010, Series
A (AGM), 5.25%, 8/01/32

 

 

4,725

 

 

5,393,540

 

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

 

 

7,750

 

 

9,211,495

 

William S. Hart Union High School
District, GO, CAB, Series B (AGM) (a):

 

 

 

 

 

 

 

6.29%, 8/01/34

 

 

11,150

 

 

3,436,318

 

6.33%, 8/01/35

 

 

9,800

 

 

2,858,170

 

 

 

 

 

 

 

186,139,643

 

Education — 2.2%

 

 

 

 

 

 

 

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

 

 

6,280

 

 

7,515,967

 

California Municipal Finance Authority,
RB, Emerson College, 5.75%,
1/01/33

 

 

2,500

 

 

2,805,175

 

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

 

 

460

 

 

520,149

 

 

 

 

 

 

 

10,841,291

 

Health — 18.7%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.38%, 8/01/34

 

 

3,055

 

 

3,241,416

 

6.25%, 8/01/39

 

 

3,760

 

 

4,357,013

 

Series A, 6.00%, 8/01/30

 

 

2,275

 

 

2,723,084

 

California Health Facilities Financing
Authority, RB:

 

 

 

 

 

 

 

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

 

 

6,555

 

 

7,304,171

 

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

 

 

7,000

 

 

7,655,620

 

Children's Hospital, Series A,
5.25%, 11/01/41

 

 

5,000

 

 

5,452,900

 

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

 

 

25

 

 

33,154

 

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

 

 

9,550

 

 

10,024,157

 

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

 

 

6,015

 

 

7,050,963

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

Health (concluded)

 

 

 

 

 

 

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

$

1,000

 

$

1,168,990

 

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

 

 

4,400

 

 

5,097,928

 

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

 

 

2,750

 

 

3,173,033

 

Providence Health, 6.50%,
10/01/38

 

 

4,090

 

 

4,805,259

 

California Statewide Communities
Development Authority, RB, Series A:

 

 

 

 

 

 

 

Health Facility Memorial Health
Services, 5.50%, 10/01/33 (c)

 

 

7,000

 

 

7,335,300

 

Kaiser Permanente, 5.50%,
11/01/32

 

 

11,090

 

 

11,275,757

 

Kaiser Permanente, 5.00%,
4/01/42

 

 

5,000

 

 

5,334,150

 

California Statewide Communities
Development Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

2,980

 

 

3,265,365

 

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

 

 

4,255

 

 

4,662,459

 

 

 

 

 

 

 

93,960,719

 

State — 7.8%

 

 

 

 

 

 

 

California State Public Works Board, RB:

 

 

 

 

 

 

 

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

 

 

9,000

 

 

10,489,860

 

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

 

 

5,025

 

 

5,868,195

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

6.00%, 3/01/33

 

 

5,055

 

 

6,013,479

 

6.50%, 4/01/33

 

 

5,985

 

 

7,293,321

 

6.00%, 4/01/38

 

 

8,390

 

 

9,674,425

 

 

 

 

 

 

 

39,339,280

 

Transportation — 9.7%

 

 

 

 

 

 

 

City of Los Angeles Department of
Airports, RB, Series A:

 

 

 

 

 

 

 

5.00%, 5/15/34

 

 

6,000

 

 

6,522,180

 

5.25%, 5/15/39

 

 

2,775

 

 

3,057,523

 

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

 

 

1,355

 

 

1,466,991

 

City of San Jose California, ARB,
California Airport, Series A-1, AMT,
5.75%, 3/01/34

 

 

2,265

 

 

2,511,206

 

City of San Jose California, RB,
California Airport, Series A-1, AMT,
6.25%, 3/01/34

 

 

2,650

 

 

3,034,753

 

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

 

 

8,000

 

 

8,932,160

 

 

 

 

 

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2012

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)

 

 

 

 

 

 

 

Transportation (concluded)

 

 

 

 

 

 

 

County of Sacramento California, RB,
Airport System:

 

 

 

 

 

 

 

PFC/Grant, Sub-Series D,
6.00%, 7/01/35

 

$

3,000

 

$

3,386,130

 

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

 

 

1,850

 

 

2,040,217

 

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

 

 

5,530

 

 

6,220,199

 

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

 

 

6,750

 

 

7,799,085

 

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

 

 

2,880

 

 

3,454,531

 

 

 

 

 

 

 

48,424,975

 

Utilities — 18.2%

 

 

 

 

 

 

 

Anaheim Public Financing Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,500

 

 

1,661,010

 

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

 

 

7,690

 

 

8,792,592

 

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

 

 

5,500

 

 

6,065,180

 

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

 

 

4,000

 

 

4,322,480

 

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

 

 

 

 

 

 

 

Series D, 5.88%, 1/01/34

 

 

2,500

 

 

2,883,250

 

Series E, 5.88%, 1/01/34

 

 

6,500

 

 

7,496,450

 

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

 

 

4,000

 

 

4,497,160

 

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

 

 

5,625

 

 

6,731,775

 

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

 

 

2,425

 

 

2,884,562

 

Los Angeles Department of Water &
Power, RB:

 

 

 

 

 

 

 

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

 

 

9,000

 

 

10,242,360

 

Series A, 5.38%, 7/01/34

 

 

3,050

 

 

3,449,336

 

Los Angeles Department of Water &
Power, Refunding RB:

 

 

 

 

 

 

 

Power System, Sub-Series A-2,
5.00%, 7/01/30

 

 

2,200

 

 

2,284,436

 

Series A, 5.25%, 7/01/39

 

 

4,000

 

 

4,538,560

 

Orange County Sanitation District,
Refunding RB, Series A, 4.00%,
2/01/33

 

 

5,000

 

 

5,341,300

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

Utilities (concluded)

 

 

 

 

 

 

 

San Diego County Water Authority, COP,
Unrefunded, Series A (NPFGC), 5.00%,
5/01/32

 

$

1,850

 

$

1,870,961

 

San Diego Public Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

9,520

 

 

10,754,363

 

Series A, 5.25%, 8/01/38

 

 

3,255

 

 

3,593,390

 

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

 

 

4,000

 

 

4,060,880

 

 

 

 

 

 

 

91,470,045

 

Total Municipal Bonds in California

 

 

 

 

 

470,960,197

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-State — 1.7%

 

 

 

 

 

 

 

Housing — 1.7%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust (d)(e):

 

 

 

 

 

 

 

7.20%, 11/15/14

 

 

3,500

 

 

3,872,365

 

5.75%, 5/15/15

 

 

500

 

 

541,280

 

6.00%, 5/15/15

 

 

1,500

 

 

1,633,500

 

6.00%, 5/15/19

 

 

1,000

 

 

1,148,590

 

6.30%, 5/15/19

 

 

1,000

 

 

1,166,410

 

Total Municipal Bonds in Multi-State

 

 

 

 

 

8,362,145

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Puerto Rico — 0.6%

 

 

 

 

 

 

 

State — 0.6%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, CAB, Series C (a):

 

 

 

 

 

 

 

5.76%, 8/01/37

 

 

4,500

 

 

1,123,830

 

6.22%, 8/01/39

 

 

8,750

 

 

1,937,163

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

3,060,993

 

 

 

 

 

 

 

 

 

Total Municipal Bonds – 96.2%

 

 

 

 

 

482,383,335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

California — 67.9%

 

 

 

 

 

 

 

County/City/Special District/School District — 25.8%

 

 

 

 

 

 

 

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

 

 

5,020

 

 

5,502,623

 

Los Angeles Community College District
California, GO:

 

 

 

 

 

 

 

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

 

 

8,000

 

 

8,983,680

 

Election of 2003, Series F-1,
5.00%, 8/01/33

 

 

5,000

 

 

5,506,150

 

Los Angeles Community College District
California, GO, Election of 2008:

 

 

 

 

 

 

 

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

 

 

20,131

 

 

23,809,740

 

 

 

 

 

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2012

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 (TOB) Trusts (f)

 

Par
(000)

 

Value

 

 

 

 

 

 

 

 

 

California (continued)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Los Angeles Community College District
California, GO, Election of 2008
(concluded):

 

 

 

 

 

 

 

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

 

$

12,900

 

$

14,693,745

 

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

 

 

5,000

 

 

5,501,650

 

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

 

 

10,770

 

 

11,517,115

 

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

 

 

12,499

 

 

13,448,475

 

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

 

 

2,000

 

 

2,220,600

 

San Diego Community College District
California, GO:

 

 

 

 

 

 

 

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

 

 

10,484

 

 

12,033,411

 

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

 

 

9,000

 

 

9,891,270

 

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

 

 

14,625

 

 

16,262,971

 

 

 

 

 

 

 

129,371,430

 

Education — 11.4%

 

 

 

 

 

 

 

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

 

 

10,395

 

 

11,793,855

 

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

 

 

13,095

 

 

14,257,818

 

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

 

 

4,000

 

 

4,303,320

 

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

 

 

8,630

 

 

9,631,425

 

University of California, RB:

 

 

 

 

 

 

 

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

 

 

2,600

 

 

2,791,854

 

Series O, 5.75%, 5/15/34

 

 

12,300

 

 

14,271,690

 

 

 

 

 

 

 

57,049,962

 

Transportation — 1.1%

 

 

 

 

 

 

 

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

 

 

4,999

 

 

5,429,485

 

 

 

 

 

 

 

 

 

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

 

Par
(000)

 

Value

 

 

 

 

 

 

 

 

 

California (concluded)

 

 

 

 

 

 

 

Utilities — 29.6%

 

 

 

 

 

 

 

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

 

$

7,000

 

$

8,208,340

 

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

 

 

3,000

 

 

3,203,460

 

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

 

 

3,000

 

 

3,297,330

 

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

 

 

18,002

 

 

19,519,868

 

Los Angeles Department of Water &
Power, RB:

 

 

 

 

 

 

 

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

 

 

15,998

 

 

17,295,464

 

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

 

 

2,000

 

 

2,188,460

 

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

 

 

11,180

 

 

12,230,026

 

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

 

 

14,700

 

 

15,881,439

 

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

 

 

10,480

 

 

11,525,904

 

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

 

 

14,290

 

 

15,586,817

 

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

 

 

12,457

 

 

13,948,173

 

San Francisco City & County Public
Utilities Commission, RB:

 

 

 

 

 

 

 

Series A, 5.00%, 11/01/35

 

 

10,625

 

 

11,831,663

 

Water System Improvement
Program, Sub-Series A,
5.00%, 11/01/37

 

 

12,698

 

 

14,010,697

 

 

 

 

 

 

 

148,727,641

 

Total Municipal Bonds Transferred to Tender Option
Bond (TOB) Trusts – 67.9%

 

 

 

 

 

340,578,518

 

Total Long-Term Investments
(Cost – $750,136,095) – 164.1%

 

 

 

 

 

822,961,853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

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

 

 

3,424,253

 

 

3,424,253

 

 

 

 

 

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2012

4


 

 

 

 

Schedule of Investments (continued)

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

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

BIF New York Municipal Money
Fund, 0.00% (g)(h)

 

 

155,900

 

$

155,900

 

Total Short-Term Securities
(Cost – $3,580,153) – 0.7%

 

 

 

 

 

3,580,153

 

Total Investments (Cost - $753,716,248*) – 164.8%

 

 

 

 

 

826,542,006

 

Other Assets Less Liabilities – 1.7%

 

 

 

 

 

8,540,966

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (32.4)%

 

 

 

 

 

(162,312,060

)

VMTP Shares, at Liquidation Value – (34.2)%

 

 

 

 

 

(171,300,000

)

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

501,470,912

 

 

 

*

As of April 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

 

 

 

 

Tax cost

 

$

591,979,928

 

Gross unrealized appreciation

 

$

72,840,729

 

Gross unrealized depreciation

 

 

(512,163

)

Net unrealized appreciation

 

$

72,328,566

 

 

 

(a)

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

 

 

(b)

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

 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

Stifel, Nicolaus & Co.

 

$

683,520

 

$

16,272

 

 

 

(c)

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.

(d)

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.

(e)

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

(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
April 30, 2012

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BIF California
Municipal
Money Fund

 

 

2,720,243

 

 

704,010

 

 

3,424,253

 

$

67

 

BIF New York
Municipal
Money Fund

 

 

—

 

 

155,900

 

 

155,900

 

 

—

 

 

 

(h)

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. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.


 

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)

ARB

Airport Revenue Bonds

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

 

 

 

•

Financial futures contracts sold as of April 30, 2012 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

300

 

 

10-Year US
Treasury
Note

 

 

Chicago
Board of
Trade

 

 

June 2012

 

$

39,684,375

 

$

(596,039

)

 

 

 

 

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2012

5


 

 

 

 

Schedule of Investments (concluded)

BlackRock California Municipal Income Trust (BFZ)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. 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 and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the inputs used as of April 30, 2012 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long Term
Investments1

 

 

—

 

$

822,961,853

 

 

—

 

$

822,961,853

 

Short-Term
Securities

 

$

3,580,153

 

 

—

 

 

—

 

 

3,580,153

 

Total

 

$

3,580,153

 

$

822,961,853

 

 

—

 

$

826,542,006

 

 

 

1

See above Schedule of Investments for values in each sector.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial
Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate
contracts

 

$

(596,039

)

 

—

 

 

—

 

$

(596,039

)

 

 

2

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

Certain of the Trust’s assets and liabilities are held at carrying amount which approximates fair value. Such assets and liabilities are categorized within the disclosure hierarchy as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash pledged
as collateral
for financial
futures
contracts

 

$

396,000

 

 

—

 

 

—

 

$

396,000

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank Overdraft

 

 

(8,859

)

 

—

 

 

—

 

 

(8,859

)

TOB trust
certificates

 

 

—

 

$

(162,233,512

)

 

—

 

 

(162,233,512

)

VMTP Shares

 

 

—

 

 

(171,300,000

)

 

—

 

 

(171,300,000

)

Total

 

$

387,141

 

$

(333,533,512

)

 

—

 

$

(333,146,371

)

There were no transfers between levels during the period ended April 30, 2012.

 

 

 

 

 

 

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

APRIL 30, 2012

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: June 22, 2012
   
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
   
  By: /s/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock California Municipal Income Trust
   
  Date: June 22, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock California Municipal Income Trust
     
  Date: June 22, 2012