BlackRock California Municipal Income Trust

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: 07/31/2016

Date of reporting period: 04/30/2016

Item 1 – Schedule of Investments

Schedule of Investments April 30, 2016 (Unaudited)

   

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

California — 88.9%

                 

Corporate — 0.7%

     

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

     

Series A, 5.88%, 2/15/34

    $ 685      $ 788,305   

Series D, 5.88%, 1/01/34

      2,500        2,877,025   
    

 

 

  
               3,665,330   

County/City/Special District/School District — 28.4%

  

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

      8,425        9,632,134   

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

     

6.13%, 5/01/31

      500        596,205   

6.50%, 5/01/36

      1,210        1,467,500   

6.50%, 5 /01/42

      2,225        2,692,606   

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

      2,000        2,273,280   

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

      2,000        2,274,540   

County of Riverside California Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/45

      8,990        10,783,775   

County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A:

     

6.00%, 3/01/36

      2,880        3,499,229   

5.50%, 3/01/41

      5,270        6,280,206   

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

      20,000        21,583,600   

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

      2,500        2,814,250   

Grossmont California Healthcare District, GO, Election of 2006, Series B, 6.00%, 7/15/21 (a)

      3,235        4,048,214   

Long Beach Unified School District California, GO, Refunding, Election of 2008, 5.75%, 8/01/19 (a)

      3,895        4,513,526   

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

      5,065        5,685,057   
Municipal Bonds   

Par  

(000)

     Value  

California (continued)

                 

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

  

Modesto Irrigation District, COP, Capital Improvments, Series A, 5.75%, 10/01/29

    $ 3,035      $ 3,414,254   

Mountain View-Whisman School District, GO, Election of 2012, Series B, 4.00%, 9/01/42 (b)

      2,500        2,747,600   

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

      6,000        6,832,080   

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

      2,000        2,279,960   

Sacramento Area Flood Control Agency, Special Assessment Bonds, Consolidated Capital Assessment District, 5.25%, 10/01/32

      4,865        5,698,520   

San Diego Regional Building Authority, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/19 (a)

      5,520        6,203,045   

San Jose California Financing Authority, Refunding LRB, Civic Center Project, Series A, 5.00%, 6/01/32

      3,375        4,023,810   

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

      3,060        3,655,813   

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

     

5.50%, 8/01/30

      6,525        7,204,318   

5.13%, 8/01/33

      5,000        5,468,800   

Snowline Joint Unified School District, COP, Refunding, Refining Project (AGC), 5.75%, 9/01/19 (a)

      2,250        2,613,195   

Torrance Unified School District California, GO, Election of 2008, Measure Z, 6.00%, 8/01/19 (a)

      4,000        4,670,080   

Tustin California School District, GO, Election of 2008, Series B, 5.25%, 8/01/21 (a)

      3,445        4,183,849   

West Contra Costa California Unified School District, GO, Series A:

     

Election of 2010 (AGM), 5.25%, 8/01/32

      4,960        5,870,358   
 

 

                
   BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST    APRIL 30, 2016    1

Schedule of Investments (continued)

   

BlackRock California Municipal Income Trust (BFZ)

 

Municipal Bonds   

Par  

(000)

     Value  

California (continued)

                 

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

  

West Contra Costa California Unified School District, GO, Series A (continued):

     

Election of 2012, 5.50%, 8/01/39

    $ 2,500      $ 3,071,075   
    

 

 

  
               146,080,879   

Education — 3.4%

     

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

      6,280        7,711,652   

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

      2,500        2,934,325   

University of California, Refunding RB, Series AR, 5.00%, 5/15/37

      5,750        7,042,715   
    

 

 

  
               17,688,692   

Health — 14.3%

     

ABAG Finance Authority for Nonprofit Corps., Refunding RB, Sharp Healthcare, Series B, 6.25%, 8/01/39

      4,975        5,762,543   

California Health Facilities Financing Authority, RB:

     

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

      6,710        7,646,917   

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

      8,500        9,789,705   

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

      4,500        4,607,595   

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

      6,015        7,225,459   

California Health Facilities Financing Authority, Refunding RB, Series A:

     

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

      5,550        6,344,926   

Dignity Health, 6.00%, 7/01/34

      4,520        5,191,717   

Providence Health and Services, 5.00%, 10/01/38

      3,000        3,516,630   

California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A, 5.25%, 12/01/56 (b)(c)

      8,000        8,696,720   
Municipal Bonds   

Par  

(000)

     Value  

California (continued)

                 

Health (continued)

     

California Statewide Communities Development Authority, Refunding RB:

     

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

    $ 2,900      $ 3,056,745   

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

      5,065        5,339,675   

Trinity Health Credit Group Composite Issue, 5.00%, 12/01/41

      4,000        4,531,880   

Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 8/01/38

      1,625        1,986,546   
    

 

 

  
               73,697,058   

State — 9.8%

     

Orange County Community Facilities District, Special Tax Bonds, Village of Esencia, Series A, 5.25%, 8/15/45

      2,500        2,893,850   

State of California, GO, Various Purposes:

     

6.00%, 3/01/33

      2,000        2,377,320   

6.00%, 4/01/38

      16,000        18,343,040   

State of California Public Works Board, LRB:

     

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

      9,000        10,533,780   

Various Capital Projects, Series I, 5.50%, 11/01/33

      4,940        6,131,676   

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

      5,025        6,009,800   

State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 9/01/33

      3,335        4,086,609   
    

 

 

  
               50,376,075   

Tobacco — 1.8%

     

Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior, Series A-1, 5.75%, 6/01/47

      9,000        9,022,500   

Transportation — 10.8%

     

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

      6,750        7,766,482   
 

 

                
2    BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST    APRIL 30, 2016   

Schedule of Investments (continued)

   

BlackRock California Municipal Income Trust (BFZ)

 

Municipal Bonds   

Par  

(000)

     Value  

California (continued)

                 

Transportation (continued)

     

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A:

     

5.00%, 5/15/34

    $ 6,650      $ 7,478,656   

5.00%, 5/15/40

      4,760        5,408,264   

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

     

5.75%, 3/01/34

      3,820        4,498,738   

6.25%, 3/01/34

      2,650        3,181,829   

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

      8,000        8,472,240   

County of Sacramento California, ARB:

     

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

      3,000        3,315,330   

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

      1,850        2,034,131   

Senior Series B, AMT (AGM), 5.25%, 7/01/33

      2,285        2,472,027   

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

      5,580        6,307,465   

Port of Los Angeles California Harbor Department, Refunding RB, Series A, AMT, 5.00%, 8/01/44

      4,135        4,745,367   
    

 

 

  
               55,680,529   

Utilities — 19.7%

     

Anaheim Public Financing Authority, RB, Electric System Distribution Facilities, Series A, 5.38%, 10/01/36

      7,690        9,036,903   

City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series D, 5.88%, 1/01/34

      6,555        7,543,560   

City of Los Angeles California Department of Water & Power, RB:

     

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

      9,000        9,821,790   

Series A, 5.38%, 7/01/34

      3,250        3,615,723   

City of Los Angeles California Department of Water & Power, Refunding RB, Series A, 5.25%, 7/01/39

      4,000        4,627,320   
Municipal Bonds   

Par  

(000)

     Value  

California (continued)

                 

Utilities (continued)

     

City of Los Angeles California Wastewater System, Refunding RB, Series A, 5.00%, 6/01/39

    $ 2,000      $ 2,229,620   

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

      5,625        6,769,013   

City of San Francisco California Public Utilities Commission Water Revenue, RB:

     

Series A, 5.00%, 11/01/35

      10,625        12,000,937   

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

      5,000        5,840,750   

Cucamonga Valley Water District, Refunding RB, Series A (AGM), 5.25%, 9/01/31

      4,320        5,138,294   

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

      2,425        2,888,951   

East Bay California Municipal Utility District Water System Revenue, Refunding RB, Series A, 5.00%, 6/01/36

      6,745        7,743,597   

El Dorado Irrigation District / El Dorado County Water Agency, Refunding RB, Series A (AGM), 5.25%, 3/01/39

      10,000        11,930,600   

San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 5/15/19 (a)

      11,020        12,504,504   
    

 

 

  
               101,691,562   
Total Municipal Bonds in California              457,902,625   
    

Multi-State — 0.4%

                 

Housing — 0.4%

     

Centerline Equity Issuer Trust (c)(d):

     

Series A-4-2, 6.00%, 5/15/19

      1,000        1,118,580   

Series B-3-2, 6.30%, 5/15/19

      1,000        1,126,370   
Total Municipal Bonds in Multi-State              2,244,950   
Total Municipal Bonds — 89.3%              460,147,575   
 

 

                
   BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST    APRIL 30, 2016    3

Schedule of Investments (continued)

   

BlackRock California Municipal Income Trust (BFZ)

 

Municipal Bonds Transferred to

Tender Option Bond Trusts (e)

   

Par  

(000)

     Value  

California — 81.0%

                 

County/City/Special District/School District — 32.8%

  

California Health Facilities Financing Authority, RB, Sutter Health, Series A:

     

5.00%, 11/15/41

    $ 11,620      $ 13,769,351   

5.00%, 8/15/52

      9,695        11,336,628   

City of Los Angeles Department of Airports, Series D, AMT, 5.00%, 5/15/41

      18,632        21,596,362   

Los Angeles Community College District California, GO:

     

Election of 2001 (AGM), 5.00%, 8/01/17 (a)

      8,000        8,440,960   

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

      12,900        15,056,815   

Los Angeles Community College District California, GO, Refunding, 6.00%, 8/01/19 (a)

      20,131        23,489,302   

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

      5,000        5,625,450   

Palomar California Community College District, GO, Election of 2006, Series C, 5.00%, 8/01/44

      15,140        18,015,389   

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

      10,484        11,919,850   

San Joaquin California Delta Community College District, GO, Election of 2004, Series C, 5.00%, 8/01/39

      14,505        17,123,106   

San Jose Unified School District Santa Clara County California, GO:

     

Election of 2002, Series D, 5.00%, 8/01/18 (a)

      14,625        16,023,844   

Series C, 4.00%, 8/01/39

      6,100        6,631,310   
    

 

 

  
               169,028,367   

Education — 19.2%

     

California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (f)

      10,395        11,482,525   

Grossmont Union High School District, GO, Election of 2004, 5.00%, 8/01/18 (a)

      13,095        14,356,788   

University of California, RB:

     

5.00%, 5/15/38

      4,250        5,188,570   

Municipal Bonds Transferred to

Tender Option Bond Trusts (e)

   

Par  

(000)

     Value  

California (continued)

                 

Education (continued)

     

University of California, RB: (continued)

  

  

Series AM, 5.25%, 5/15/44

    $ 5,000      $ 5,992,300   

Series O, 5.75%, 5/15/19 (a)

      12,300        14,142,048   

University of California, Refunding RB:

     

Series A, 5.00%, 11/01/43

      11,792        14,095,587   

Series AI, 5.00%, 5/15/38

      14,225        16,861,817   

Series I, 5.00%, 5/15/40

      14,065        16,707,485   
    

 

 

  
               98,827,120   

Health — 4.2%

     

California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 4/01/42

      18,960        21,892,354   

State — 5.4%

     

State of California, GO, Various Purposes:

     

4.00%, 9/01/34

      13,790        15,445,903   

5.00%, 9/01/35

      10,115        12,404,359   
    

 

 

  
               27,850,262   

Utilities — 19.4%

     

City of Los Angeles California Department of Water & Power, RB, Power System, Sub-Series A-1 (AMBAC), 5.00%, 7/01/37

      15,998        16,810,904   

County of Orange California Sanitation District, COP, Series B (AGM), 5.00%, 2/01/17 (a)

      14,700        15,194,655   

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

      10,480        11,808,445   

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

      18,002        19,582,723   

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

      11,180        11,744,679   

San Diego County Water Authority Financing Corp., COP, Refunding, Series A (AGM):

     

5.00%, 5/01/18 (a)

      1,670        1,808,602   

5.00%, 5/01/33

      8,370        9,064,668   
 

 

                
4    BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST    APRIL 30, 2016   

Schedule of Investments (continued)

   

BlackRock California Municipal Income Trust (BFZ)

 

Municipal Bonds Transferred to

Tender Option Bond Trusts (e)

   

Par  

(000)

     Value  

California (concluded)

                 

Utilities (continued)

     

San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 5/15/19 (a)

      12,460      $ 14,138,486   
    

 

 

  
               100,153,162   

Total Municipal Bonds Transferred to

Tender Option Bond Trusts — 81.0%

  

  

     417,751,265   
Total Long-Term Investments
(Cost — $802,250,217) — 170.3%		         877,898,840   
    
                  
Short-Term Securities    Shares         

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

      4,942,250        4,942,250   
Total Short-Term Securities
(Cost — $4,942,250) — 1.0%		         4,942,250   
               
Value		  
Total Investments (Cost — $807,192,467*) — 171.3%   $ 882,841,090   
Liabilities in Excess of Other Assets — (1.3)%     (6,745,821 ) 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (36.8)%

     (189,421,939 ) 
VMTP Shares, at Liquidation Value — (33.2)%     (171,300,000 ) 
    

 

 

  
Net Assets Applicable to Common Shares — 100.0%   $ 515,373,330   
    

 

 

  

 

  *   As of period end, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

    $ 618,226,702   
  

 

 

  

Gross unrealized appreciation

    $ 75,655,351   

Gross unrealized depreciation

      (379,743 ) 
  

 

 

  

Net unrealized appreciation

    $ 75,275,608   
  

 

 

  
 
Notes to Schedule of Investments

 

(a)   U.S. 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.

 

(b)   When-issued security.

 

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

 

(d)   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)   Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

 

(f)   All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between October 1, 2016 to August 1, 2018 is $14,013,480.

 

(g)   During the period ended April 30, 2016, investments in issuers considered to be affiliates of the Trust 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,
2015		       

Net

Activity

        Shares Held
at April 30,
2016		        Income  

BIF California Municipal Money Fund

        6,380,903           (1,438,653 )         4,942,250         $ 2   

 

(h)   Current yield as of period end.

 

                
   BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST    APRIL 30, 2016    5

Schedule of Investments (continued)

   

BlackRock California Municipal Income Trust (BFZ)

 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Contracts
Short		     Issue   Expiration   Notional
Value		     Unrealized
Appreciation		  
  (50 )    5-Year U.S. Treasury Note   June 2016   $ 6,045,703      $ 16,729   
  (98 )    10-Year U.S. Treasury Note   June 2016   $ 12,746,125        56,698   
  (34 )    Long U.S. Treasury Bond   June 2016   $ 5,552,625        72,264   
  (5 )    Ultra U.S. Treasury Bond   June 2016   $ 856,719        12,492   

 

Total

  

   $ 158,183   
       

 

 

  

 

Portfolio Abbreviations

 

AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMBAC    American Municipal Bond Assurance Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
COP    Certificates of Participation
GO    General Obligation Bonds
LRB    Lease Revenue Bonds
RB    Revenue Bonds

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

 

  •  

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)

 

                
6    BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST    APRIL 30, 2016   

Schedule of Investments (concluded)

   

BlackRock California Municipal Income Trust (BFZ)

 

 

  •  

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)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as level 3.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value 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 investments and derivative financial instruments 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, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                
Investments:                 

Long-Term Investments1

     —         $ 877,898,840         —      $ 877,898,840   

Short-Term Securities

   $ 4,942,250           —         —        4,942,250   
 

 

 

  

Total

   $ 4,942,250         $ 877,898,840         —      $ 882,841,090   
 

 

 

  
                
     Level 1        Level 2        Level 3      Total  
Derivative Financial Instruments2                 

Assets:

                

Interest rate contracts

  $ 158,183           —         —      $ 158,183   

1 See above Schedule of Investments for values in each sector.

 

2 Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

  

  

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                

Cash pledged for futures contracts

  $ 299,000           —         —      $ 299,000   

Liabilities:

                

Bank overdraft

    —         $ (185,481 )       —        (185,481 ) 

TOB Trust Certificates

    —           (189,338,780 )       —        (189,338,780 ) 

VMTP Shares

    —           (171,300,000 )       —        (171,300,000 ) 
 

 

 

  

Total

  $ 299,000         $ (360,824,261 )       —      $ (360,525,261 ) 
 

 

 

  

During the period ended April 30, 2016, there were no transfers between levels.

 

                
   BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST    APRIL 30, 2016    7

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, 2016

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, 2016
By:   /s/ Neal J. Andrews                      
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock California Municipal Income Trust
Date:   June 22, 2016