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: 07/31/2018

Date of reporting period: 04/30/2018

 


Item 1 – Schedule of Investments

 


Schedule of Investments  (unaudited)

April 30, 2018

  

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Municipal Bonds — 99.7%

   
California — 98.1%            
County/City/Special District/School District — 27.0%        

Butte-Glenn Community College District, GO, Election of 2002, Series C, 5.50%, 08/01/19(a)

  $ 8,425     $ 8,817,099  

City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay North Redevelopment Project, Series A, 5.00%, 08/01/41

    1,185       1,328,444  

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

   

6.13%, 05/01/31

    500       556,160  

6.50%, 05/01/36

    1,210       1,358,987  

6.50%, 05/01/42

    2,225       2,498,964  

County of Kern California, COP, Capital Improvements Projects, Series A (AGC),
6.00%, 02/01/19(a)

    2,000       2,063,820  

County of Los Angeles Metropolitan Transportation Authority, Refunding RB,
Series A, 5.00%, 07/01/38

    4,815       5,564,696  

County of Orange California Water District, COP, Refunding, 5.25%, 08/15/19(a)

    2,000       2,089,620  

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

    8,990       10,254,803  

County of San Diego Regional Transportation Commission, Refunding RB, Series A,
5.00%, 04/01/48

    5,745       6,531,605  

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

   

5.50%, 03/01/21

    5,270       5,784,141  

6.00%, 03/01/21

    2,880       3,200,458  

County of Santa Clara California Financing Authority, Refunding LRB, Series L,
5.25%, 05/15/18(a)

    20,000       20,026,000  

Evergreen Elementary School District, GO, Election of 2006, Series B (AGC),
5.13%, 08/01/33

    2,500       2,597,900  

Los Angeles California Unified School District, GO, Election of 2008, Series A,
4.00%, 07/01/40

    8,000       8,266,640  

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

    3,035       3,140,315  
Security  

Par

(000)

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

Mountain View-Whisman School District, GO, Election of 2012, Series A, 4.00%, 09/01/42

  $ 1,000     $ 1,034,360  

Oak Grove School District, GO, Election of 2008, Series A, 5.50%, 08/01/33

    1,315       1,375,030  

Pico Rivera Public Financing Authority, RB,
5.75%, 09/01/19(a)

    2,000       2,102,800  

Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District,
5.00%, 10/01/41

    8,000       9,137,040  

San Jose California Financing Authority, Refunding LRB, Civic Center Project, Series A,
5.00%, 06/01/32

    3,375       3,781,991  

San Leandro California Unified School District, GO, Election of 2010, Series A, 5.75%, 08/01/41

    3,060       3,394,458  

San Marcos Schools Financing Authority, Refunding RB (AGM),
5.25%, 08/15/40

    3,000       3,532,770  

Torrance Unified School District California, GO, Election of 2008, Measure Z, 6.00%, 08/01/19(a)

    4,000       4,210,720  

Tustin California School District, GO, Election of 2008, Series B, 5.25%, 08/01/21(a)

    3,445       3,805,519  

Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 08/01/38

    1,625       1,877,818  

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

   

Election of 2010 (AGM), 5.25%, 08/01/21(a)

    4,960       5,431,448  

Election of 2012, 5.50%, 08/01/39

    2,500       2,861,275  
   

 

 

 
      126,624,881  
Education — 5.3%            

California Educational Facilities Authority, Refunding RB, San Francisco University:

   

6.13%, 10/01/21(a)

    3,075       3,487,142  

6.13%, 10/01/36

    3,205       3,620,977  

California Municipal Finance Authority, RB, Emerson College, 5.75%, 01/01/22(a)

    2,500       2,823,875  

California Municipal Finance Authority, Refunding RB, Emerson College, Series B:

   

5.00%, 01/01/34

    695       784,690  

5.00%, 01/01/36

    750       842,190  

5.00%, 01/01/37

    630       705,789  
 

 

 

     1  


Schedule of Investments  (unaudited) (continued)

April 30, 2018

  

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Education (continued)            

California Municipal Finance Authority, Refunding RB, Emerson College, Series B (continued):

   

5.00%, 01/01/42

  $ 1,000     $ 1,111,640  

California State University, Refunding RB, Systemwide, Series A, 5.00%, 11/01/33

    5,640       6,519,163  

University of California, Refunding RB, Series AR, 5.00%, 05/15/38

    4,250       4,862,723  
   

 

 

 
      24,758,189  
Health — 10.9%            

ABAG Finance Authority for Nonprofit Corps., Refunding RB, Sharp Healthcare, Series B, 6.25%, 08/01/19(a)

    4,975       5,252,406  

California Health Facilities Financing Authority, RB:

   

Adventist Health System West, Series A, 5.75%, 09/01/19(a)

    6,710       7,050,331  

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

    8,500       9,343,965  

Sutter Health, Series B, 6.00%, 08/15/20(a)

    6,015       6,568,200  

California Health Facilities Financing Authority, Refunding RB, Series A(a):

   

Catholic Healthcare West, 6.00%, 07/01/19

    5,550       5,817,121  

Dignity Health, 6.00%, 07/01/19

    4,520       4,737,548  

California Statewide Communities Development Authority, Refunding RB, Trinity Health Credit Group Composite Issue, 5.00%, 12/01/41

    4,000       4,376,320  

Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series L, 5.00%, 05/15/47

    7,000       7,839,160  
   

 

 

 
      50,985,051  
State — 11.1%            

Orange County Community Facilities District, Special Tax Bonds, Village of Esencia, Series A, 5.25%, 08/15/45

    2,500       2,753,750  

State of California, GO, Refunding, Various Purpose, 5.00%, 09/01/35

    10,115       11,636,195  

State of California, GO, Various Purpose:

   

6.00%, 04/01/19(a)

    4,245       4,406,989  

6.00%, 04/01/38

    7,755       8,044,417  
Security  

Par

(000)

    Value  
State (continued)            

State of California Public Works Board, LRB:

   

Department of Education, Riverside Campus Project, Series B, 6.50%, 04/01/19(a)

  $ 9,000     $ 9,388,260  

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

    4,940       5,653,089  

Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/19(a)

    5,025       5,367,755  

State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 09/01/33

    4,335       4,889,403  
   

 

 

 
      52,139,858  
Tobacco — 7.5%            

County of California Tobacco Securitization Agency, Refunding RB, Asset-Backed, Merced County, Series A, 5.25%, 06/01/45

    1,135       1,136,385  

Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1, 5.75%, 06/01/47

    27,800       28,598,416  

Tobacco Securitization Authority of Northern California, Refunding RB, Asset-Backed Bonds, Series A-1, 5.38%, 06/01/38

    2,000       2,003,820  

Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1:

   

5.00%, 06/01/37

    2,500       2,507,200  

5.13%, 06/01/46

    885       886,513  
   

 

 

 
      35,132,334  
Transportation — 18.6%            

City & County of San Francisco California Airports Commission, ARB, Series E, 6.00%, 05/01/39

    6,750       7,022,767  

City & County of San Francisco California Airports Commission, Refunding ARB, Series A, AMT:

   

San Francisco International Airport,
5.00%, 05/01/41

    5,170       5,729,704  

5.00%, 05/01/42

    6,805       7,614,863  
 

 

 

2   


Schedule of Investments  (unaudited) (continued)

April 30, 2018

  

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Transportation (continued)            

City & County of San Francisco California Airports Commission, Refunding RB, San Francisco International Airport, Series B, AMT,
5.00%, 05/01/46

  $ 3,000     $ 3,320,370  

City of Los Angeles California Department of Airports, ARB, AMT:

   

Los Angeles International Airport,
Sub-Series B, 5.00%, 05/15/34

    3,425       3,830,452  

Subordinate, Los Angeles International Airport, Series B, 5.00%, 05/15/41

    4,000       4,449,640  

Sub-Series A, 5.00%, 05/15/42

    3,325       3,724,865  

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

   

5.00%, 05/15/34

    6,650       6,864,662  

5.00%, 05/15/40

    4,760       5,053,311  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:

   

Series A, 5.00%, 03/01/36

    2,800       3,141,404  

Series A, 5.00%, 03/01/37

    1,500       1,680,465  

Series A, 5.00%, 03/01/41

    3,850       4,288,361  

Series A-1, 5.75%, 03/01/34

    3,875       4,212,512  

Series A-1, 6.25%, 03/01/34

    2,650       2,939,778  

County of Sacramento California, Refunding ARB, Senior Series A, 5.00%, 07/01/41

    12,500       14,085,625  

County of Sacramento California, ARB:

   

PFC/Grant, Sub-Series D, 6.00%, 07/01/35

    3,000       3,021,060  

Senior Series B, 5.75%, 07/01/39

    1,850       1,862,247  

Port of Los Angeles California Harbor Department, Refunding RB, Series A, AMT, 5.00%, 08/01/44

    4,135       4,526,254  
   

 

 

 
      87,368,340  
Utilities — 17.7%            

Anaheim Public Financing Authority, RB, Electric System Distribution Facilities, Series A,
5.38%, 04/01/21(a)

    7,690       8,439,313  

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

    6,555       6,822,182  

City of Los Angeles California Department of Water & Power, RB, Power System,
Sub-Series A-1, 5.25%, 07/01/38

    8,500       8,549,300  
Security  

Par

(000)

    Value  
Utilities (continued)            

City of Los Angeles California Department of Water & Power, Refunding RB, Water System, Series A, 5.25%, 07/01/39

  $ 4,000     $ 4,346,360  

City of Los Angeles California Wastewater System, Refunding RB, Series A, 5.00%, 06/01/19(a)

    2,000       2,070,560  

City of Petaluma California Wastewater, Refunding RB, 6.00%, 05/01/21(a)

    5,625       6,285,094  

City of Richmond California Wastewater Revenue, Refunding RB, Series A, 5.00%, 08/01/42

    1,750       1,988,332  

City of San Francisco California Public Utilities Commission Water Revenue, RB, Sub-Series A, 5.00%, 11/01/37

    5,000       5,458,200  

Cucamonga Valley Water District, Refunding RB, Series A (AGM), 5.25%, 09/01/31

    4,320       4,755,413  

Dublin-San Ramon Services District Water Revenue, Refunding RB, 6.00%, 02/01/21(a)

    2,425       2,687,070  

East Bay Municipal Utility District Water System Revenue, RB, Green Bond, Series A,
5.00%, 06/01/45

    6,000       6,906,360  

El Dorado Irrigation District/El Dorado County Water Agency, Refunding RB, Series A (AGM), 5.25%, 03/01/39

    10,000       11,234,700  

Los Angeles Department of Water, Refunding RB, Series A, 5.25%, 07/01/44

    3,000       3,491,610  

Los Angeles Department of Water & Power System Revenue, RB, Series B,
5.00%, 07/01/38

    6,000       6,833,520  

Yorba Linda Water District, Refunding RB,
Series A, 5.00%, 10/01/38

    2,570       2,959,175  
   

 

 

 
      82,827,189  
   

 

 

 

Total Municipal Bonds in California

      459,835,842  
   

 

 

 
Multi-State — 0.4%            
Housing — 0.4%            

Centerline Equity Issuer Trust(b):

   

Series A-4-2, 6.00%, 05/15/19

    1,000       1,039,690  

Series B-3-2, 6.30%, 05/15/19

    1,000       1,042,640  
   

 

 

 

Total Municipal Bonds in Multi-State

      2,082,330  
   

 

 

 
Puerto Rico — 1.2%            
Tobacco — 1.2%            

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:

   

5.50%, 05/15/39

    2,910       2,839,113  
 

 

 

     3  


Schedule of Investments  (unaudited) (continued)

April 30, 2018

  

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Puerto Rico (continued)             
Tobacco (continued)             

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds (continued):

    

5.63%, 05/15/43

  $ 2,765      $ 2,644,197  
    

 

 

 

Total Municipal Bonds in Puerto Rico

 

     5,483,310  
    

 

 

 

Total Municipal Bonds — 99.7%
(Cost — $449,992,017)

       467,401,482  
    

 

 

 

Municipal Bonds Transferred to Tender Option Bond Trusts(c)

 

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

California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 11/15/41

    11,620        12,895,644  

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

    5,000        5,172,675  

Los Angeles Community College District California, GO, Election of 2008, Series C,
5.25%, 08/01/20(a)(d)

    12,902        13,862,166  

Los Angeles Community College District California, GO, Refunding, Go, Refunding, Election of 2008, Series A, 6.00%, 08/01/19(a)

    20,131        21,180,755  

Palomar Community College Distric, GO, Election of 2006, Series C,
5.00%, 08/01/44

    15,140        16,951,879  

San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19(a)

    10,484        10,930,037  

San Joaquin California Delta Community College District, GO, Election of 2004, Series C,
5.00%, 08/01/39

    14,505        16,093,404  

San Jose Unified School District, GO, Series C, 4.00%, 08/01/39

    6,100        6,279,919  

Santa Monica Community College District, GO, Election of 2016,
Series A, 5.00%, 08/01/43

    10,000        11,771,800  
    

 

 

 
       115,138,279  
Education — 13.5%             

California State University, Refunding RB, Series A, 5.00%, 11/01/43

    11,791        13,344,093  

University of California, RB:

    

Series AM, 5.25%, 05/15/44

    5,000        5,675,925  
Security  

Par

(000)

     Value  
Education (continued)             

University of California, RB (continued):

    

Series O, 5.75%, 05/15/19(a)

  $ 12,303      $ 12,799,163  

University of California, Refunding RB:

    

Series AI, 5.00%, 05/15/38

    14,225        15,775,855  

Series I, 5.00%, 05/15/40

    14,065        15,920,479  
    

 

 

 
       63,515,515  
Health — 6.6%             

California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 08/15/52

    9,695        10,516,444  

California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42

    18,960        20,546,763  
    

 

 

 
       31,063,207  
State — 4.9%             

University of California, RB, Limited Project, Series M, 5.00%, 05/15/42

    10,000        11,453,250  

University of California, Refunding RB,
Series AR, 5.00%, 05/15/41

    10,165        11,574,851  
    

 

 

 
       23,028,101  
Transportation — 9.8%             

City of Los Angeles California Department of Airports, ARB, AMT:

    

Los Angeles International Airport, Sub-Series A, 5.00%, 05/15/42

    22,710        25,246,058  

Series D, 5.00%, 05/15/41

    18,632        20,602,358  
    

 

 

 
       45,848,416  
Utilities — 8.8%             

County of Orange California Water District, COP, Refunding, 5.00%, 08/15/19(a)

    10,480        10,911,828  

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

    

5.00%, 05/01/18

    1,670        1,670,000  

5.00%, 05/01/18

    8,370        8,370,000  

Los Angeles Department of Water, Refunding RB, Series A, 5.00%, 07/01/46

    6,412        7,217,000  
 

 

 

4   


Schedule of Investments  (unaudited) (continued)

April 30, 2018

  

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Utilities (continued)            

San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 05/15/19(a)

  $ 12,460     $ 12,906,317  
   

 

 

 
      41,075,145  
   

 

 

 

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 68.1%
(Cost — $315,954,886)

 

    319,668,663  
   

 

 

 
Security       

    

Value

 

Total Investments — 167.8%
(Cost — $765,946,903)

  $ 787,070,145  

Other Assets Less Liabilities — 1.3%

    6,257,378  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (32.6)%

    (153,085,954

VMTP Shares at Liquidation Value — (36.5)%

    (171,300,000
   

 

 

 

Net Assets Applicable to Common Shares — 100.0%

  $ 468,941,569  
   

 

 

 
 
(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)  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.
(c)  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.
(d)  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 agreement, which expire on August 1,2018 is $6,798,086.
· During the period ended April 30, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated    Shares
Held at
07/31/17
     Net
Activity
     Shares
Held at
04/30/18
     Value at
04/30/18
     Income     

Net

Realized
Gain (Loss)
 (a)

     Change in
Unrealized

Appreciation
(Depreciation)
 

BlackRock Liquidity Funds, MuniCash, Institutional Class

     252,116        (252,116           $      $ 9,493      $ 347      $ (25
           

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)  Includes net capital gain distributions, if applicable.

For Trust compliance purposes, the Trust’s sector classifications refer to 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 adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

 

     5  


Schedule of Investments  (unaudited) (continued)

April 30, 2018

  

BlackRock California Municipal Income Trust (BFZ)

    

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts
       Expiration
Date
       Notional
Amount (000)
      

Value /

Unrealized

Appreciation

(Depreciation)

 

Short Contracts:

                 

10-Year U.S. Treasury Note

     95          06/20/18        $ 11,364        $ 52,760  

Long U.S. Treasury Bond

     83          06/20/18          11,939          (43,134

5-Year U.S. Treasury Note

     19          06/29/18          2,157          9,053  
                 

 

 

 
                  $ 18,679  
                 

 

 

 

Portfolio Abbreviations

AGC — Assured Guarantee Corp.

AGM — Assured Guaranty Municipal 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 quoted prices in active markets/exchanges for identical assets or liabilities that 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)

 

    Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including 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. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

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 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.

 

 

6   


Schedule of Investments  (unaudited) (continued)

April 30, 2018

  

BlackRock California Municipal Income Trust (BFZ)

 

As of April 30, 2018, the following table summarizes the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments(a)

   $        $ 787,070,145        $        $ 787,070,145  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(b)

                 

Assets:

                 

Interest rate contracts

   $ 61,813        $        $        $ 61,813  

Liabilities:

                 

Interest rate contracts

     (43,134                          (43,134
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 18,679        $        $        $ 18,679  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)  See above Schedule of Investments for values in each sector.  
  (b)  Derivative financial instruments are futures contracts which 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  

Liabilities:

                 

TOB Trust Certificates

   $        $ (152,480,870      $        $ (152,480,870

VMTP Shares at Liquidation Value

              (171,300,000                 (171,300,000
  

 

 

      

 

 

      

 

 

      

 

 

 
   $        $ (323,780,870      $        $ (323,780,870
  

 

 

      

 

 

      

 

 

      

 

 

 

During the period ended April 30, 2018, there were no transfers between levels.

 

 

     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 18, 2018

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 18, 2018

 

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

Date: June 18, 2018