BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

Regulatory Filings • Apr 1, 2005

N-Q 1 c35739_nq.htm

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 ______

_ BlackRock California Municipal Income Trust _ (Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE	19809
(Address of principal executive offices)	(Zip code)

Robert S. Kapito, President

BlackRock California Municipal Income Trust

_ 40 East 52nd Street, New York, NY 10022 _ (Name and address of agent for service)

Registrant's telephone number, including area code:_ 888-825-2257 ______

Date of fiscal year end: October 31, 2005

Date of reporting period:__ January 31, 2005 _________

Item 1. Schedule of Investments.

The registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

PORTFOLIO OF INVESTMENTS (unaudited) JANUARY 31, 2005

BlackRock California Municipal Income Trust (BFZ)

	Principal
	Amount			Option Call
Rating 1	(000)		Description	Provisions 2	Value
			LONG-TERM INVESTMENTS—146.0%
			California—121.5%
			Anaheim Pub. Fin. Auth., Pub. Impvt.
Proj., Ser. C, FSA,
AAA	$24,500		Zero Coupon, 9/01/31	No Opt. Call	$ 6,276,900
AAA	6,070		Zero Coupon, 9/01/32	No Opt. Call	1,473,493
			California, GO,
A	10,000		5.50%, 11/01/33	11/13 @ 100	10,843,500
AAA	5,500		Ser. BZ, 5.35%, 12/01/21, MBIA	06/07 @ 101	5,605,160
AAA	5,000		Ser. BZ, 5.375%, 12/01/24,
MBIA	06/07 @ 101	5,071,750
BBB	5,000		California Cnty. Tobacco Sec. Agcy.,
Stanislaus Fdg. Proj., Ser. A, 5.875%, 6/01/43	06/12 @ 100	4,666,800
			California Dept. of Wtr. Res., Pwr.
Sply. Rev., Ser. A,
A2	4,000	3	5.375%, 5/01/21	05/12 @ 101	4,370,080
A2	6,000		5.375%, 5/01/22	05/12 @ 101	6,531,420
AAA	10,000		California Edl. Facs. Auth., Stanford
Univ. Proj., Ser. Q, 5.25%, 12/01/32	06/11 @ 101	10,677,400
			California Hlth. Facs. Fin. Auth.,
Ser. A,
A	3,000		Insured Hlth. Facs., Valleycare
Proj., 5.375%, 5/01/27	05/12 @ 100	3,192,960
AAA	4,890	4	Kaiser Proj., 5.40%, 5/01/28	ETM	5,055,722
			California Infrastructure & Econ.
Dev.,
AAA	20,035		Bay Area Toll Brdgs., Ser.
A, 5.00%, 7/01/36, AMBAC	07/13 @ 100	21,032,743
A	15,250		J. David Gladstone Inst. Proj.,
5.25%, 10/01/34	10/11 @ 101	15,813,183
A	13,500		Kaiser Hosp. Asst. LLC Proj.,
Ser. A, 5.55%, 8/01/31	08/11 @ 102	14,266,935
AA-	10,000		California Statewide Cmnty. Dev.
Auth., Sutter Hlth. Oblig. Grp. Proj., Ser. B, 5.625%, 8/15/42	08/12 @ 100	10,522,700
AAA	6,000		El Monte Sr. Dept. of Pub. Svcs.,
Fac. Phase II, COP, 5.25%, 1/01/34, AMBAC	01/11 @ 100	6,352,260
			Elk Grove Unified Sch. Dist., Cmnty.
Facs. Dist. 1, Spec. Tax, AMBAC,
AAA	7,485		Zero Coupon, 12/01/29	12/11 @ 37.373	1,956,953
AAA	7,485		Zero Coupon, 12/01/30	12/11 @ 35.365	1,848,945
AAA	7,485		Zero Coupon, 12/01/31	12/11 @ 33.465	1,748,271
			Foothill/Eastn. Transp. Corridor
Agcy., Toll Road Rev.,
BBB	5,000		Zero Coupon, 1/15/33	01/10 @ 25.78	957,500
BBB	5,000		Zero Coupon, 1/15/34	01/10 @ 24.228	899,650
BBB	13,445		Zero Coupon, 1/15/35	01/10 @ 22.819	2,276,239
BBB	1,000		Zero Coupon, 1/15/38	01/10 @ 19.014	140,640
BBB	5,000		Zero Coupon, 1/15/26	01/14 @ 101	4,185,650
BBB	10,030		5.75%, 1/15/40	01/10 @ 101	10,262,395
			Golden St. Tobacco Sec. Corp.,
BBB	2,000		Ser. A-1, 6.625%, 6/01/40	06/13 @ 100	2,032,420
BBB	1,000		Ser. A-1, 6.75%, 6/01/39	06/13 @ 100	1,020,950
A-	10,200		Ser. B, 5.50%, 6/01/43	06/13 @ 100	10,888,500
A-	5,800		Ser. B, 5.625%, 6/01/38	06/13 @ 100	6,245,556
NR	5,000		Irvine Mobile Home Park, Meadows
Mobile Home Park Proj., Ser. A, 5.70%, 3/01/28	03/08 @ 102	5,008,450
A3	7,700		Kaweah Delta Hlth. Care Dist., 6.00%,
8/01/34	08/12 @ 102	8,363,432
			Lathrop Fin. Auth., Wtr. Sply. Proj.,
NR 5	2,855		5.90%, 6/01/27	06/13 @ 100	2,888,004
NR 5	5,140		6.00%, 6/01/35	06/13 @ 100	5,247,837
B-	4,110		Los Angeles Regl. Arpt. Impvt., Corp.
Lease Rev., Amer. Airlines, Inc. Proj., Ser. C, 7.50%,	12/12 @ 102	4,073,955
BBB	1,000		Palm Springs Mobile Home Park., Sahara
Mobile Home Park Proj., 5.625%, 5/15/26	05/12 @ 102	1,055,000
BBB+	4,000		Poll. Ctrl. Fin. Auth., Sld. Wst.
Disp. Rev., Republic Svcs., Inc. Proj., Ser. C, 5.25%, 12/01/04	No Opt. Call	4,281,640
NR	4,000		Rancho Cucamonga Cmnty. Facs. Dist.,
Ser. A, 6.50%, 9/01/33	09/13 @ 100	4,232,840
AAA	15,500		Rancho Cucamonga Redev. Agcy., Tax
Alloc. Rev., Rancho Redev. Proj., 5.125%,
			9/01/30, MBIA	09/11 @ 100	16,234,390
AAA	1,905		Richmond Wst. & Wtr., Zero Coupon,
8/01/31, FGIC	No Opt. Call	496,519
AAA	6,400		Sacramento Cnty. San. Dist. Fin.
Auth., Sacramento Regl. Cnty. San. Proj., Ser. A,
			5.00%, 12/01/35, AMBAC	12/14 @ 100	6,718,976
AAA	6,500		San Francisco City & Cnty. Arpt.
Comm., Intl. Arpt. Rev., Ser. 27-A, 5.25%,
			5/01/31, MBIA	05/11 @ 100	6,816,420
			San Francisco City & Cnty. Redev.
Agcy., Cmnty. Facs. Dist., Mission Bay South Proj.,
NR	1,775		6.125%, 8/01/31	08/09 @ 102	1,830,007
NR	7,500		6.25%, 8/01/33	08/11 @ 101	7,757,925
			San Jose Multi-Fam. Hsg.,
AAA	2,880		Lenzen Hsg. Proj., Ser.
B, 5.45%, 2/20/43	08/11 @ 102	2,981,318

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PORTFOLIO OF INVESTMENTS JANUARY 31, 2005

BlackRock California Municipal Income Trust (BFZ) (continued)

	Principal
	Amount			Option Call
Rating 1	(000)		Description	Provisions 2	Value
AAA	$ 4,225		Vlgs. Pkwy. Sr. Apts. Proj.,
Ser. D, 5.50%, 4/01/34	04/11 @ 100	$ 4,351,328
			Santa Clara Cnty. Hsg. Auth., Multi-Fam.
Hsg., Ser. A,
NR	6,250		Blossom River Apts. Proj.,
6.50%, 9/01/39	03/08 @ 102	6,164,875
A3	1,715		John Burns Gardens Apts. Proj.,
5.85%, 8/01/31	02/12 @ 101	1,757,858
A3	1,235		River Town Apts. Proj., 6.00%,
8/01/41	02/12 @ 101	1,270,407
NR	3,075		Santa Clarita Facs. Dist., Valencia
Town Ctr. Proj., 5.85%, 11/15/32	11/10 @ 102	3,142,097
AAA	2,000		Upland Unified Sch. Dist., GO, Ser.
B, 5.125%, 8/01/25, FSA	08/13 @ 100	2,148,760
NR	2,245		Val Verde Unified Sch. Dist. Fin.
Auth., Spec. Tax Rev., 6.25%, 10/01/28	10/13 @ 102	2,349,729
AAA	2,000	6	Vernon Elec. Sys.,
Malburg Generating Station Proj., 5.50%, 4/01/33	N/A	2,190,140
					277,578,582
			Multi-State—9.9%
			Charter Mac Equity Issuer Trust,
A3	7,000	7	Ser. A-2,
6.30%, 6/30/49	06/09 @ 100	7,509,950
Baa1	4,000	7	Ser. B-1,
6.80%, 11/30/50	11/10 @ 100	4,399,840
			MuniMae TE Bond Subsidiary, LLC,
A3	7,000	7	Ser. A-1,
6.30%, 6/30/49	06/09 @ 100	7,460,950
Baa1	3,000	7	Ser. B-1,
6.80%, 6/30/50	11/10 @ 100	3,296,250
					22,666,990
			Puerto Rico—14.6%
			Puerto Rico, Public Impvt., Ser.
A,
A-	1,850		5.00%, 7/01/29	07/14 @ 100	1,930,364
A-	3,150		5.00%, 7/01/34	07/14 @ 100	3,267,180
A-	10,000		Puerto Rico Elec. Pwr. Auth., Ser.
2, 5.25%, 7/01/31	07/12 @ 101	10,635,200
			Puerto Rico Pub. Fin. Corp., Ser.
E,
AAA	10,000	6	5.70%, 2/01/10	N/A	11,293,200
AAA	5,750	6	5.75%, 2/01/07	N/A	6,122,945
					33,248,889
			Total Long-Term Investments (cost
$314,368,560)		333,494,461
	Shares
	(000)
			MONEY MARKET FUNDS—10.0%
	11,400		AIM Tax Free Investment Co. Cash
Reserve Portfolio	N/A	11,400,000
	11,400		SSgA Tax Free Money Mkt. Fund	N/A	11,400,000
			Total Money Market Funds (cost
$22,800,000)		22,800,000
			Total Investments—156.0%
(cost $337,168,560)		$ 356,294,461
			Other assets in excess of liabilities—1.8%		4,044,428
			Preferred shares at redemption value,
including dividends payable—(57.8)%		(131,970,773)
			Net Assets Applicable to Common
Shareholders—100%		$ 228,368,116

| 1 | Using the higher of Standard & Poor’s,
Moody’s Investors or Fitch's rating. |
| --- | --- |
| 2 | Date (month/year) and price of the
earliest call or redemption. There may be other call provisions at varying prices
at later dates. |
| 3 | Entire or partial principal amount
pledged as collateral for financial futures contracts. |
| 4 | This security is collaterized by U.S. Treasury
obligations. |
| 5 | Security is deemed to be of investment
grade quality by the investment advisor. |
| 6 | This bond is prerefunded. U.S. government
securities, held in escrow, are used to pay interest on this security, as well as
retire the bond in full at the date indicated, typically at a premium to par. |
| 7 | Security is not registered under
the Securities Act of 1933. These securities may be resold in transactions in
accordance with Rule 144A under that Act, to qualified institutional buyers.
As of January 31, 2005, the Trust held 9.9% of its net assets, with a current
market value of $22,666,990, in securities restricted as to resale. |

KEY TO ABBREVIATIONS — AMBAC	—	American Municipal Bond Assurance Corp.	FSA	—	Financial Security Assurance
COP	—	Certificate of Participation	GO	—	General Obligation
ETM	—	Escrowed to Maturity	MBIA	—	Municipal Bond Insurance Assoc.
FGIC	—	Financial Guaranty Insuarance Co.

2

Item 2. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications of the registrant’s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.

SIGNATURES

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.

(Registrant)___ BlackRock California Municipal Income Trust ___

By: /s/ Henry Gabbay Name: Henry Gabbay Title: Treasurer Date: April 1, 2005

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/ Robert S. Kapito Name: Robert S. Kapito Title: Principal Executive Officer Date: April 1, 2005

By: /s/ Henry Gabbay Name: Henry Gabbay Title: Principal Financial Officer Date: April 1, 2005