BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

Regulatory Filings • Mar 31, 2008

N-Q 1 c52589_n-q.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

Name of Fund: BlackRock California Municipal Income Trust (BFZ)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock California Municipal Income Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2008 Date of reporting period: 11/01/2007 – 01/31/2008

Item 1 – Schedule of Investments

BlackRock California Municipal Income Trust — Schedule of Investments as of January 31, 2008 (Unaudited)			(in Thousands)
	Face
	Amount	Municipal Bonds	Value
California - 132.5%	$ 24,500	Anaheim, California, Public Financing Authority, Lease Revenue Bonds
		(Public Improvements Project), Sub-Series C, 5.67% due 9/01/2031 (e)(o)	$ 7,575
	6,070	Anaheim, California, Public Financing Authority, Lease Revenue Bonds
		(Public Improvements Project), Sub-Series C, 5.58% due 9/01/2032 (e)(o)	1,786
	5,000	California County Tobacco Securitization Agency, Tobacco Revenue Bonds
		(Stanislaus County Tobacco Funding Corporation), Series A, 5.875% due 6/01/2043	4,916
	10,000	California Educational Facilities Authority Revenue Bonds (Stanford University),
		Series Q, 5.25% due 12/01/2032	10,381
	4,890	California Health Facilities Financing Authority Revenue
Bonds (Kaiser
		Permanente), Series A, 5.40% due 5/01/2028 (j)	4,971
	3,000	California Health Facilities Financing Authority Revenue
Bonds (Valleycare
		Medical Center), Series A, 5.375% due 5/01/2012 (i)	3,332
	15,250	California Infrastructure and Economic Development
Bank Revenue Bonds (J.
		David Gladstone Institute Project), 5.25% due 10/01/2034	15,476
	13,500	California Infrastructure and Economic Development
Bank Revenue Bonds
		(Kaiser Hospital Assistance I-LLC), Series A, 5.55%
due 8/01/2031	13,860
	2,290	California Pollution Control Financing Authority, Solid Waste Disposal Revenue
		Bonds (Waste Management Inc. Project), AMT, Series A-2, 5.40% due 4/01/2025	2,270
	10,000	California State Department of Water Resources, Power Supply Revenue Bonds,
		Series A, 5.375% due 5/01/2012 (i)	11,219
	5,000	California State, GO, Refunding, 5% due 6/01/2037	5,007
	10,000	California State, Various Purpose, GO, 5.50% due 11/01/2033	10,554
	5,500	California State, Veterans, GO, Refunding, AMT, Series BZ, 5.35% due 12/01/2021 (h)	5,517
	5,000	California State, Veterans, GO, Refunding, AMT, Series BZ, 5.375% due 12/01/2024 (h)	5,013
	4,000	California Statewide Communities Development Authority
Revenue Bonds
		(Daughters of Charity National Health System), Series A, 5.25% due 7/01/2030	3,882
	7,000	California Statewide Communities Development Authority Revenue Bonds
		(Kaiser Permanente), Series B, 5.25% due 3/01/2045	7,027
Portfolio Abbreviations
To simplify the listings of BlackRock California Municipal Income Trust's portfolio holdings in the Schedule of
Investments, we have abbreviated the names of many of the securities according to the list below.
AMT	Alternative Minimum Tax (subject to)	IDR	Industrial Development Revenue Bonds
COP	Certificates of Participation	M/F	Multi-Family
GO	General Obligation Bonds

1

BlackRock California Municipal Income Trust — Schedule of Investments as of January 31, 2008 (Unaudited)	(in Thousands)
Face
Amount	Municipal Bonds	Value
$ 10,000	California Statewide Communities
Development Authority Revenue Bonds
	(Sutter Health), Series B, 5.625%
due 8/15/2042	$ 10,316
1,815	Chino Basin, California, Regional
Financing Authority, Revenue Refunding
	Bonds (Inland Empire Utility
Agency), Series A, 5% due 11/01/2038 (a)	1,843
5,065	Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT,
	Series B, 5% due 12/01/2027	5,120
4,395	Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT,
	Series D, 5% due 12/01/2027	4,442
6,000	El Monte, California, COP (Department of Public Social Services Facility Project
	- Phase II), 5.25% due 1/01/2034 (a)	6,079
7,485	Elk Grove, California, Unified School District, Special Tax Bonds (Community
	Facilities District Number 1), 5.60% due 12/01/2029 (a)(o)	2,260
7,485	Elk Grove, California, Unified School District, Special Tax Bonds (Community
	Facilities District Number 1), 5.60% due 12/01/2030 (a)(o)	2,139
7,485	Elk Grove, California, Unified School District, Special Tax Bonds (Community
	Facilities District Number 1), 5.60% due 12/01/2031 (a)(o)	2,022
1,100	Etiwanda School District, California, Public Financing Authority, Local Agency
	Revenue Refunding Bonds, 5% due 9/15/2032 (b)	1,133
5,000	Foothill/Eastern Corridor Agency,
California, Toll Road Revenue Refunding
	Bonds, 5.064% due 7/15/2026	4,724
5,000	Foothill/Eastern Corridor Agency,
California, Toll Road Revenue Refunding
	Bonds, 6.10% due 1/15/2033	1,152
5,000	Foothill/Eastern Corridor Agency,
California, Toll Road Revenue Refunding
	Bonds, 6.10% due 1/15/2034	1,083
13,445	Foothill/Eastern Corridor Agency, California, Toll Road Revenue Refunding Bonds,
	6.20% due 1/15/2035	2,741
1,000	Foothill/Eastern Corridor Agency,
California, Toll Road Revenue Refunding
	Bonds, 6.10% due 1/15/2038	169
10,030	Foothill/Eastern Corridor Agency,
California, Toll Road Revenue Refunding
	Bonds, 5.75% due 1/15/2040	10,111
2,000	Golden State Tobacco Securitization
Corporation of California, Tobacco
	Settlement Revenue Bonds, Series
A-1, 6.625% due 6/01/2013 (i)	2,356
8,500	Golden State Tobacco Securitization
Corporation of California, Tobacco
	Settlement Revenue Bonds, Series
B, 5.50% due 6/01/2013 (i)	9,546
5,800	Golden State Tobacco Securitization
Corporation of California, Tobacco
	Settlement Revenue Bonds, Series
B, 5.625% due 6/01/2013 (i)	6,550
5,000	Huntington Beach, California,
Union High School District, GO (Election of
	2004), 5.02% due 8/01/2033 (c)(o)	1,367

2

BlackRock California Municipal Income Trust — Schedule of Investments as of January 31, 2008 (Unaudited)	(in Thousands)
Face
Amount	Municipal Bonds	Value
$ 4,965	Irvine, California, Mobile Home Park Revenue Bonds (Meadows Mobile Home
	Park), Series A, 5.70% due 3/01/2028	$ 4,897
7,700	Kaweah Delta Health Care District, California, Revenue Refunding Bonds, 6% due 8/01/2012 (i)	8,938
2,855	Lathrop, California, Financing Authority Revenue Bonds (Water Supply Project), 5.90% due 6/01/2027	2,856
5,140	Lathrop, California, Financing Authority Revenue Bonds (Water Supply Project), 6% due 6/01/2035	5,119
985	Live Oak Unified School District, California, GO (Election of 2004), Series B, 5.59% due 8/01/2035 (k)(o)	227
1,030	Live Oak Unified School District, California, GO (Election of 2004), Series B, 5.60% due 8/01/2036 (k)(o)	224
1,080	Live Oak Unified School District, California, GO (Election of 2004), Series B, 5.61% due 8/01/2037 (k)(o)	222
1,125	Live Oak Unified School District, California, GO (Election of 2004), Series B, 5.62% due 8/01/2038 (k)(o)	218
1,175	Live Oak Unified School District, California, GO (Election of 2004), Series B, 5.63% due 8/01/2039 (k)(o)	215
1,230	Live Oak Unified School District, California, GO (Election of 2004), Series B, 5.64% due 8/01/2040 (k)(o)	212
1,285	Live Oak Unified School District, California, GO (Election of 2004), Series B, 5.65% due 8/01/2041 (k)(o)	209
1,340	Live Oak Unified School District, California, GO (Election of 2004), Series B, 5.66% due 8/01/2042 (k)(o)	206
1,400	Live Oak Unified School District, California, GO (Election of 2004), Series B, 5.67% due 8/01/2043 (k)(o)	203
1,465	Live Oak Unified School District, California, GO (Election of 2004), Series B, 5.68% due 8/01/2044 (k)(o)	200
4,110	Los Angeles, California, Regional Airports Improvement Corporation, Lease
	Revenue Bonds (American Airlines Inc.), AMT, Series C, 7.50% due 12/01/2024	4,326
5,000	Los Angeles, California, Unified School District, GO, Refunding, Series A-1, 4.50% due 1/01/2028 (h)	4,859
8,000	Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
	Series A, 5% due 7/01/2037	8,366
1,000	Palm Springs, California, Mobile Home Park Revenue
Bonds (Sahara Mobile
	Home Park), Series A, 5.625% due 5/15/2026	1,004
5,550	Palomar Pomerado Health Care District, California,
GO (Election of 2004),
	Series A, 5.125% due 8/01/2037 (h)	5,768
4,000	Rancho Cucamonga, California, Community Facilities
District, Special Tax
	Bonds, Series A, 6.50% due 9/01/2033	4,095
15,500	Rancho Cucamonga, California, Redevelopment Agency, Tax Allocation Bonds
	(Rancho Redevelopment Project), 5.125% due 9/01/2030 (h)	15,603
1,905	Richmond, California, Wastewater Revenue Bonds, 5.62% due 8/01/2031 (c)(j)(o)	614
9,000	San Diego, California, Community College District, GO (Election of 2006), 5% due 8/01/2032 (e)	9,439
6,500	San Francisco, California, City and County Airport Commission, International
	Airport Revenue Refunding Bonds, AMT, Second Series, Issue 27A, 5.25% due 5/01/2031 (h)	6,557
7,500	San Francisco, California, City and County Redevelopment Agency, Community
	Facilities District Number 1, Special Tax Bonds (Mission Bay South Public Improvements Project), 6.25% due 8/01/2033	7,599
1,775	San Francisco, California, City and County Redevelopment Agency, Community
	Facilities District Number 1, Special Tax Bonds (Mission
Bay South Public
	Improvements Project), Series B, 6.125% due 8/01/2031	1,787

3

BlackRock California Municipal Income Trust — Schedule of Investments as of January 31, 2008 (Unaudited)			(in Thousands)
		Face
		Amount	Municipal Bonds	Value
		$ 2,880	San Jose, California, M/F Housing Revenue Bonds (Lenzen Affordable Housing
			Project), AMT, Series B, 5.45% due 2/20/2043 (d)(g)	$ 2,892
		3,595	San Jose, California, M/F Housing Revenue Bonds (Villages Parkway Senior
			Apartments Housing Project), AMT, Series D, 5.50% due 4/01/2034 (f)	3,626
		1,715	Santa Clara County, California, Housing Authority,
M/F Housing Revenue
			Bonds (John Burns Gardens Apartments Project), AMT,
Series A, 5.85% due 8/01/2031	1,769
		1,235	Santa Clara County, California, Housing Authority,
M/F Housing Revenue
			Bonds (Rivertown Apartments Project), AMT, Series
A, 6% due 8/01/2041	1,276
		3,075	Santa Clarita, California, Community Facilities District
Number 02-1, Special
			Tax Refunding Bonds (Valencia Town Center Project),
5.85% due 11/15/2032	2,996
		2,000	Upland, California, Unified School District, GO, 5.125% due 8/01/2025 (e)	2,138
		2,245	Val Verde, California, Unified School District Financing Authority, Special Tax
			Refunding Bonds, Junior Lien, 6.25% due 10/01/2028	2,291
Puerto Rico - 9.7%		10,000	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series II, 5.25% due 7/01/2012 (i)	11,206
		10,000	Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue
			Bonds, Series E, 5.70% due 2/01/2010 (i)	10,627
			Total Municipal Bonds (Cost - $307,096) - 142.2%	320,723
			Corporate Bonds
Multi-State - 9.8%		7,000	Charter Mac Equity Issuer Trust, 6.30% due 6/30/2049 (n)	7,314
		4,000	Charter Mac Equity Issuer Trust, 6.80% due 11/30/2050	4,373
		7,000	MuniMae TE Bond Subsidiary LLC, 6.30% due 6/30/2049 (n)	7,258
		3,000	MuniMae TE Bond Subsidiary LLC, 6.80% due 6/30/2050 (n)	3,226
			Total Corporate Bonds (Cost - $21,000) - 9.8%	22,171
		Shares
		Held	Short-Term Securities
		11,182	CMA California Municipal Money Fund, 2.12% (l)(m)	11,182
			Total Short-Term Securities (Cost - $11,182) - 5.0%	11,182
			Total Investments (Cost - $339,278*) - 157.0%	354,076
			Other Assets Less Liabilities - 1.5%	3,486
			Preferred Shares, at Redemption Value - (58.5%)	(132,004)
			Net Assets Applicable to Common Shares - 100.0%	$ 225,558
*	The cost and unrealized appreciation (depreciation) of investments as of January 31, 2008, as computed for federal
	income tax purposes, were as follows:
	Aggregate cost	$ 339,155
	Gross unrealized appreciation	$ 15,750
	Gross unrealized depreciation	(829	)
	Net unrealized appreciation	$ 14,921

4

| BlackRock California
Municipal Income Trust | |
| --- | --- |
| Schedule
of Investments as of January 31, 2008 (Unaudited) | (in
Thousands) |

(a) AMBAC Insured.

| Section
2(a)(3) of the Investment Company Act of 1940, were as follows: | Net | Dividend |
| --- | --- | --- |
| Affiliate | Activity | Income |
| CMA California Municipal
Money Fund | 4,338 | $ 62 |

(m) Represents the current yield as of January 31, 2008.

5

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:
Donald C. Burke
Chief Executive
Officer of
BlackRock California Municipal Income Trust
Date:
March 24, 2008

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/ Donald C. Burke
	Donald C. Burke
	Chief Executive Officer (principal executive officer) of
	BlackRock California Municipal Income Trust
Date: March 24, 2008
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock California Municipal Income Trust
Date: March 24, 2008