BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

Regulatory Filings • Dec 23, 2009

N-Q 1 i00480_bfz-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

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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock California Municipal Income Trust, 55 East 52 nd Street, New York, NY 10055.

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

Date of fiscal year end: 07/31/2010

Date of reporting period: 10/31/2009

Item 1 – Schedule of Investments

insert

| BlackRock California Municipal
Income Trust (BFZ) | |
| --- | --- |
| Schedule
of Investments October 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) |

	Municipal Bonds	Par (000)	Value
California
- 104.3%
Corporate
- 3.4%	California Pollution
Control Financing Authority, RB, Waste Management Inc. Project, Series C, AMT, 6.75%, 12/01/27	$ 2,475	$ 2,546,527
	City of Chula Vista
California, RB, San Diego Gas, Series A, 5.88%, 2/15/34	680	733,441
	Los Angeles Regional
Airports Improvement Corp., California, RB, Series C, AMT, 7.50%, 12/01/24	4,110	3,914,117
			7,194,085
County/City/Special District/School District - 32.5%	Butte-Glenn Community College
District, GO, Election of 2002, Series C, 5.50%, 8/01/30	4,425	4,742,007
	California State Department
of Water Resources, Refunding RB, Water System, Series AF, 5.00%, 12/01/29	2,500	2,636,150
	City & County of San
Francisco, California, COP, Multiple Capital Improvement Projects, Series A, 5.00%, 4/01/29	2,000	2,001,400
	Elk Grove Unified School
District, California, Special Tax, CAB, Community Facilities No. 1 (AMBAC), 5.60%, 12/01/29 (a)	7,485	2,265,186
	Elk Grove Unified School
District, California, Special Tax, CAB, Community Facilities No. 1 (AMBAC), 5.60%, 12/01/30 (a)	7,485	2,112,566
	Elk Grove Unified School
District, California, Special Tax, CAB, Community Facilities No. 1 (AMBAC), 5.60%, 12/01/31 (a)	7,485	1,972,597
	Live Oak Unified School
District, GO, CAB, Election of 2004, Series B (Syncora), 5.59%, 8/01/18 (a)(b)	985	291,865
	Live Oak Unified School
District, GO, CAB, Election of 2004, Series B (Syncora), 5.60%, 8/01/18 (a)(b)	1,030	288,328
	Live Oak Unified School
District, GO, CAB, Election of 2004, Series B (Syncora), 5.61%, 8/01/18 (a)(b)	1,080	285,541
	Live Oak Unified School
District, GO, CAB, Election of 2004, Series B (Syncora), 5.62%, 8/01/18 (a)(b)	1,125	280,890
	Live Oak Unified School
District, GO, CAB, Election of 2004, Series B (Syncora), 5.63%, 8/01/18 (a)(b)	1,175	276,983
	Live Oak Unified School
District, GO, CAB, Election of 2004, Series B (Syncora), 5.64%, 8/01/18 (a)(b)	1,230	273,700
	Live Oak Unified School
District, GO, CAB, Election of 2004, Series B (Syncora), 5.65%, 8/01/18 (a)(b)	1,285	269,863
	Live Oak Unified School
District, GO, CAB, Election of 2004, Series B (Syncora), 5.66%, 8/01/18 (a)(b)	1,340	265,548
	Live Oak Unified School
District, GO, CAB, Election of 2004, Series B (Syncora), 5.67%, 8/01/18 (a)(b)	1,400	261,730

| 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.
AMBAC	American Municipal Bond
Assurance Corp.
AMT	Alternative Minimum Tax
(subject to)
CAB	Capital Appreciation Bonds
COP	Certificates of
Participation
FGIC	Financial Guaranty
Insurance Co.
FSA	Financial Security
Assurance Inc.
GO	General Obligation Bonds
MBIA	Municipal Bond Investors
Assurance (National Public Finance Guaranty Corp.)
RB	Revenue Bonds
TAN	Tax Anticipation Notes

1

| BlackRock California Municipal
Income Trust (BFZ) | |
| --- | --- |
| Schedule
of Investments October 31, 2009 (Unaudited) | (Percentages
shown are based on Net Assets) |

	Municipal Bonds	Par (000)	Value
	Live Oak Unified School
District, GO, CAB, Election of 2004, Series B (Syncora), 5.68%, 8/01/18 (a)(b)	$ 1,465	$ 258,338
	Long Beach Unified School
District, California, GO, Election of 2008, Series A, 5.75%, 8/01/33	2,135	2,338,337
	Los Angeles County Metropolitan
Transportation Authority, Refunding RB, Proposition C, 2nd Senior Series E, 5.00%, 7/01/27	2,775	2,902,595
	Los Angeles Municipal
Improvement Corp., RB, Real Property, Series B (AGC), 5.50%, 4/01/30	2,570	2,708,909
	Modesto Irrigation
District, COP, Series B, 5.50%, 7/01/35	3,300	3,476,385
	Oak Grove School District,
California, GO, Election of 2008, Series A, 5.50%, 8/01/33	4,000	4,250,960
	Orange County Water
District, COP, Refunding, 5.25%, 8/15/34	2,000	2,090,180
	Peralta Community College
District, California, GO, 2006 Election, Series C, 5.00%, 8/01/39	7,500	7,574,400
	Pittsburg Redevelopment
Agency, TAN, Refunding, Subordinate, Los Medanos Community Project, Series A, 6.50%, 9/01/28	2,500	2,700,100
	San Diego Community College
District, California, GO, Election of 2002, 5.25%, 8/01/33	1,000	1,049,740
	San Diego Regional Building
Authority, California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36	2,900	2,988,189
	San Jose Unified School
District, Santa Clara County California, GO, Election of 2002, Series D, 5.00%, 8/01/32	2,875	2,961,078
	Santa Ana Unified School
District, GO, Election of 2008, Series A, 5.13%, 8/01/33	8,000	7,907,280
	Santa Cruz County
Redevelopment Agency, California, TAN, Live Oak, Soquel Community Improvement, Series A, 7.00%, 9/01/36	1,200	1,273,404
	Torrance Unified School
District, California, GO, Election of 2008, Measure Z, 6.00%, 8/01/33	2,500	2,797,400
	Westminster Redevelopment
Agency, California, TAN, Subordinate, Commercial Redevelopment Project No. 1 (AGC), 6.25%, 11/01/39	2,350	2,679,752
			68,181,401
Education
- 3.1%	California Infrastructure
& Economic Development Bank, RB, J David Gladstone Institute Project, 5.25%, 10/01/34	6,000	5,627,640
	University of California,
RB, Series L, 5.00%, 5/15/38	795	807,959
			6,435,599
Health -
13.9%	ABAG Finance Authority for
Nonprofit Corp., RB, California Sharp Healthcare, 6.38%, 8/01/34	1,000	1,049,250
	ABAG Finance Authority for
Nonprofit Corp., RB, California Sharp Healthcare, 6.25%, 8/01/39	3,000	3,224,040
	California Health
Facilities Financing Authority, RB, Catholic Healthcare West, Series A, 6.00%, 7/01/34	3,000	3,152,400
	California Health
Facilities Financing Authority, RB, Catholic Healthcare West, Series E, 5.63%, 7/01/25 (c)	3,000	3,095,460
	California Infrastructure
& Economic Development Bank, RB, Kaiser Hospital Assistance I, LLC, Series A, 5.55%, 8/01/31	13,500	13,566,690
	California Statewide
Communities Development Authority, RB, Catholic Healthcare West, Series B, 5.50%, 7/01/30	3,000	3,050,400

2

BlackRock California Municipal Income Trust (BFZ)
Schedule
of Investments October 31, 2009 (Unaudited)	(Percentages
shown are based on Net Assets)

	Municipal Bonds	Par (000)	Value
	California Statewide
Communities Development Authority, RB, Catholic Healthcare West, Series E, 5.50%, 7/01/31	$ 2,000	$ 2,019,760
			29,158,000
Housing -
0.5%	California Housing Finance
Agency, RB, Series J, AMT, 5.75%, 8/01/47	1,005	974,659
State -
9.7%	California State Public
Works Board, RB, Department Development Services, Porterville, Series C, 6.00%, 4/01/26	1,165	1,201,266
	California State Public
Works Board, RB, Department Development Services, Porterville, Series C, 6.00%, 4/01/27	1,355	1,390,189
	California State Public
Works Board, RB, Department Education, Riverside Campus Project, Series B, 6.00%, 4/01/27	1,675	1,718,500
	California State Public
Works Board, RB, Department Education, Riverside Campus Project, Series B, 6.50%, 4/01/34	5,000	5,455,650
	State of California, GO,
Various Purpose, 6.50%, 4/01/33	9,700	10,720,537
			20,486,142
Transportation
- 12.1%	County of Orange California,
RB, Series B, 5.75%, 7/01/34	3,000	3,227,640
	County of Sacramento
California, RB, Senior, Series B, 5.75%, 7/01/39	1,350	1,445,418
	Foothill Eastern
Transportation Corridor Agency, California, Refunding RB, 5.75%, 1/15/40	7,000	6,387,360
	Foothill Eastern
Transportation Corridor Agency, California, Refunding RB, CAB, 5.88%, 7/15/26 (d)	5,000	4,950,550
	Foothill Eastern
Transportation Corridor Agency, California, Refunding RB, CAB, 6.18%, 1/15/35 (a)	10,000	1,760,800
	Port of Oakland, RB, Series
K, AMT (MBIA), 5.75%, 11/01/29	3,970	3,973,692
	Port of Oakland, RB, Series
L, AMT (MBIA), 5.38%, 11/01/27	3,710	3,640,808
			25,386,268
Utilities
- 29.1%	California Infrastructure
& Economic Development Bank, RB, California Independent System Operator, Series A, 6.25%, 2/01/39	2,500	2,654,300
	Calleguas-Las Virgenes
Public Financing Authority, California, RB, Calleguas Municipal Water District Project, Series A (MBIA), 5.13%, 7/01/32	5,475	5,631,804
	City of Chula Vista
California, Refunding RB, San Diego Gas, Series E, 5.88%, 1/01/34	4,375	4,718,831
	City of Richmond
California, RB, CAB (FGIC), 5.77%, 8/01/31 (a)(e)	1,905	687,591
	Los Angeles Department of
Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38	3,500	3,681,370
	Los Angeles Department of
Water & Power, RB, Power System, Sub-Series A-1 (AMBAC),
5.00%, 7/01/37	10,000	10,171,300
	Los Angeles Department of
Water & Power, RB, System, Series A, 5.38%, 7/01/34	1,400	1,480,332
	Los Angeles Department of
Water & Power, RB, System, Series A, 5.38%, 7/01/38	1,800	1,903,284
	Metropolitan Water District
of Southern California, Refunding RB, Series C, 5.00%, 7/01/35	3,500	3,641,330
	Orange County Sanitation
District, COP, Series B (FSA), 5.00%, 2/01/37	10,000	10,188,000

3

| BlackRock California Municipal
Income Trust (BFZ) | |
| --- | --- |
| Schedule
of Investments October 31, 2009 (Unaudited) | (Percentages
shown are based on Net Assets) |

	Municipal Bonds	Par (000)	Value
	San Diego County Water
Authority, COP, Series 2008 A, COP (FSA), 5.00%, 5/01/33	$ 10,040	$ 10,060,682
	San Diego Public Facilities
Financing Authority, RB, Senior, Series A, 5.25%, 5/15/34	4,000	4,065,960
	San Diego Public Facilities
Financing Authority, RB, Senior, Series A, 5.25%, 5/15/39	2,250	2,286,405
			61,171,189
	Total
Municipal Bonds in California		218,987,343
Multi-State
- 6.1%
Housing -
6.1%	Charter Mac Equity Issuer
Trust, 6.80%, 11/30/50 (f)(g)	4,000	4,124,120
	MuniMae TE Bond Subsidiary
LLC, 6.30%, 6/30/49 (f)(g)	7,000	6,492,360
	MuniMae TE Bond Subsidiary
LLC, 6.80%, 6/30/50 (f)(g)	3,000	2,099,940
	Total
Municipal Bonds in Multi-State		12,716,420
	Total
Municipal Bonds - 110.4%		231,703,763

| | Municipal
Bonds Transferred to Tender Option Bond Trusts (h) | | |
| --- | --- | --- | --- |
| California
- 45.1% | | | |
| Corporate
- 14.6% | Mount San Antonio Community
College District, California, GO, Election 2001, Series C (FSA), 5.00%, 9/01/31 | 10,770 | 11,051,312 |
| | San Diego Community College
District, California, GO, Election of 2006 (FSA), 5.00%, 8/01/32 | 9,000 | 9,225,990 |
| | Santa Clara County
Financing Authority, Refunding RB, Lease, Series L, 5.25%, 5/15/36 | 10,000 | 10,462,029 |
| | | | 30,739,331 |
| County/City/Special District/School District - 15.1% | Los Angeles Community
College District, California, GO, 2008 Election, Series A, 6.00%, 8/01/33 | 9,596 | 10,842,974 |
| | Los Angeles Unified School
District, California, GO, Series I, 5.00%, 1/01/34 | 5,000 | 5,057,000 |
| | San Diego Community College
District, California, GO, Election of 2002, 5.25%, 8/01/33 | 4,487 | 4,710,605 |
| | San Diego Community College
District, California, GO, Election of 2002 (FSA), 5.00%, 5/01/25 | 10,615 | 11,059,664 |
| | | | 31,670,243 |
| Education
- 11.4% | California Educational
Facilities Authority, RB, Stanford University, Series Q, 5.25%, 12/01/32 | 10,000 | 10,374,787 |
| | California Educational
Facilities Authority, RB, University of Southern California, Series A,
5.25%, 10/01/39 | 6,900 | 7,271,289 |
| | University of California,
RB, Series O, 5.75%, 5/15/34 | 5,595 | 6,187,454 |
| | | | 23,833,530 |
| Utilities
- 4.0% | Eastern Municipal Water
District, California, Water and Sewer, COP, Series H, 5.00%, 7/01/33 | 8,356 | 8,467,300 |
| | Total
Municipal Bonds Transferred to Tender Option Bond Trusts - 45.1% | | 94,710,404 |
| | Total
Long-Term Investments (Cost - $321,126,164) - 155.5% | | 326,414,167 |

4

| BlackRock California Municipal
Income Trust (BFZ) | |
| --- | --- |
| Schedule
of Investments October 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) |

| Short-Term
Securities — CMA California Municipal
Money Fund, 0.04% (i)(j) | Value — $ 1,731,092 | |
| --- | --- | --- |
| Total
Short-Term Securities (Cost - $1,731,092) - 0.8% | 1,731,092 | |
| Total
Investments (Cost - $322,857,256*) - 156.3% | 328,145,259 | |
| Other
Assets Less Liabilities - 4.4% | 9,155,250 | |
| Liability for Trust Certificates, Including Interest Expense and Fees Payable - (26.9)% | (56,428,072 | ) |
| Preferred
Shares, at Redemption Value - (33.8)% | (71,006,171 | ) |
| Net Assets
Applicable to Common Shares - 100.0% | $ 209,866,266 | |

• The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized
appreciation	$ 9,959,264
Gross unrealized
depreciation	(3,992,299	)
Net unrealized appreciation	$ 5,966,965

| (a) | Represents a zero-coupon
bond. Rate shown reflects the current yield as of report date. |
| --- | --- |
| (b) | 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. |
| (c) | When-issued security. |

Counterparty	Market Value	Unrealized Appreciation
Citigroup Inc.	$3,095,460	—

| (d) | Represents a step-up bond
that pays an initial coupon rate for the first period and then a higher
coupon rate for the following periods. Rate shown reflects the current yield
as of report date. |
| --- | --- |
| (e) | Security is collateralized
by Municipal or US Treasury Obligations. |
| (f) | 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 its stated maturity, and is subject to
mandatory redemption at maturity. |
| (g) | Security exempt from
registration under Rule 144A of the Securities Act of 1933. These securities
may be resold in transactions exempt from registration to qualified
institutional investors. |
| (h) | Securities represent bonds
transferred to a tender option bond trust in exchange for which the Trust
acquired residual interest certificates. These securities serve as collateral
in a financing transaction. |
| (i) | Represents the current
yield as of report date. |
| (j) | Investments in companies considered to be an affiliate
of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act
of 1940, were as follows: |

Affiliate	Net Activity		Income
CMA California Municipal
Money Fund	$ (1,899,704	)	$ 460

•
•	Level 1 - 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)

5

| BlackRock California Municipal
Income Trust (BFZ) |
| --- |
| Schedule
of Investments October 31, 2009 (Unaudited) |

| The inputs or methodology
used for valuing securities are not necessarily an indication of the risk associated
with investing in those securities. For information about the Trust’s policy
regarding valuation of investments and other significant accounting policies,
please refer to the Trust’s most recent financial statements as contained in
its annual report. |
| --- |
| The following table
summarizes the inputs used as of October 31, 2009 in determining the fair
valuation of the Trust’s investments: |

Valuation Inputs	Investments in Securities
	Assets
Level 1 - Short-Term Securities	$ 1,731,092
Level 2 - Long-Term
Investments 1	326,414,167
Level 3	—
Total	$ 328,145,259

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

6

end

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 13(a)-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/ Anne F. Ackerley
	Anne F. Ackerley
	Chief Executive Officer of
	BlackRock California Municipal Income Trust
Date: December 18, 2009
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/ Anne F. Ackerley
	Anne F. Ackerley
	Chief Executive Officer (principal executive
officer) of
	BlackRock California Municipal Income Trust
Date: December 18, 2009
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial
officer) of
	BlackRock California Municipal Income Trust
Date: December 18, 2009