BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

Regulatory Filings • Jun 26, 2009

N-Q 1 i00183_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: 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: 07/31/2009

Date of reporting period: 04/30/2009

Item 1 – Schedule of Investments

insert report here

| BlackRock California Municipal
Income Trust | |
| --- | --- |
| Schedule
of Investments April 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) |

| | Municipal
Bonds | Par (000) | Value |
| --- | --- | --- | --- |
| California
- 127.9% | | | |
| Corporate
- 4.0% | California Pollution
Control Financing Authority, Solid Waste Disposal Revenue Bonds (Waste
Management, Inc. Project), AMT, Series C, 5.125%, 11/01/23 | $ 2,290 | $ 2,015,177 |
| | California Pollution
Control Financing Authority, Solid Waste Disposal Revenue Bonds (Waste
Management, Inc. Project), AMT, Series C, 6.75%, 12/01/27 | 2,475 | 2,493,612 |
| | Los Angeles, California,
Regional Airports Improvement Corporation, Lease Revenue Bonds (American
Airlines Inc.), AMT, Series C, 7.50%, 12/01/24 | 4,110 | 3,097,337 |
| | | | 7,606,126 |
| County/City/Special
District/School District - 58.9% | Butte-Glenn Community
College District, California, GO (Election of 2002), Series C, 5.50%, 8/01/30 | 4,425 | 4,575,317 |
| | Chino Basin, California,
Desalter Authority, Revenue Refunding Bonds, Series A, 5%, 6/01/35 (a) | 5,275 | 5,191,655 |
| | Elk Grove, California,
Unified School District, Special Tax Bonds (Community Facilities District
Number 1), 5.601%, 12/01/29 (b)(c) | 7,485 | 1,906,879 |
| | Elk Grove, California,
Unified School District, Special Tax Bonds (Community Facilities District
Number 1), 5.601%, 12/01/30 (b)(c) | 7,485 | 1,765,113 |
| | Elk Grove, California,
Unified School District, Special Tax Bonds (Community Facilities District
Number 1), 5.601%, 12/01/31 (b)(c) | 7,485 | 1,647,898 |
| | Huntington Beach,
California, Union High School District, GO (Election of 2004), 5.02%, 8/01/33
(c)(d)(e) | 5,000 | 1,082,450 |
| | Lathrop, California,
Financing Authority Revenue Bonds (Water Supply Project), 5.90%, 6/01/27 | 2,855 | 2,259,219 |
| | Lathrop, California,
Financing Authority Revenue Bonds (Water Supply Project), 6%, 6/01/35 | 5,140 | 3,834,080 |
| | Live Oak Unified School
District, California, GO (Election of 2004), Series B, 5.59%, 8/01/18
(c)(f)(g) | 985 | 286,793 |
| | Live Oak Unified School
District, California, GO (Election of 2004), Series B, 5.60%, 8/01/18
(c)(f)(g) | 1,030 | 283,312 |
| | Live Oak Unified School
District, California, GO (Election of 2004), Series B, 5.61%, 8/01/18
(c)(f)(g) | 1,080 | 280,584 |
| | Live Oak Unified School
District, California, GO (Election of 2004), Series B, 5.62%, 8/01/18
(c)(f)(g) | 1,125 | 276,007 |
| | Live Oak Unified School
District, California, GO (Election of 2004), Series B, 5.63%, 8/01/18
(c)(f)(g) | 1,175 | 272,177 |
| | Live Oak Unified School
District, California, GO (Election of 2004), Series B, 5.64%, 8/01/18
(c)(f)(g) | 1,230 | 268,952 |
| | Live Oak Unified School
District, California, GO (Election of 2004), Series B, 5.65%, 8/01/18
(c)(f)(g) | 1,285 | 265,173 |
| 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 list below.

AMT	Alternative Minimum Tax
COP	Certificates of
Participation
GO	General Obligation Bonds
M/F	Multi-Family
VRDN	Variable Rate Demand Notes

1

| BlackRock California Municipal
Income Trust | |
| --- | --- |
| Schedule
of Investments April 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) |

| Municipal
Bonds | Par (000) | Value |
| --- | --- | --- |
| Live Oak Unified School
District, California, GO (Election of 2004), Series B, 5.66%, 8/01/18
(c)(f)(g) | $ 1,340 | $ 260,938 |
| Live Oak Unified School
District, California, GO (Election of 2004), Series B, 5.67%, 8/01/18
(c)(f)(g) | 1,400 | 257,195 |
| Live Oak Unified School
District, California, GO (Election of 2004), Series B, 5.68%, 8/01/18
(c)(f)(g) | 1,465 | 253,855 |
| Long Beach, California,
Unified School District, GO (Election of 2008), Series A, 5.75%, 8/01/33 | 2,135 | 2,244,547 |
| Los Angeles, California,
Community College District, GO, Refunding (Election of 2008), Series A, 6%,
8/01/33 | 9,600 | 10,258,560 |
| Los Angeles, California, Municipal Improvement Corporation, Lease Revenue Refunding Bonds,
Series B, 5.50%, 4/01/30 | 2,570 | 2,585,497 |
| Los Angeles, California,
Municipal Improvement Corporation, Lease Revenue Refunding Bonds, Series B,
5%, 9/01/38 (a) | 4,000 | 3,799,320 |
| Los Angeles, California,
Unified School District, GO, Series I, 5%, 1/01/34 | 5,000 | 4,814,450 |
| Modesto, California,
Irrigation District, COP, Series B, 5.50%, 7/01/35 | 3,300 | 3,219,282 |
| Pittsburg, California,
Redevelopment Agency, Tax Allocation Refunding Bonds (Los Medanos Community
Development Project), Series A, 6.50%, 9/01/28 | 2,500 | 2,545,200 |
| Rancho Cucamonga,
California, Redevelopment Agency, Tax Allocation Bonds (Rancho Redevelopment
Project), 5.125%, 9/01/30 (e) | 15,500 | 13,912,955 |
| San Diego, California,
Community College District, GO (Election of 2002), 5%, 5/01/25 | 10,615 | 10,857,871 |
| San Diego, California,
Community College District, GO (Election of 2002), 5.25%, 8/01/33 | 2,000 | 2,018,780 |
| San Diego, California,
Regional Building Authority, Lease Revenue Bonds (County Operations Center
and Annex Redevelopment Project), Series A, 5.375%, 2/01/36 | 2,900 | 2,900,841 |
| San Diego County,
California, Water Authority, Water Revenue Refunding Bonds, COP, Series A,
5%, 5/01/33 (h) | 6,040 | 5,940,521 |
| San Francisco, California,
City and County Redevelopment Agency, Community Facilities District Number 1,
Special Tax Bonds (Mission Bay South Public Improvements Project), 6.25%,
8/01/33 | 490 | 429,833 |
| 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%, 8/01/31 | 1,775 | 1,548,741 |
| San Jose, California,
Unified School District, Santa Clara County, GO (Election of 2002), Series D,
5%, 8/01/32 | 2,875 | 2,828,195 |
| Santa Ana, California,
Unified School District, GO (Election of 2008), Series A, 5.125%, 8/01/33 | 8,000 | 8,019,840 |
| Santa Cruz County,
California, Redevelopment Agency, Tax Allocation Bonds (Live Oak/Soquel
Community Improvement Project Area), Series A, 7%, 9/01/36 | 1,200 | 1,264,824 |
| Stockton, California,
Unified School District, GO (Election of 2005), 5%, 8/01/31 (h) | 500 | 491,395 |
| Torrance, California,
Unified School District, GO, (Election of 2008 - Measure Z), 6%, 8/01/33 | 2,500 | 2,649,000 |

2

| BlackRock California Municipal
Income Trust | |
| --- | --- |
| Schedule
of Investments April 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) |

| | Municipal
Bonds | Par (000) | Value |
| --- | --- | --- | --- |
| | Val Verde, California,
Unified School District Financing Authority, Special Tax Refunding Bonds,
Junior Lien, 6.25%, 10/01/28 | $ 2,245 | $ 1,978,923 |
| | Westminster, California,
Redevelopment Agency, Westminster Commercial Redevelopment Project Number 1,
Subordinate Tax Allocation Bonds (Police Facility), 6.25%, 11/01/39 (a) | 2,350 | 2,464,915 |
| | | | 111,741,086 |
| Education
- 14.1 | California Educational
Facilities Authority Revenue Bonds (University of Southern California),
Series A, 5.25%, 10/01/39 | 6,900 | 7,175,241 |
| | California Infrastructure
and Economic Development Bank Revenue Bonds (J. David Gladstone Institute
Project), 5.25%, 10/01/34 | 15,250 | 13,840,747 |
| | University of California
Revenue Bonds, Series O, 5.75%, 5/15/34 | 5,600 | 5,869,696 |
| | | | 26,885,684 |
| Healthcare
- 14.9% | California Infrastructure
and Economic Development Bank Revenue Bonds (Kaiser Hospital Assistance
I-LLC), Series A, 5.55%, 8/01/31 | 13,500 | 12,492,900 |
| | California Statewide
Communities Development Authority Revenue Bonds (Catholic Healthcare West),
Series B, 5.50%, 7/01/30 | 3,000 | 2,852,250 |
| | California Statewide
Communities Development Authority Revenue Bonds (Catholic Healthcare West),
Series E, 5.50%, 7/01/31 | 2,000 | 1,885,100 |
| | California Statewide
Communities Development Authority Revenue Bonds (Daughters of Charity
National Health System), Series A, 5.25%, 7/01/30 | 2,000 | 1,396,220 |
| | California Statewide
Communities Development Authority Revenue Bonds (Sutter Health), Series B, 5.625%,
8/15/42 | 10,000 | 9,699,300 |
| | | | 28,325,770 |
| Housing -
3.5% | San Jose, California, M/F
Housing Revenue Bonds (Villages Parkway Senior Apartments Housing Project),
AMT, Series D, 5.50%, 4/01/34 (i) | 3,595 | 3,585,150 |
| | Santa Clara County,
California, Housing Authority, M/F Housing Revenue Bonds (John Burns Gardens
Apartments Project), AMT, Series A, 5.85%, 8/01/31 | 1,715 | 1,725,702 |
| | Santa Clara County,
California, Housing Authority, M/F Housing Revenue Bonds (Rivertown
Apartments Project), AMT, Series A, 6%, 8/01/41 | 1,235 | 1,247,227 |
| | | | 6,558,079 |
| State -
10.5% | California State, GO,
6.50%, 4/01/33 | 9,700 | 10,596,377 |
| | California State Public
Works Board, Lease Revenue Bonds (Department of Developmental Services -
Porterville Project), Series C, 6%, 4/01/26 | 1,165 | 1,191,143 |
| | California State Public
Works Board, Lease Revenue Bonds (Department of Developmental Services -
Porterville Project), Series C, 6%, 4/01/27 | 1,355 | 1,377,195 |
| | California State Public
Works Board, Lease Revenue Bonds (Department of Education - Riverside Campus
Project), Series B, 6%, 4/01/27 | 1,675 | 1,702,436 |
| | California State Public
Works Board, Lease Revenue Bonds (Department of Education - Riverside Campus
Project), Series B, 6.50%, 4/01/34 | 5,000 | 5,187,200 |
| | | | 20,054,351 |
| Transportation
- 12.8% | Foothill/Eastern Corridor
Agency, California, Toll Road Revenue Refunding Bonds, 5.875%, 7/15/26 (j) | 5,000 | 4,131,200 |
| | Foothill/Eastern Corridor
Agency, California, Toll Road Revenue Refunding Bonds, 6.093%, 1/15/33 (c) | 5,000 | 512,800 |

3

| BlackRock California Municipal
Income Trust | |
| --- | --- |
| Schedule
of Investments April 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) |

| | Municipal
Bonds | Par (000) | Value |
| --- | --- | --- | --- |
| | Foothill/Eastern Corridor
Agency, California, Toll Road Revenue Refunding Bonds, 6.095%, 1/15/34 (c) | $ 5,000 | $ 455,000 |
| | Foothill/Eastern Corridor
Agency, California, Toll Road Revenue Refunding Bonds, 6.177%, 1/15/35 (c) | 13,445 | 1,110,288 |
| | Foothill/Eastern Corridor
Agency, California, Toll Road Revenue Refunding Bonds, 6.097%, 1/15/38 (c) | 1,000 | 79,660 |
| | Foothill/Eastern Corridor
Agency, California, Toll Road Revenue Refunding Bonds, 5.75%, 1/15/40 | 10,030 | 7,200,738 |
| | Port of Oakland,
California, Revenue Bonds, AMT, Series K, 5.75%, 11/01/29 (d)(e) | 3,970 | 3,569,109 |
| | Port of Oakland,
California, Revenue Refunding Bonds, AMT, Series L, 5.375%, 11/01/27 (d)(e) | 3,710 | 3,246,435 |
| | San Francisco, California,
City and County Airport Commission, International Airport Revenue Refunding
Bonds, AMT, Second Series, 6.75%, 5/01/19 | 3,775 | 3,942,836 |
| | | | 24,248,066 |
| Utilities
- 9.2% | Calleguas-Las Virgenes,
California, Public Financing Authority Revenue Bonds (Calleguas Municipal
Water District Project), Series A, 5.125%, 7/01/32 (d)(e) | 5,475 | 5,482,720 |
| | Eastern Municipal Water
District, California, Water and Sewer, COP, Series H, 5%, 7/01/33 | 8,355 | 8,048,121 |
| | Los Angeles, California,
Department of Water and Power, Waterworks Revenue Bonds, Series A, 5.375%,
7/01/34 | 1,400 | 1,419,390 |
| | Los Angeles, California,
Department of Water and Power, Waterworks Revenue Bonds, Series A, 5.375%,
7/01/38 | 1,800 | 1,823,562 |
| | Richmond, California,
Wastewater Revenue Bonds, 5.759%, 8/01/31 (c)(d)(k) | 1,905 | 615,791 |
| | | | 17,389,584 |
| | Total
Municipal Bonds in California | | 242,808,746 |
| Multi-State
- 9.5% | | | |
| Housing -
9.5% | Charter Mac Equity Issuer
Trust, 6.30%, 6/30/49 (l)(m) | 7,000 | 7,037,450 |
| | Charter Mac Equity Issuer
Trust, 6.80%, 11/30/50 (l)(m) | 4,000 | 4,157,760 |
| | MuniMae TE Bond Subsidiary
LLC, 6.30%, 6/30/49 (l)(m) | 7,000 | 4,899,090 |
| | MuniMae TE Bond Subsidiary
LLC, 6.80%, 6/30/50 (l)(m) | 3,000 | 1,949,610 |
| | Total Municipal
Bonds in Multi-State | | 18,043,910 |
| California
- 20.9% | Municipal
Bonds Transferred to Tender Option Bond Trusts (n) | | |
| County/City/Special
District/School District - 15.5% | Mount San Antonio Community
College District, California, GO (Election of 2001), Series C, 5%, 9/01/31
(h) | 10,770 | 10,584,325 |
| | San Diego, California,
Community College District, GO (Election of 2006), 5%, 8/01/32 (h) | 9,000 | 8,793,630 |
| | Santa Clara County,
California, Financing Authority, Lease Revenue Refunding Bonds, Series L,
5.25%, 5/15/36 | 10,000 | 9,942,469 |
| | | | 29,320,424 |

4

| BlackRock California Municipal
Income Trust | |
| --- | --- |
| Schedule
of Investments April 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) |

| Education
- 5.4% | Municipal
Bonds Transferred to Tender Option Bond Trusts (n) — California Educational
Facilities Authority Revenue Bonds (Stanford University), Series Q, 5.25%,
12/01/32 | Par (000) — $ 10,000 | Value — $ 10,242,519 | |
| --- | --- | --- | --- | --- |
| | Total
Municipal Bonds Transferred to Tender Option Bond Trusts - 20.9% | | 39,562,943 | |
| | Total
Long-Term Investments (Cost - $319,013,483 ) - 158.3% | | 300,415,599 | |
| | Short-Term
Securities | | | |
| California
- 3.2% | Los Angeles County,
California, Metropolitan Transportation Authority, Sales Tax Revenue
Refunding Bonds, Proposition C, VRDN, Second Senior Series A, 6%, 5/07/09
(e)(q) | 6,000 | 6,000,000 | |
| | | Shares | | |
| Money
Market Fund - 4.7% | CMA California Municipal
Money Fund, 0.26% (o)(p) | 8,928,562 | 8,928,562 | |
| | Total
Short-Term Securities (Cost - $14,928,562) - 7.9% | | 14,928,562 | |
| | Total
Investments (Cost - $333,942,045*) - 166.2% | | 315,344,161 | |
| | Other
Assets Less Liabilities - 1.0% | | 1,963,030 | |
| | Liability
for Trust Certificates, Including Interest Expense Payable and Fees Payable -
(14.0)% | | (26,590,491 | ) |
| | Preferred
Shares, at Redemption Value - (53.2)% | | (100,909,852 | ) |
| | Net
Assets Applicable to Common Shares - 100.0% | | $ 189,806,848 | |

• The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized
appreciation	$ 3,135,563
Gross unrealized
depreciation	(22,076,399	)
Net unrealized
depreciation	$ (18,940,836	)

(a)	Assured Guaranty Insured.
(b)	AMBAC Insured.
(c)	Represents a zero-coupon
bond. Rate shown reflects the current yield as of report date.
(d)	FGIC Insured.
(e)	NPFGC Insured.
(f)	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.
(g)	XL Capital Insured.
(h)	FSA Insured.
(i)	FNMA Collateralized.
(j)	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 effective
yield as of report date.
(k)	Security is collateralized
by Municipal or US Treasury Obligations.
(l)	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.
(m)	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.

5

| BlackRock California Municipal
Income Trust |
| --- |
| Schedule of Investments
April 30, 2009 (Unaudited) |

| (n) | 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. |
| --- | --- |
| (o) | 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 — CMA California Municipal Money Fund	(8,527,574	)	Income — $ 73,923

| (p) | Represents the current
yield as of report date. |
| --- | --- |
| (q) | Rate shown is as of report
date and maturity shown is the final maturity date or the date the principal
owed can be recovered through demand. |
| • | The Trust adopted
Financial Accounting Standards Board Statement of Financial Accounting
Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies
the definition of fair value, establishes a framework for measuring fair
values and requires additional disclosures about the use of fair value
measurements. Various inputs are used in determining the fair value of
investments, which are as follows: |

| | Level 1 - price quotations
in active markets/exchanges for identical securities |
| --- | --- |
| • | 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 in markets that are not active, inputs other than quoted
prices that are unobservable 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 circumstance, to the
extent observable inputs are not available (including the Trust’s own
assumption used in determining the fair value of investments) |
| 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 semi-annual report. | |
| The following table summarizes
the inputs used as of April 30, 2009 in determining the fair valuation of the
Trust’s investments: | |

Valuation Inputs	Investments in Securities
	Assets
Level 1	$ 8,928,562
Level 2	306,415,599
Level 3	—
Total	$ 315,344,161

6

end of report

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/ Donald C. Burke |
| | | Donald C. Burke |
| | | Chief Executive Officer of |
| | | BlackRock California Municipal Income Trust |
| | Date: June 19, 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/ Donald C. Burke |
| | | Donald C. Burke |
| | | Chief Executive Officer (principal executive officer) of |
| | | BlackRock California Municipal Income Trust |
| | Date: June 19, 2009 | |
| | By: | /s/ Neal J. Andrews |
| | | Neal J. Andrews |
| | | Chief Financial Officer (principal financial officer) of |
| | | BlackRock California Municipal Income Trust |
| | Date: June 19, 2009 | |