Regulatory Filings • Dec 22, 2011
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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 52 nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2012
Date of reporting period: 10/31/2011
Item 1 – Schedule of Investments
insert
| Schedule of Investments October 31, 2011
(Unaudited) |
| --- |
| (Percentages shown are based on Net Assets) |
| Municipal Bonds | Par (000) | Value |
|---|---|---|
| California 102.6% | ||
| Corporate 0.2% | ||
| City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series A, 5.88%, 2/15/34 | $ 680 | $ 750,502 |
| County/City/Special District/School District 34.2% | ||
| Butte-Glenn Community College District, GO, Election of 2002, Series C, 5.50%, 8/01/30 | 8,425 | 9,450,238 |
| California State Public Works Board, RB, Various Capital Projects, Sub-Series I-1, 6.63%, 11/01/34 | 8,000 | 8,943,600 |
| Cerritos Community College District, GO, Election of 2004, Series C, 5.25%, 8/01/31 | 3,000 | 3,239,280 |
| City of Los Angeles, RB, Series A, 5.00%, 6/01/39 | 2,000 | 2,105,580 |
| City of San Jose California, RB, Convention Center Expansion & Renovation Project: | ||
| 6.13%, 5/01/31 | 500 | 529,715 |
| 6.50%, 5/01/36 | 1,210 | 1,302,323 |
| 6.50%, 5/01/42 | 2,225 | 2,381,151 |
| County of Kern California, COP, Capital Improvements Projects, Series A (AGC), 6.00%, 8/01/35 | 2,000 | 2,224,180 |
| El Dorado Union High School District, GO, Election of 2008, 5.00%, 8/01/35 | 5,020 | 5,421,901 |
| Evergreen Elementary School District, GO, Election of 2006, Series B (AGC), 5.13%, 8/01/33 | 2,500 | 2,641,300 |
| Grossmont Healthcare District, GO, Election of 2006, Series B, 6.13%, 7/15/40 | 2,000 | 2,255,660 |
| Long Beach Unified School District California, GO, Refunding, Election of 2008, Series A, 5.75%, 8/01/33 | 4,135 | 4,575,129 |
| Los Alamitos Unified School District California, GO, School Facilities Improvement District No. 1, 5.50%, 8/01/33 | 5,710 | 6,236,519 |
| Municipal Bonds | Par (000) | Value |
|---|---|---|
| California (continued) | ||
| County/City/Special | ||
| District/School District (continued) | ||
| Los Angeles Municipal Improvement Corp., Refunding RB, Real Property, Series B (AGC), 5.50%, 4/01/30 | $ 4,975 | $ 5,288,823 |
| Modesto Irrigation District, COP, Capital Improvements, Series A: | ||
| 5.75%, 10/01/29 | 3,000 | 3,241,980 |
| 5.75%, 10/01/34 | 180 | 191,365 |
| Oak Grove School District California, GO, Election of 2008, Series A, 5.50%, 8/01/33 | 6,000 | 6,602,700 |
| Orange County Sanitation District, COP (NPFGC), 5.00%, 2/01/33 | 3,600 | 3,660,660 |
| Orange County Water District, COP, Refunding, 5.25%, 8/15/34 | 2,000 | 2,202,280 |
| Pico Rivera Public Financing Authority, RB, 5.75%, 9/01/39 | 2,000 | 2,096,080 |
| Pittsburg Unified School District, GO, Election 2006, Series B (FSA), 5.50%, 8/01/34 | 2,000 | 2,170,880 |
| San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 | 1,500 | 1,634,220 |
| San Diego Regional Building Authority California, RB, County Operations Center & Annex Series A, 5.38%, 2/01/36 | 6,500 | 6,955,910 |
| San Jose Financing Authority, Refunding RB, Civic Center Project, Series B (AMBAC), 5.00%, 6/01/37 | 6,000 | 6,013,080 |
| San Leandro Unified School District California, GO: | ||
| Election | ||
| of 2006, Series B (AGM), 6.25%, 8/01/29 | 1,150 | 1,298,028 |
| Election | ||
| of 2010, Series A, 5.75%, 8/01/41 | 3,060 | 3,361,502 |
| Santa Ana Unified School District, GO, Election of 2008, Series A: | ||
| 5.50%, 8/01/30 | 6,455 | 6,912,014 |
| 5.13%, 8/01/33 | 10,000 | 10,418,700 |
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. |
|---|---|
| AGM | Assured Guaranty Municipal |
| Corp. | |
| AMBAC | American Municipal Bond |
| Assurance Corp. | |
| AMT | Alternative Minimum Tax |
| (subject to) | |
| COP | Certificates of |
| Participation | |
| FSA | Financial Security |
| Assurance Inc. | |
| GO | General Obligation Bonds |
| LRB | Lease Revenue Bonds |
| NPFGC | National Public Finance |
| Guarantee Corp. | |
| RB | Revenue Bonds |
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST OCTOBER 31, 2011 1
| Schedule of Investments (continued) |
|---|
| (Percentages shown are based on Net Assets) |
| Municipal Bonds | Par (000) | Value |
|---|---|---|
| California (continued) | ||
| County/City/Special | ||
| District/School District (concluded) | ||
| Santa Clara County Financing Authority, Refunding LRB, Series L, 5.25%, 5/15/36 | $ 21,000 | $ 22,016,610 |
| Santa Cruz County Redevelopment Agency California, Tax Allocation Bonds, Live Oak/Soquel Community Improvement, Series A: | ||
| 6.63%, 9/01/29 | 1,000 | 1,106,220 |
| 7.00%, 9/01/36 | 1,700 | 1,900,464 |
| Snowline Joint Unified School District, California COP, Refunding, Refining Project (AGC), 5.75%, 9/01/38 | 2,250 | 2,447,730 |
| Torrance Unified School District California, GO, Election of 2008, Measure Z, 6.00%, 8/01/33 | 4,000 | 4,505,600 |
| Tustin Unified School District, GO, Election of 2008, Series B, 5.25%, 8/01/31 | 3,445 | 3,748,987 |
| Westminster Redevelopment Agency California, Tax Allocation Bonds, Subordinate, Commercial, Redevelopment Project No. 1 (AGC), 6.25%, 11/01/39 | 7,750 | 8,914,903 |
| 157,995,312 | ||
| Education 2.3% | ||
| Belmont-Redwood Shores California School District, GO, Election 2010 Series A, 5.00%, 8/01/41 | 3,125 | 3,242,000 |
| California Educational Facilities Authority, Refunding RB, San Francisco University, 6.13%, 10/01/36 | 6,280 | 6,972,056 |
| University of California, RB, Series O, 5.38%, 5/15/34 | 460 | 500,186 |
| 10,714,242 | ||
| Health 19.5% | ||
| ABAG Finance Authority for Nonprofit Corps, Refunding RB, Sharp Healthcare: | ||
| 6.38%, 8/01/34 | 3,055 | 3,162,964 |
| 6.25%, 8/01/39 | 3,760 | 4,028,652 |
| Series A, 6.00%, 8/01/30 | 2,250 | 2,438,010 |
| The | ||
| Jackson Laboratory, Refunding RB, 5.75%, 7/01/37 | 650 | 658,079 |
| California Health Facilities Financing Authority, RB: | ||
| Adventist | ||
| Health System-West, 5.75%, 9/01/39 | 6,475 | 6,735,036 |
| Catholic | ||
| Healthcare West, Series J, 5.63%, 7/01/32 | 8,300 | 8,524,349 |
| Childrens | ||
| Hospital, Series A, 5.25%, 11/01/41 (a) | 4,000 | 3,928,840 |
| Providence | ||
| Health, 6.50%, 10/01/18 (b) | 25 | 32,477 |
| Municipal Bonds | Par (000) | Value |
|---|---|---|
| California (continued) | ||
| Health (concluded) | ||
| California Health Facilities Financing Authority, RB (concluded): | ||
| Sutter | ||
| Health, Series A, 5.25%, 11/15/46 | $ 5,000 | $ 4,990,300 |
| California Health Facilities Financing Authority, Refunding RB: | ||
| Catholic | ||
| Healthcare West, Series A, 6.00%, 7/01/29 | 1,000 | 1,087,500 |
| Catholic | ||
| Healthcare West, Series A, 6.00%, 7/01/34 | 4,400 | 4,735,016 |
| Catholic | ||
| Healthcare West, Series A, 6.00%, 7/01/39 | 2,750 | 2,942,995 |
| Providence | ||
| Health, 6.50%, 10/01/38 | 4,090 | 4,615,401 |
| Sutter | ||
| Health, Series B, 6.00%, 8/15/42 | 6,015 | 6,558,636 |
| California Statewide Communities Development Authority, Catholic Healthcare West, Refunding RB: | ||
| Series B, 5.50%, 7/01/30 | 2,980 | 3,082,214 |
| Series E, 5.50%, 7/01/31 | 4,255 | 4,394,564 |
| California Statewide Communities Development Authority, RB Series A: | ||
| Health | ||
| Facility Memorial | ||
| Health | ||
| Services, 5.50%, 10/01/33 | 8,310 | 8,372,574 |
| Kaiser | ||
| Permanente, 5.50%, 11/01/32 | 11,090 | 11,144,563 |
| California Statewide Communities Development Authority, Refunding RB: | ||
| Kaiser, | ||
| Series C, 5.25%, 8/01/31 | 2,000 | 2,031,720 |
| Trinity | ||
| Health, 5.00%, 12/01/41 | 4,000 | 3,975,200 |
| Grossmont Healthcare District, GO, Election of 2006, Series B, 6.00%, 7/15/34 | 2,275 | 2,554,120 |
| 89,993,210 | ||
| Housing 0.9% | ||
| California Statewide Communities Development Authority, Multifamily Housing Revenue Bond Pass-Through Certificates, RB, Series 3, Westgate Courtyards Apartments, Mandatory Put Bonds, AMT, 5.80%, 11/01/34 (c) | 2,160 | 2,132,870 |
| City of Los Angeles, Multifamily Housing Revenue Bond Pass-Through Certificates, RB, Series 5, San Lucas Apartments, AMT, 5.95%, 11/01/34 (c) | 2,015 | 2,015,343 |
| 4,148,213 |
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST OCTOBER 31, 2011 2
| Schedule of Investments (continued) |
|---|
| (Percentages shown are based on Net Assets) |
| Municipal Bonds | Par (000) | Value |
|---|---|---|
| California (continued) | ||
| State 7.4% | ||
| California State Public Works Board, RB: | ||
| Department | ||
| of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34 | $ 9,000 | $ 9,921,240 |
| Various | ||
| Capital Projects Sub-Series I-1, 6.38%, 11/01/34 | 5,025 | 5,522,927 |
| State of California, GO, Various Purpose: | ||
| 6.00%, 3/01/33 | 5,000 | 5,627,000 |
| 6.50%, 4/01/33 | 5,985 | 6,978,570 |
| State of California, GO, Various Purpose, Various Purpose, 6.00%, 4/01/38 | 5,370 | 5,944,268 |
| 33,994,005 | ||
| Transportation 11.9% | ||
| City of San Jose California, RB, AMT Series A-1: | ||
| 5.75%, 3/01/34 | 2,215 | 2,312,327 |
| 6.25%, 3/01/34 | 2,650 | 2,863,643 |
| County of Orange California, RB, Series B, 5.75%, 7/01/34 | 8,000 | 8,682,000 |
| County of Sacramento California, RB: | ||
| Airport | ||
| System & PFC/Grant, Series D, 6.00%, 7/01/35 | 3,000 | 3,224,310 |
| Senior | ||
| Series B, 5.75%, 7/01/39 | 1,850 | 1,958,854 |
| Los Angeles Department of Airports, RB: | ||
| Los | ||
| Angeles International Airport, Series D, 5.00%, 5/15/30 | 1,000 | 1,065,010 |
| Series | ||
| A, 5.00%, 5/15/34 | 6,000 | 6,311,280 |
| Los Angeles Department of Airports, Refunding RB: | ||
| Los | ||
| Angeles International Airport, Sub-Series C, 5.25%, 5/15/38 | 1,330 | 1,391,300 |
| Senior, | ||
| Los Angeles International Airport, Series A, 5.00%, 5/15/40 | 5,000 | 5,262,450 |
| Los Angeles Harbor Department, RB, Series B, 5.25%, 8/01/34 | 5,530 | 5,982,575 |
| Palm Springs Unified School District, GO, Election of 2004, Series A (AGM), 5.00%, 8/01/31 | 5,000 | 5,230,800 |
| San Francisco City & County Airports Commission, RB, Series E, 6.00%, 5/01/39 | 6,750 | 7,506,405 |
| San Joaquin County Transportation Authority, RB, Limited Tax, Measure K, Series A, 6.00%, 3/01/36 | 2,880 | 3,288,643 |
| 55,079,597 | ||
| Utilities 26.2% | ||
| Anaheim Public Financing Authority, RB: | ||
| Anaheim | ||
| Electric System Distribution, 5.25%, 10/01/39 | 1,500 | 1,594,515 |
| Municipal Bonds | Par (000) | Value |
|---|---|---|
| California (continued) | ||
| Utilities (continued) | ||
| Anaheim Public Financing Authority, RB (concluded): | ||
| Electric | ||
| System Distribution Facilities, Series A, 5.38%, 10/01/36 | $ 7,690 | $ 8,336,729 |
| California Infrastructure & Economic Development Bank, RB, California Independent System Operator, Series A, 6.25%, 2/01/39 | 5,500 | 5,907,935 |
| Calleguas-Las Virgines Public Financing Authority California, RB, Calleguas Municipal Water District Project, Series A (NPFGC), 5.13%, 7/01/32 | 5,475 | 5,717,926 |
| City of Chula Vista California, San Diego Gas & Electric, Refunding RB: | ||
| Series D, 5.88%, 1/01/34 | 2,500 | 2,759,200 |
| Series E, 5.88%, 1/01/34 | 6,500 | 7,173,920 |
| City of Los Angeles California, Refunding RB, Sub-Series A, 5.00%, 6/01/32 | 4,000 | 4,279,040 |
| City of Petaluma California, Refunding RB, 6.00%, 5/01/36 | 5,625 | 6,392,588 |
| Dublin-San Ramon Services District, Refunding RB, 6.00%, 8/01/41 | 2,425 | 2,678,243 |
| East Bay Municipal Utility District, RB, Series A (NPFGC), 5.00%, 6/01/32 | 4,660 | 4,924,408 |
| Los Angeles Department of Water & Power, RB: | ||
| Power | ||
| System, Sub-Series A-1, 5.25%, 7/01/38 | 11,215 | 11,980,312 |
| Series | ||
| A, 5.38%, 7/01/34 | 3,050 | 3,332,735 |
| System | ||
| Series A, 5.25%, 7/01/39 | 4,000 | 4,357,880 |
| System | ||
| Series A, 5.00%, 7/01/41 | 4,740 | 4,981,550 |
| Los Angeles Department of Water & Power, Refunding RB, Power System, Sub-Series A-2, 5.00%, 7/01/30 | 2,200 | 2,250,974 |
| San Diego County Water Authority, COP, Series A, 5.00%, 5/01/32 | 1,850 | 1,873,717 |
| San Diego Public Facilities Financing Authority, Senior, Series A, 5.25%, 5/15/34 | 9,520 | 10,134,706 |
| San Diego Public Facilities Financing Authority, Refunding RB, Series A, 5.25%, 8/01/38 | 3,255 | 3,483,468 |
| San Francisco City & County Public Utilities Commission, RB: | ||
| Local | ||
| Water Main, Sub-Series C, 5.00%, 11/01/30 | 1,120 | 1,216,376 |
| Local | ||
| Water Main, Sub-Series C, 5.00%, 11/01/36 | 1,000 | 1,055,580 |
| Series | ||
| A, (NPFGC), 5.00%, 11/01/32 | 4,000 | 4,031,800 |
| WSIP | ||
| Sub-Series A, 5.00%, 11/01/28 | 5,000 | 5,486,600 |
| WSIP | ||
| Sub-Series A, 5.00%, 11/01/37 | 5,695 | 6,002,074 |
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST OCTOBER 31, 2011 3
| Schedule of Investments (continued) |
|---|
| (Percentages shown are based on Net Assets) |
| Municipal Bonds | Par (000) | Value |
|---|---|---|
| California (concluded) | ||
| Utilities (concluded) | ||
| San Francisco City & County Public Utilities Commission, Refunding RB, Series A, 5.00%, 11/01/35 | $ 10,625 | $ 11,168,044 |
| 121,120,320 | ||
| Total | ||
| Municipal Bonds in California | 473,795,401 | |
| Multi-State 1.8% | ||
| Housing 1.8% | ||
| Centerline Equity Issuer Trust(d)(e): | ||
| 5.75%, 5/15/15 | 500 | 535,405 |
| 6.00%, 5/15/15 | 1,500 | 1,622,355 |
| 6.00%, 5/15/19 | 1,000 | 1,097,980 |
| 6.30%, 5/15/19 | 1,000 | 1,101,570 |
| 7.20%, 11/15/52 | 3,500 | 3,822,385 |
| 8,179,695 | ||
| Total Municipal Bonds in Multi-State | 8,179,695 | |
| Total Municipal Bonds 104.4% | 481,975,096 |
| Municipal
Bonds Transferred to Tender Option Bond (TOB) Trusts (f) | | |
| --- | --- | --- |
| California 61.8% | | |
| County/City/Special District/School District 24.5% | | |
| Los Angeles Community College District California, GO: | | |
| Election
of 2001, Series A (AGM), 5.00%, 8/01/32 | 8,000 | 8,394,240 |
| Election
of 2008, Series A, 6.00%, 8/01/33 | 20,131 | 22,948,150 |
| Election
of 2008, Series C, 5.25%, 8/01/39 | 12,900 | 14,109,762 |
| Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34 | 5,000 | 5,283,100 |
| Mount San Antonio Community College District California, GO, Election of 2001, Series C (AGM), 5.00%, 9/01/31 | 10,770 | 11,190,461 |
| Ohlone Community College District, GO, Ohlone, Series B (AGM), 5.00%, 8/01/30 | 12,499 | 12,841,537 |
| San Bernardino Community College District California, GO, Election of 2002, Series C (AGM), 5.00%, 8/01/31 | 2,000 | 2,056,840 |
| San Diego Community College District California, GO: | | |
| Election
of 2002, 5.25%, 8/01/33 | 10,484 | 11,422,455 |
| Election
of 2006 (AGM), 5.00%, 8/01/32 | 9,000 | 9,528,750 |
| Municipal
Bonds Transferred to Tender Option Bond (TOB) Trusts (f) | Par (000) | Value |
| --- | --- | --- |
| California (continued) | | |
| County/City/Special District/School District
(concluded) | | |
| San Jose Unified School District Santa Clara County California, GO, Election of 2002, Series D, 5.00%, 8/01/32 | $ 14,625 | $ 15,192,275 |
| | | 112,967,570 |
| Education 11.8% | | |
| California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/39 | 10,395 | 11,231,694 |
| Grossmont Union High School District California, GO, Election of 2004, 5.00%, 8/01/33 | 13,095 | 13,610,612 |
| Mount Diablo California Uniform School District, GO, Election of 2002, 5.00%, 6/01/31 | 4,000 | 4,078,600 |
| San Mateo County Community College District, GO, Election of 2005, Series B, 5.00%, 9/01/31 | 8,630 | 9,090,669 |
| University of California, RB: | | |
| Limited
Project, Series D (AGM), 5.00%, 5/15/41 | 2,600 | 2,681,042 |
| Series
O, 5.75%, 5/15/34 | 12,300 | 13,765,176 |
| | | 54,457,793 |
| Utilities 25.5% | | |
| California State Department of Water Resources, Refunding RB, Central Valley Project, Series AE, 5.00%, 12/01/29 | 7,000 | 7,565,390 |
| City of Napa California, RB (AMBAC), 5.00%, 5/01/35 | 3,000 | 3,118,260 |
| East Bay Municipal Utility District, RB, Sub-Series A (NPFGC), 5.00%, 6/01/35 | 3,000 | 3,221,070 |
| Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/33 | 18,002 | 18,704,016 |
| Los Angeles Department of Water & Power, RB: | | |
| Power
System, Sub-Series A-1 (AMBAC), 5.00%, 7/01/37 | 15,998 | 16,562,824 |
| System,
Sub-Series A-2 (AGM), 5.00%, 7/01/35 | 2,000 | 2,063,640 |
| Metropolitan Water District of Southern California, RB, Series A, 5.00%, 7/01/37 | 11,180 | 11,776,006 |
| Orange County Sanitation District, COP, Series B (AGM), 5.00%, 2/01/37 | 14,700 | 15,332,394 |
| Orange County Water District, COP, Refunding, 5.00%, 8/15/39 | 10,480 | 11,113,935 |
| San Diego County Water Authority, COP, Refunding, Series 2008-A (AGM), 5.00%, 5/01/33 | 14,290 | 14,984,065 |
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST OCTOBER 31, 2011 4
| Schedule of Investments (continued) |
|---|
| (Percentages shown are based on Net Assets) |
| Municipal
Bonds Transferred to Tender Option Bond (TOB) Trusts (f) | Par (000) | Value |
| --- | --- | --- |
| California (concluded) | | |
| Utilities (concluded) | | |
| San Diego Public Facilities Financing Authority, Refunding RB, Senior Series A, 5.25%, 5/15/39 | $ 12,457 | $ 13,187,988 |
| | | 117,629,588 |
| Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts 61.8% | | 285,054,951 |
| Total
Long-Term Investments (Cost $731,470,661) 166.2% | | 767,030,047 |
| Short-Term
Securities — BIF California Municipal Money Fund, 0.00% (g)(h) | 4,361,179 | 4,361,179 | |
| --- | --- | --- | --- |
| Total
Short-Term Securities (Cost $4,361,179) 0.9% | | 4,361,179 | |
| Total
Investments (Cost - $735,831,840*) 167.1% | | 771,391,226 | |
| Other Assets Less Liabilities 1.0% | | 4,669,558 | |
| Liability for TOB Trust Certificates, Including
Interest Expense and Fees Payable (31.0)% | | (143,139,766 | ) |
| AMPS, at Redemption Value (37.1)% | | (171,329,007 | ) |
| Net Assets Applicable to Common Shares 100.0% | $ | 461,592,011 | |
| Aggregate cost | $ | |
|---|---|---|
| Gross unrealized | ||
| appreciation | $ 35,875,573 | |
| Gross unrealized | ||
| depreciation | (813,378 | ) |
| Net unrealized appreciation | $ 35,062,195 |
(a) When-issued security. Unsettled when-issued transactions were as follows:
| Counterparty | Value | Unrealized Appreciation |
|---|---|---|
| Morgan Stanley Co,. Inc. | $ 3,928,840 | $ 17,520 |
| (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) | Variable rate security.
Rate shown is as of report date. |
| (d) | 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. |
| (e) | Security exempt from
registration pursuant to Rule 144A under the Securities Act of 1933. These
securities may be resold in transactions exempt from registration to
qualified institutional investors. |
| (f) | Securities represent bonds
transferred to a TOB in exchange for which the Trust acquired residual
interest certificates. These securities serve as collateral in a financing
transaction. |
| (g) | Investments in companies
considered to be an affiliate of the Trust during the period, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as
follows: |
| Affiliate — BIF California Municipal Money Fund | 2,720,243 | 1,640,936 | 4,361,179 | Income — $ |
|---|---|---|---|---|
| (h) | Represents the current
yield as of report date. | |
| --- | --- | --- |
| | For Trusts compliance
purposes, the Trusts sector classifications refer to any one or more of the
sector sub-classifications used by one or more widely recognized market
indexes or ratings group indexes, and/or as defined by Trust management.
These definitions may not apply for purposes of this report, which may
combine such sector sub-classifications for reporting ease. | |
| | Fair Value Measurements -
Various inputs are used in determining the fair value of investments. These
inputs are categorized into a disclosure hierarchy consisting of three broad
levels for financial reporting purposes as follows: | |
| | | Level 1 unadjusted 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 Trusts own
assumptions used in determining the fair value of investments) |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Trusts perceived risk of investing in those securities. For information about the Trusts policy regarding valuation of investments and other significant accounting policies, please refer to the Trusts most recent financial statements as contained in its annual report.
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST OCTOBER 31, 2011 5
Schedule of Investments (concluded) BlackRock California Municipal Income Trust (BFZ)
The following table summarizes the inputs used as of October 31, 2011 in determining the fair valuation of the Trusts investments:
| Valuation Inputs | Level 1 | Level 2 | Total | |
|---|---|---|---|---|
| Assets: | ||||
| Investments: | ||||
| Long-Term Investments 1 | | $ 767,030,047 | | $ 767,030,047 |
| Short-Term Securities | $ 4,361,179 | | | 4,361,179 |
| Total | $ 4,361,179 | $ 767,030,047 | | $ 771,391,226 |
1 See above Schedule of Investments for values in each sector.
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST OCTOBER 31, 2011 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 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: December 21, 2011 | ||
| 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: December 21, 2011 | ||
| By: | /s/ Neal J. Andrews | |
| Neal J. Andrews | ||
| Chief Financial Officer (principal financial officer) of | ||
| BlackRock California Municipal Income Trust | ||
| Date: December 21, 2011 |
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