BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

Regulatory Filings • Jun 27, 2011

N-Q 1 i00265_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: 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: 07/31/2011

Date of reporting period: 04/30/2011

Item 1 – Schedule of Investments

insert

Schedule of Investments April 30, 2011 (Unaudited) BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets)

| Municipal
Bonds | Par (000) | Value |
| --- | --- | --- |
| California — 100.9% | | |
| Corporate — 0.2% | | |
| City of Chula Vista California, RB, San Diego Gas, Series D, AMT (AMBAC), 5.00%, 12/01/27 | $ 330 | $ 327,050 |
| City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series A, 5.88%, 2/15/34 | 680 | 708,138 |
| | | 1,035,188 |
| County/City/Special District/School
District — 38.9 % | | |
| Butte-Glenn Community College District, GO, Election of 2002, Series C, 5.50%, 8/01/30 | 8,425 | 9,084,340 |
| California State Public Works Board, RB, Various Capital Projects, Sub-Series I-1, 6.63%, 11/01/34 | 8,000 | 8,438,160 |
| Central Unified School District, GO, Election of 2008, Series A (AGC), 5.63%, 8/01/33 | 400 | 406,428 |
| Cerritos Community College District, GO, Election of 2004, Series C, 5.25%, 8/01/31 | 3,000 | 3,070,350 |
| City & County of San Francisco California, COP, Refunding, Series A, 5.00%, 10/01/31 | 7,730 | 7,527,088 |
| City of Los Angeles California, Refunding RB, Series A, 5.00%, 6/01/39 | 2,000 | 1,976,100 |
| City of San Jose California, RB, Convention Center Expansion & Renovation Project: | | |
| 6.13%, 5/01/31 | 500 | 503,155 |
| 6.50%, 5/01/36 | 1,210 | 1,221,507 |
| 6.50%, 5/01/42 | 2,225 | 2,233,099 |
| County of Kern California, COP, Capital Improvements Projects, Series A (AGC), 6.00%, 8/01/35 | 2,000 | 2,123,140 |
| El Dorado Union High School District, GO, Election of 2008, 5.00%, 8/01/35 | 5,020 | 5,093,945 |
| Evergreen Elementary School District, GO, Election of 2006, Series B (AGC), 5.13%, 8/01/33 | 2,500 | 2,503,975 |
| Grossmont Healthcare District, GO, Election of 2006, Series B, 6.13%, 7/15/40 | 2,000 | 2,102,060 |
| La Quinta Redevelopment Agency, Tax Allocation Bonds, Redevelopment Project Area Number 1 (AMBAC), 5.13%, 9/01/32 | 1,000 | 850,260 |
| Municipal Bonds | Par (000) | Value |
| California (continued) | | |
| County/City/Special District/School District (continued) | | |
| Long Beach Unified School District California, GO, Refunding, Election of 2008, Series A, 5.75%, 8/01/33 | $ 4,135 | $ 4,394,016 |
| Los Alamitos Unified School District California, GO, School Facilities Improvement District No. 1, 5.50%, 8/01/33 | 5,175 | 5,356,022 |
| Los Angeles Municipal Improvement Corp., Refunding RB, Real Property, Series B (AGC), 5.50%, 4/01/30 | 4,975 | 5,106,390 |
| Modesto Irrigation District, COP, Capital Improvements: | | |
| Series A, 5.75%, 10/01/29 | 3,000 | 3,096,060 |
| Series A, 5.75%, 10/01/34 | 155 | 157,354 |
| Series B, 5.50%, 7/01/35 | 3,000 | 2,898,630 |
| Murrieta Valley Unified School District Public Financing Authority, Special Tax Bonds, Refunding, Series A (AGC), 5.13%, 9/01/26 | 1,000 | 1,016,490 |
| Oak Grove School District California, GO, Election of 2008, Series A, 5.50%, 8/01/33 | 6,000 | 6,233,280 |
| Orange County Sanitation District, COP (NPFGC), 5.00%, 2/01/33 | 3,600 | 3,611,916 |
| Orange County Water District, COP, Refunding, 5.25%, 8/15/34 | 2,000 | 2,063,660 |
| Pittsburg Redevelopment Agency, Tax Allocation Bonds, Refunding, Subordinate, Los Medanos Community Project, Series A, 6.50%, 9/01/28 | 5,500 | 5,257,450 |
| Pittsburg Unified School District, GO, Election of 2006, Series B (AGM), 5.50%, 8/01/34 | 2,000 | 2,060,060 |
| Port of Oakland, Refunding RB, Series M, AMT (NPFGC), 5.38%, 11/01/27 | 6,300 | 5,954,067 |
| San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 | 1,500 | 1,524,990 |
| San Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36 | 6,500 | 6,517,810 |
| San Jose Financing Authority, Refunding RB, Civic Center Project, Series B (AMBAC), 5.00%, 6/01/37 | 6,000 | 5,493,660 |

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 |
| GO | General
Obligation Bonds |
| LRB | Lease
Revenue Bonds |
| NPFGC | National
Public Finance Guarantee Corp. |
| RB | Revenue
Bonds |

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST APRIL 30, 2011 1

Schedule of Investments (continued) BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets)

| Municipal
Bonds | Par (000) | Value |
| --- | --- | --- |
| California (continued) | | |
| County/City/Special District/School District (concluded) | | |
| San Leandro Unified School District California, GO, Election of 2006, Series B (AGM), 6.25%, 8/01/29 | $ 1,150 | $ 1,253,983 |
| Santa Ana Unified School District, GO, Election of 2008, Series A: | | |
| 5.50%, 8/01/30 | 6,330 | 6,539,523 |
| 5.13%, 8/01/33 | 10,000 | 9,992,600 |
| Santa Clara County Financing Authority, Refunding LRB, Series L, 5.25%, 5/15/36 | 21,000 | 20,683,110 |
| Santa Cruz County Redevelopment Agency California, Tax Allocation Bonds, Live Oak/Soquel Community Improvement, Series A: | | |
| 6.63%, 9/01/29 | 1,000 | 1,066,770 |
| 7.00%, 9/01/36 | 1,700 | 1,804,363 |
| Snowline Joint Unified School District, COP, Refunding, Refining Project (AGC), 5.75%, 9/01/38 | 2,250 | 2,377,890 |
| Torrance Unified School District California, GO, Election of 2008, Measure Z, 6.00%, 8/01/33 | 4,000 | 4,273,080 |
| Westminster Redevelopment Agency California, Tax Allocation Bonds, Subordinate, Commercial Redevelopment Project No. 1 (AGC), 6.25%, 11/01/39 | 7,750 | 8,435,177 |
| | | 164,301,958 |
| Education — 2.8% | | |
| California Educational Facilities Authority, Refunding RB, San Francisco University, 6.13%, 10/01/36 | 6,280 | 6,457,410 |
| California State University, RB, Systemwide, Series A (AGM), 5.00%, 11/01/39 | 2,400 | 2,167,752 |
| University of California, RB: | | |
| Limited Project, Series D (NPFGC), 5.00%, 5/15/32 | 2,600 | 2,596,568 |
| Series O, 5.38%, 5/15/34 | 460 | 473,754 |
| | | 11,695,484 |
| Health — 17.4% | | |
| ABAG Finance Authority for Nonprofit Corps, Refunding RB, Sharp Healthcare: | | |
| 6.38%, 8/01/34 | 3,055 | 3,076,415 |
| 6.25%, 8/01/39 | 3,760 | 3,749,660 |
| Series A, 6.00%, 8/01/30 | 2,250 | 2,229,480 |
| California Health Facilities Financing Authority, RB: | | |
| Adventist Health System-West, Series A, 5.75%, 9/01/39 | 6,000 | 5,679,300 |
| Catholic Healthcare West, Series J, 5.63%, 7/01/32 | 1,700 | 1,665,864 |
| California Health Facilities Financing Authority, Refunding RB: | | |
| Catholic Healthcare West, Series A, 6.00%, 7/01/29 | 1,000 | 1,020,600 |
| Catholic Healthcare West, Series A, 6.00%, 7/01/34 | 4,400 | 4,439,116 |
| Municipal Bonds | Par (000) | Value |
| California (continued) | | |
| Health (concluded) | | |
| California Health Facilities Financing Authority, Refunding RB (concluded): | | |
| Catholic Healthcare West, Series A, 6.00%, 7/01/39 | $ 2,500 | $ 2,514,175 |
| Providence Health, 6.50%, 10/01/18 (a) | 25 | 31,910 |
| Providence Health, 6.50%, 10/01/38 | 4,090 | 4,372,210 |
| Sutter Health, Series B, 6.00%, 8/15/42 | 6,015 | 6,099,872 |
| California Infrastructure & Economic Development Bank, RB, Kaiser | | |
| Hospital Assistance I-LLC, Series A, 5.55%, 8/01/31 | 10,000 | 9,588,500 |
| California Statewide Communities Development Authority, RB, Series A: | | |
| Health Facility, Memorial Health Services, 5.50%, 10/01/33 | 8,310 | 8,162,581 |
| Kaiser Permanente, 5.50%, 11/01/32 | 11,060 | 10,550,687 |
| California Statewide Communities Development Authority, Refunding RB, Catholic Healthcare West: | | |
| Series B, 5.50%, 7/01/30 | 3,000 | 2,933,730 |
| Series E, 5.50%, 7/01/31 | 5,010 | 4,861,153 |
| Grossmont Healthcare District, GO, Election of 2006, Series B, 6.00%, 7/15/34 | 2,225 | 2,326,749 |
| | | 73,302,002 |
| Housing — 1.0% | | |
| 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 (b) | 2,180 | 2,081,835 |
| City of Los Angeles, Multifamily Housing Revenue Bond Pass-Through Certificates, RB, Series 5, San Lucas Apartments, AMT, 5.95%, 11/01/34 (b) | 2,035 | 1,926,819 |
| | | 4,008,654 |
| State — 8.2% | | |
| California State Public Works Board, RB: | | |
| Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34 | 9,000 | 9,366,120 |
| Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34 | 2,475 | 2,556,898 |
| State of California, GO, Various Purpose, 6.50%, 4/01/33 | 20,500 | 22,518,225 |
| | | 34,441,243 |
| Transportation — 10.2% | | |
| County of Orange California, RB, Series B, 5.75%, 7/01/34 | 8,000 | 8,388,160 |
| County of Sacramento California, RB, Senior Series B, 5.75%, 7/01/39 | 1,850 | 1,864,948 |

2 BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST APRIL 30, 2011

Schedule of Investments (continued) BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets)

| Municipal
Bonds | Par (000) | Value |
| --- | --- | --- |
| California (continued) | | |
| Transportation (concluded) | | |
| Los Angeles Department of Airports, Refunding RB, Los Angeles International Airport, Sub-Series C, 5.25%, 5/15/38 | $ 400 | $ 389,288 |
| Los Angeles Harbor Department, RB, Series B, 5.25%, 8/01/34 | 5,530 | 5,577,447 |
| Palm Springs Unified School District, GO, Election of 2004, Series A (AGM), 5.00%, 8/01/31 | 11,625 | 11,725,673 |
| Port of Oakland, RB, Series K, AMT (NPFGC), 5.75%, 11/01/29 | 5,300 | 5,176,192 |
| San Francisco City & County Airports Commission, RB, Series E, 6.00%, 5/01/39 | 6,750 | 7,072,920 |
| San Joaquin County Transportation Authority, RB, Limited Tax, Measure K, Series A, 6.00%, 3/01/36 | 2,880 | 3,037,306 |
| | | 43,231,934 |
| Utilities — 22.2% | | |
| Anaheim Public Financing Authority, RB, Electric System Distribution Facilities, Series A, 5.38%, 10/01/36 (c) | 5,000 | 5,024,600 |
| California Infrastructure & Economic Development Bank, RB, California Independent System Operator, Series A, 6.25%, 2/01/39 | 5,500 | 5,688,485 |
| Calleguas-Las Virgines Public Financing Authority California, RB, Calleguas Municipal Water District Project, Series A (NPFGC), 5.13%, 7/01/32 | 5,475 | 5,525,315 |
| City of Chula Vista California, Refunding RB, San Diego Gas & Electric: | | |
| Series D, 5.88%, 1/01/34 | 1,000 | 1,041,380 |
| Series E, 5.88%, 1/01/34 | 6,500 | 6,768,970 |
| City of Los Angeles California, Refunding RB, Sub-Series A, 5.00%, 6/01/32 | 4,000 | 4,037,640 |
| City of Petaluma California, Refunding RB, 6.00%, 5/01/36 | 5,625 | 5,923,237 |
| Dublin-San Ramon Services District, Refunding RB, 6.00%, 8/01/41 | 2,425 | 2,503,158 |
| East Bay Municipal Utility District, RB, Series A (NPFGC), 5.00%, 6/01/32 | 4,660 | 4,777,712 |
| El Dorado Irrigation District & El
Dorado Water Agency California, COP, Refunding, Series A, 5.75%, 3/01/24 | 5,000 | 5,472,600 |
| Los Angeles Department of Water & Power, RB: | | |
| Power System, Sub-Series A-1, 5.25%, 7/01/38 | 11,215 | 11,381,431 |
| Series A, 5.38%, 7/01/34 | 3,050 | 3,157,268 |
| Los Angeles Department of Water & Power, Refunding RB, Power System, Sub-Series A-2, 5.00%, 7/01/30 | 2,200 | 2,217,402 |
| San Diego Public Facilities Financing Authority, Refunding RB: | | |
| Senior Series A, 5.25%, 5/15/34 | 9,500 | 9,561,655 |
| Series A, 5.25%, 8/01/38 | 3,255 | 3,280,096 |
| San Francisco City & County Public Utilities Commission, RB, Series A (NPFGC), 5.00%, 11/01/32 | 4,000 | 4,013,760 |
| 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 | $ 10,632,225 |
| Southern California Public Power Authority, RB, Windy Point/Windy Flats Project, Series 1, 5.00%, 7/01/30 | 2,750 | 2,800,463 |
| | | 93,807,397 |
| Total Municipal Bonds in California | | 425,823,860 |
| Multi-State — 1.9% | | |
| Housing — 1.9% | | |
| Centerline Equity Issuer Trust (d)(e): | | |
| 5.75%, 5/15/15 | 500 | 526,565 |
| 6.00%, 5/15/15 | 1,500 | 1,575,090 |
| 6.00%, 5/15/19 | 1,000 | 1,046,750 |
| 6.30%, 5/15/19 | 1,000 | 1,050,850 |
| 7.20%, 11/15/52 | 3,500 | 3,809,855 |
| Total Municipal Bonds in Multi-State | | 8,009,110 |
| Puerto Rico — 1.7% | | |
| County/City/Special District/School
District — 0.7 % | | |
| Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.50%, 8/01/44 | 3,000 | 3,129,900 |
| State — 1.0% | | |
| Commonwealth of Puerto Rico, GO, Refunding, Public Improvement, Series B, 6.50%, 7/01/37 | 4,000 | 4,062,800 |
| Total Municipal Bonds in Puerto Rico | | 7,192,700 |
| Total Municipal Bonds – 104.5% | | 441,025,670 |
| Municipal
Bonds Transferred to Tender Option Bond Trusts (f) | | |
| California — 64.5% | | |
| County/City/Special District/School
District — 25.4 % | | |
| Los Angeles Community College District California, GO: | | |
| Election of 2001, Series A (AGM), 5.00%, 8/01/32 | 8,000 | 7,937,280 |
| Election of 2008, Series A, 6.00%, 8/01/33 | 20,131 | 21,731,292 |
| Election of 2008, Series C, 5.25%, 8/01/39 | 12,900 | 13,030,806 |
| Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34 | 5,000 | 4,854,400 |
| Mount San Antonio Community College District California, GO, Election of 2001, Series C (AGM), 5.00%, 9/01/31 | 10,770 | 10,819,327 |
| Ohlone Community College District, GO, Ohlone, Series B (AGM), 5.00%, 8/01/30 | 12,499 | 12,535,662 |
| San Bernardino Community College District California, GO, Election of 2002, Series C (AGM), 5.00%, 8/01/31 | 2,000 | 1,952,560 |

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST APRIL 30, 2011 3

Schedule of Investments (continued) BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets)

| Municipal
Bonds Transferred to Tender Option Bond Trusts (f) | Par (000) | Value | |
| --- | --- | --- | --- |
| California (continued) | | | |
| County/City/Special District/School District (concluded) | | | |
| San Diego Community College District California, GO: | | | |
| Election of 2002, 5.25%, 8/01/33 | $ 10,484 | $ 10,658,786 | |
| Election of 2006 (AGM), 5.00%, 8/01/32 | 9,000 | 9,018,450 | |
| San Jose Unified School District Santa Clara County California, GO, Election of 2002, Series D, 5.00%, 8/01/32 | 14,625 | 14,659,157 | |
| | | 107,197,720 | |
| Education — 11.3% | | | |
| California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/39 | 10,395 | 10,664,230 | |
| Grossmont Union High School District California, GO, Election of 2004, 5.00%, 8/01/33 | 13,095 | 12,683,787 | |
| San Mateo County Community College District, GO, Election of 2005, Series B, 5.00%, 9/01/31 | 8,630 | 8,689,720 | |
| University of California, RB: | | | |
| Limited Project, Series D (AGM), 5.00%, 5/15/41 | 2,600 | 2,506,010 | |
| Series O, 5.75%, 5/15/34 | 12,300 | 13,088,799 | |
| | | 47,632,546 | |
| Utilities — 27.8% | | | |
| California State Department of Water Resources, Refunding RB, Central Valley Project, Series AE, 5.00%, 12/01/29 | 7,000 | 7,344,400 | |
| City of Napa California, RB (AMBAC), 5.00%, 5/01/35 | 3,000 | 2,975,130 | |
| East Bay Municipal Utility District, RB, Sub-Series A (NPFGC), 5.00%, 6/01/35 | 3,000 | 2,983,230 | |
| Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/33 | 18,002 | 17,622,875 | |
| Los Angeles Department of Water & Power, RB: | | | |
| Power System, Sub-Series A-1 (AMBAC), 5.00%, 7/01/37 | 15,998 | 15,858,264 | |
| System, Sub-Series A-2 (AGM), 5.00%, 7/01/35 | 2,000 | 2,000,760 | |
| Metropolitan Water District of Southern California, RB, Series A, 5.00%, 7/01/37 | 11,180 | 11,285,539 | |
| Orange County Sanitation District, COP, Series B (AGM), 5.00%, 2/01/37 | 14,700 | 14,779,233 | |
| Orange County Water District, COP, Refunding, 5.00%, 8/15/39 | 10,480 | 10,486,917 | |
| San Diego County Water Authority, COP, Refunding: | | | |
| Series 2002-A (NPFGC), 5.00%, 5/01/32 | 5,292 | 5,297,827 | |
| Series 2008-A (AGM), 5.00%, 5/01/33 | 14,290 | 14,306,719 | |
| Municipal
Bonds Transferred to Tender Option Bond 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 | $ 12,366,562 | |
| | | 117,307,456 | |
| Total Municipal Bonds Transferred to Tender Option Bond Trusts – 64.5% | | 272,137,722 | |
| Total Long-Term Investments (Cost – $714,308,971) – 169.0% | | 713,163,392 | |
| Short-Term Securities | Shares | | |
| BIF California Municipal Money Fund, 0.04% (g)(h) | 20,829,312 | 20,829,312 | |
| Total Short-Term Securities (Cost – $20,829,312) – 4.9% | | 20,829,312 | |
| Total Investments (Cost – $735,138,283*) – 173.9% | | 733,992,704 | |
| Other Assets Less Liabilities – 0.8% | | 3,137,627 | |
| Liability for Trust Certificates, Including
Interest Expense and Fees Payable – (34.1)% | | (143,825,574 | ) |
| Preferred Shares, at Redemption Value –
(40.6)% | | (171,334,258 | ) |
| Net Assets Applicable to Common
Shares – 100.0% | | $ 421,970,499 | |

• The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011, as computed for federal income tax purposes, were as follows:

| Aggregate
cost | $ | |
| --- | --- | --- |
| Gross
unrealized appreciation | $ 10,517,750 | |
| Gross
unrealized depreciation | (12,071,804 | ) |
| Net
unrealized depreciation | $ (1,554,054 | ) |

| (a) | 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. |
| --- | --- |
| (b) | Variable
rate security. Rate shown is as of report date. |
| (c) | When-issued
security. Unsettled when-issued transactions were as follows: |

Counterparty	Value	Unrealized Appreciation
JPMorgan
Chase Bank NA	$ 5,024,600	$ 39,100

| (d) | 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. |
| --- | --- |
| (e) | 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. |
| (f) | 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. |

4 BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST APRIL 30, 2011

Schedule of Investments (continued) BlackRock California Municipal Income Trust (BFZ)

(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	Shares Held at July 31, 2010	Net Activity		Shares Held at April 30, 2011
BIF California Municipal Money Fund	26,178,133	(5,348,821	)	20,829,312	$ 3,127

| (h) | Represents
the current yield as of report date. |
| --- | --- |
| • | Financial
futures contracts sold as of April 30, 2011 were as follows: |

Contracts	Issue	Exchange	Expiration	Notional Value	Unrealized Depreciation
160	10-Year U.S. Treasury Note	Chicago Board of Trade	June 2011	$ 18,962,196	$ (420,304	)

•
•	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
and derivative financial instruments)
	The inputs
or methodologies 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
derivative financial instruments and other significant accounting policies,
please refer to the Trust’s most recent financial statements as contained in
its semi-annual report.
The
following tables summarize the inputs used as of April 30, 2011 in
determining the fair valuation of the Trust’s investments and derivative
financial instruments:

Valuation Inputs	Level 1	Level 2		Total
Assets:
Investments:
Long-Term Investments 1	—	$ 713,163,392	—	$ 713,163,392
Short-Term Securities	$ 20,829,312	—	—	20,829,312
Total	$ 20,829,312	$ 713,163,392	—	$ 733,992,704

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

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST APRIL 30, 2011 5

Schedule of Investments (concluded) BlackRock California Municipal Income Trust (BFZ)

| Valuation
Inputs | Level 1 | | | | Total | |
| --- | --- | --- | --- | --- | --- | --- |
| Derivative Financial Instruments 2 | | | | | | |
| Liabilities: | | | | | | |
| Interest rate contracts | $ (420,304 | ) | — | — | $ (420,304 | ) |

2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

6 BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST APRIL 30, 2011

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 of
		BlackRock California Municipal Income Trust
	Date: June 24, 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: June 24, 2011
	By:	/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock California Municipal Income Trust
	Date: June 24, 2011