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______
BlackRock California Municipal Income Trust |
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Robert S. Kapito, President
BlackRock California Municipal Income Trust
40 East 52nd Street, New York, NY 10022
Registrant's telephone number, including area code:_888-825-2257__________________
Date of fiscal year end:___October 31, 2007
Date of reporting period:__January 31, 2007
Item 1. Schedule of Investments.
The Registrants unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
PORTFOLIO OF INVESTMENTS (unaudited)
JANUARY 31, 2007
BlackRock California Municipal Income Trust (BFZ)
(Percentage of Net Assets)
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Description | Provisions2 |
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LONG-TERM INVESTMENTS150.6% | |||||||||
California129.7% | |||||||||
Anaheim Pub. Fing. Auth., Recreational Fac. Impvts. Lease Abatement RB, Pub. Impvt. Proj., | |||||||||
AAA | $ 24,500 | Ser. C, Zero Coupon, 9/01/31, FSA | No Opt. Call | $ | 7,952,210 | ||||
AAA | 6,070 | Ser. C, Zero Coupon, 9/01/32, FSA | No Opt. Call | 1,872,656 | |||||
California GO, | |||||||||
AAA | 5,500 | Ser. BZ, 5.35%, 12/01/21, MBIA, AMT | 06/07 @ 101 | 5,554,230 | |||||
AAA | 5,000 | Ser. BZ, 5.375%, 12/01/24, MBIA, AMT | 06/07 @ 101 | 5,050,050 | |||||
A+ | 10,000 | California, Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, 5.50%, 11/01/33 | 11/13 @ 100 | 10,860,500 | |||||
City of Chula Vista, Indl. Dev. RB, | |||||||||
A+ | 4,395 | 5.00%, 12/01/27, AMT | 12/15 @ 102 | 4,616,156 | |||||
A+ | 5,065 | San Diego Gas & Elec. Proj., 5.00%, 12/01/27, AMT | 12/15 @ 102 | 5,319,871 | |||||
AAA | 1,905 | 3 | City of Richmond, Swr. Impvts. RB, Zero Coupon, 8/01/31, FGIC | ETM | 632,689 | ||||
City of San Jose, Local Multi-Fam. Hsg. RB, | |||||||||
AAA | 2,880 | Lenzen Hsg. Proj., Ser. B, 5.45%, 2/20/43, AMT | 08/11 @ 102 | 2,980,829 | |||||
AAA | 3,595 | Vlgs. Pkwy. Sen. Apts. Proj., Ser. D, 5.50%, 4/01/34, AMT | 04/11 @ 100 | 3,695,588 | |||||
AAA | 2,000 | 4 | City of Vernon, Elec., Pwr. & Lt. Impvts. RB, Malburg Generating Station Proj., 5.50%, | ||||||
4/01/08 | N/A | 2,043,840 | |||||||
BBB | 5,000 | Cnty. Tobacco Sec. Agcy., Misc. Purp. Tobacco Settlement Funded RB, Stanislaus Fdg. | |||||||
Proj., Ser. A, 5.875%, 6/01/43 | 06/12 @ 100 | 5,290,850 | |||||||
Aaa | 10,000 | 4 | Dept. of Wtr. Res., Cash Flow Mgmt., Elec., Pwr. & Lt. RB, Ser. A, 5.375%, 5/01/12 | N/A | 10,879,500 | ||||
AAA | 10,000 | Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Stanford Univ. Proj., Ser. Q, 5.25%, 12/01/32 | 06/11 @ 101 | 10,547,900 | |||||
AAA | 6,000 | El Monte, Pkg. Fac. Impvts. Lease Abatement COP, Dept. of Pub. Svcs. Facs. Phase II | |||||||
Proj., 5.25%, 1/01/34, AMBAC | 01/11 @ 100 | 6,231,720 | |||||||
Elk Grove Unified Sch. Dist., Sch. Impvts. ST, Cmnty. Facs. Dist. 1 Proj., | |||||||||
AAA | 7,485 | Zero Coupon, 12/01/29, AMBAC | 12/11 @ 37.373 | 2,242,431 | |||||
AAA | 7,485 | Zero Coupon, 12/01/30, AMBAC | 12/11 @ 35.365 | 2,120,650 | |||||
AAA | 7,485 | Zero Coupon, 12/01/31, AMBAC | 12/11 @ 33.465 | 2,006,728 | |||||
Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB, | |||||||||
BBB | 5,000 | Zero Coupon, 1/15/26 | 01/14 @ 101 | 4,607,200 | |||||
BBB | 5,000 | Zero Coupon, 1/15/33 | 01/10 @ 25.78 | 1,114,000 | |||||
BBB | 5,000 | Zero Coupon, 1/15/34 | 01/10 @ 24.228 | 1,046,900 | |||||
BBB | 13,445 | Zero Coupon, 1/15/35 | 01/10 @ 22.819 | 2,650,547 | |||||
BBB | 1,000 | Zero Coupon, 1/15/38 | 01/10 @ 19.014 | 164,030 | |||||
BBB | 10,030 | 5.75%, 1/15/40 | 01/10 @ 101 | 10,397,098 | |||||
Golden St. Tobacco Sec. Corp., Misc. Purps. Tobacco Settlement Funded RB, | |||||||||
BBB | 2,000 | Ser. A-1, 6.625%, 6/01/40 | 06/13 @ 100 | 2,269,020 | |||||
BBB | 1,000 | Ser. A-1, 6.75%, 6/01/39 | 06/13 @ 100 | 1,142,530 | |||||
AAA | 10,200 | 4 | Ser. B, 5.50%, 6/01/13 | N/A | 11,157,168 | ||||
AAA | 5,800 | 4 | Ser. B, 5.625%, 6/01/13 | N/A | 6,384,698 | ||||
Hlth. Facs. Fin. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, | |||||||||
AAA | 4,890 | 3 | Kaiser Proj., Ser. A, 5.40%, 5/01/28 | ETM | 4,993,521 | ||||
A+ | 3,000 | Valleycare Med. Ctr. Proj., Ser. A, 5.375%, 5/01/27 | 05/12 @ 100 | 3,142,020 | |||||
Infrastructure & Econ. Dev. Bank, | |||||||||
A+ | 13,500 | Hlth., Hosp. & Nursing Home Impvts. RB, Kaiser Asst. Corp. Proj., Ser. A, 5.55%, | |||||||
8/01/31 | 08/11 @ 102 | 14,264,775 | |||||||
A | 15,250 | Hlth., Hosp. & Nursing Home Impvts. RB, The J. David Gladstone Proj., 5.25%, | |||||||
10/01/34 | 10/11 @ 101 | 15,916,272 | |||||||
AAA | 22,435 | 4 | Hwy. Impvts. Tolls RB, Bay Area Toll Brdgs. Proj., Ser. A, 5.00%, 1/01/28, AMBAC | N/A | 25,049,575 | ||||
NR | 4,965 | Irvine, Local Sngl. Fam. Hsg. RB, Meadows Mobile Home Park Proj., Ser. A, 5.70%, | |||||||
3/01/28 | 03/08 @ 102 | 5,120,851 | |||||||
A3 | 7,700 | 4 | Kaweah Delta Hlth. Care Dist., Hlth., Hosp. & Nursing Home RB, 6.00%, 8/01/12 | N/A | 8,679,363 | ||||
Lathrop Fing. Auth., Wtr. Util. Impvts. Wtr. RB, | |||||||||
NR | 2,855 | 5.90%, 6/01/27 | 06/13 @ 100 | 2,999,120 | |||||
NR | 5,140 | 6.00%, 6/01/35 | 06/13 @ 100 | 5,432,826 |
1
BlackRock California Municipal Income Trust (BFZ) (continued)
(Percentage of Net Assets)
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Description | Provisions2 |
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California(cont'd) | |||||||||
Live Oak Unified Sch. Dist., Sch.
Impvts. Ad Valorem Ppty. Tax GO, Cap. Apprec. Election 2004, |
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AAA | $ 985 | Zero Coupon, 8/01/35, XLCA |
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$ | 233,002 | ||||
AAA | 1,030 | Zero Coupon, 8/01/36, XLCA | 08/18 @ 37.743 | 230,174 | |||||
AAA | 1,080 | Zero Coupon, 8/01/37, XLCA | 08/18 @ 35.649 | 227,696 | |||||
AAA | 1,125 | Zero Coupon, 8/01/38, XLCA | 08/18 @ 33.665 | 223,987 | |||||
AAA | 1,175 | Zero Coupon, 8/01/39, XLCA | 08/18 @ 31.785 | 220,724 | |||||
AAA | 1,230 | Zero Coupon, 8/01/40, XLCA | 08/18 @ 30.004 | 218,018 | |||||
AAA | 1,285 | Zero Coupon, 8/01/41, XLCA | 08/18 @ 28.317 | 214,929 | |||||
AAA | 1,340 | Zero Coupon, 8/01/42, XLCA | 08/18 @ 26.72 | 211,439 | |||||
AAA | 1,400 | Zero Coupon, 8/01/43, XLCA | 08/18 @ 25.208 | 208,362 | |||||
AAA | 1,465 | Zero Coupon, 8/01/44, XLCA | 08/18 @ 23.777 | 205,613 | |||||
B | 4,110 | Los Angeles Regl. Arpts. Impvt. Corp., Port, Arpt. & Marina Impvts. RB, American | |||||||
Airlines, Inc. Proj., Ser. C, 7.50%, 12/01/24, AMT | 12/12 @ 102 | 4,735,295 | |||||||
AAA | 3,400 | Los Angeles Unified Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. B, 4.75%, 1/01/27, FGIC | 07/16 @ 100 | 3,511,996 | |||||
A- | 1,000 | Palm Springs, Hsg. RB, Sahara Mobile Home Park Proj., 5.625%, 5/15/26 | 05/12 @ 102 | 1,054,240 | |||||
AAA | 4,900 | Palm Springs Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Election 2004, | |||||||
Ser. A, 4.50%, 8/01/35, FSA | 08/14 @ 102 | 4,900,000 | |||||||
BBB | 2,290 | Poll. Ctrl. Fing. Agcy., Rec. Recovery Impvts. RB, Central Valley Wst. Svc. Proj., Ser. A- | |||||||
2, 5.40%, 4/01/25, AMT | 04/15 @ 101 | 2,430,904 | |||||||
A | 3,370 | Pub. Wks. Brd., Correctional Fac. Impvts. Lease Abatement RB, Dept. Corrections Rehab. | |||||||
Proj., Ser. H, 5.00%, 11/01/31 | 11/16 @ 100 | 3,525,964 | |||||||
NR | 4,000 | Rancho Cucamonga Cmnty. Facs. Dist., Pub. Impvts. ST, Ser. A, 6.50%, 9/01/33 | 09/13 @ 100 | 4,339,840 | |||||
AAA | 15,500 | Rancho Cucamonga Redev. Agcy., Econ. Impvts. TA, Rancho Redev. Proj., 5.125%, | |||||||
9/01/30, MBIA | 09/11 @ 100 | 16,065,440 | |||||||
AAA | 6,500 | San Francisco City & Cnty. Arpts. Comm., Port, Arpt. & Marina RB, Ser. 27-A, 5.25%, | |||||||
5/01/31, MBIA, AMT | 05/11 @ 100 | 6,719,245 | |||||||
San Francisco City & Cnty. Redev. Agcy., Pub. Impvts. ST, Cmnty. Facs. Dist. No. 6, | |||||||||
Mission Bay South Proj., | |||||||||
NR | 1,775 | 6.125%, 8/01/31 | 08/09 @ 102 | 1,853,402 | |||||
NR | 7,500 | 6.25%, 8/01/33 | 08/11 @ 101 | 7,967,925 | |||||
Santa Clara Cnty. Hsg. Auth., Local Multi-Fam. Hsg. RB, | |||||||||
A3 | 1,715 | John Burns Gardens Apts. Proj., Ser. A, 5.85%, 8/01/31, AMT | 02/12 @ 101 | 1,811,812 | |||||
A3 | 1,235 | River Town Apts. Proj., Ser. A, 6.00%, 8/01/41, AMT | 02/12 @ 101 | 1,309,372 | |||||
NR | 3,075 | Santa Clarita Cmnty. Facs. Dist. ST, Valencia Town Ctr. Proj., 5.85%, 11/15/32 | 11/10 @ 102 | 3,210,976 | |||||
Statewide Cmnty. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, | |||||||||
BBB+ | 4,000 | Daughters of Charity Proj., Ser. A, 5.25%, 7/01/30 | 07/15 @ 100 | 4,182,440 | |||||
AA- | 10,000 | Sutter Hlth. Oblig. Grp. Proj., Ser. B, 5.625%, 8/15/42 | 08/12 @ 100 | 10,728,100 | |||||
AAA | 2,000 | Upland Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.125%, | |||||||
8/01/25, FSA | 08/13 @ 100 | 2,119,440 | |||||||
NR | 2,245 | Val Verde Unified Sch. Dist. ST, 6.25%, 10/01/28 | 10/13 @ 102 | 2,361,224 | |||||
AAA | 2,000 | West Valley-Mission Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty. Tax GO, | |||||||
Election 2004, 4.75%, 8/01/30, FSA | 08/16 @ 100 | 2,055,440 | |||||||
303,506,911 | |||||||||
Multi-State9.4% | |||||||||
Charter Mac Equity Issuer Trust, | |||||||||
A3 | 7,000 | 5 | Ser. A-2, 6.30%, 6/30/49 | 06/09 @ 100 | 7,265,650 | ||||
Baa1 | 4,000 | 5 | Ser. B-1, 6.80%, 11/30/50 | 11/10 @ 100 | 4,291,240 | ||||
MuniMae TE Bond Subsidiary LLC, | |||||||||
A3 | 7,000 | 5 | Ser. A-1, 6.30%, 6/30/49 | 06/09 @ 100 | 7,273,210 | ||||
Baa1 | 3,000 | 5 | Ser. B-1, 6.80%, 6/30/50 | 11/10 @ 100 | 3,225,600 | ||||
22,055,700 |
2
BlackRock California Municipal Income Trust (BFZ) (continued)
(Percentage of Net Assets)
Principal | |||||||||
Amount |
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(000) | |
Provisions2 |
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Puerto Rico11.5% | |||||||||
A3 | $ 10,000 | Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. 2, 5.25%, 7/01/31 | 07/12 @ 101 | $ |
10,533,100 | ||||
Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, | |||||||||
Aaa | 10,000 | 4 | Ser. E, 5.70%, 2/01/10 | N/A | 10,545,500 | ||||
Aaa | 5,750 | 4 | Ser. E, 5.75%, 2/01/07 | N/A | 5,750,000 | ||||
26,828,600 | |||||||||
Total Long-Term Investments (cost $328,119,551) | 352,391,211 | ||||||||
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(000) | |||||||||
MONEY MARKET FUND4.1% | |||||||||
NR | 9,650 | AIM Tax Free Cash Reserve Portfolio - Institutional Class (cost $9,650,000) | N/A | 9,650,000 | |||||
Total Investments 154.7% (cost $337,769,5516) | $ |
362,041,211 | |||||||
Other assets in excess of liabilities 1.7% | 3,967,655 | ||||||||
Preferred shares at redemption value, including dividends payable (56.4)% | (131,992,654) | ||||||||
Net Assets Applicable to Common Shareholders100% | $ |
234,016,212 |
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1 |
Using the highest of Standard & Poor's, Moody's Investors Service or Fitch's Ratings. |
2 |
Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
3 |
Security is collateralized by Municipal or U.S. Treasury obligations. |
4 |
This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
5 |
Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of January 31, 2007, the Trust held 8.0% of its net assets, with a current market value of $18,830,100, in securities restricted as to resale. |
6 |
Cost for federal income tax purposes is $338,796,022. The net unrealized appreciation on a tax basis is $23,245,189, consisting of $23,356,215 gross unrealized appreciation and $111,026 gross unrealized depreciation. |
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AMBAC | American Municipal Bond Assurance Corp. | GO | General Obligation |
AMT | Subject to Alternative Minimum Tax | MBIA | Municipal Bond Insurance Assoc. |
COP | Certificate of Participation | RB | Revenue Bond |
ETM | Escrowed to Maturity | ST | Special Tax |
FGIC | Financial Guaranty Insurance Co. | TA | Tax Allocation |
FSA | Financial Security Assurance | XLCA | XL Capital Assurance |
3
Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrants disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrants management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.
(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 (17 CFR 270.30a -3(d)) 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.
Separate certifications of the Registrants Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.
SIGNATURES
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.
(Registrant) | BlackRock California Municipal Income Trust |
By: /s/ Donald C. Burke
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: March 28, 2007
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/ Robert S. Kapito
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: March 28, 2007
By: /s/ Donald C. Burke
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: March 28, 2007