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
|
|
|
|
BlackRock California Municipal Income Trust |
|
|
|
|
|
Schedule of Investments April 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Municipal Bonds |
|
Par |
|
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 |
|
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 |
|
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 |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Municipal
Bonds Transferred to |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Education - 5.4% |
|
California Educational Facilities Authority Revenue Bonds (Stanford University), Series Q, 5.25%, 12/01/32 |
|
$ |
10,000 |
|
$ |
10,242,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Municipal Bonds Transferred to |
|
|
|
|
|
39,562,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments |
|
|
|
|
|
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 |
|
|
|
|
|
14,928,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Investments |
|
|
|
|
|
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 |
|
$ |
307,775,001 |
|
|
|
|
|
|
|
|
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 |
|
Net Activity |
|
Income |
|
||
|
|
|
|
|
|
|
|
|
|
CMA California Municipal Money Fund |
|
|
(8,527,574 |
) |
$ |
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 |
|
Investments in |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Level 1 |
|
$ |
8,928,562 |
|
|
Level 2 |
|
|
306,415,599 |
|
|
Level 3 |
|
|
— |
|
|
|
|
|
|
|
|
Total |
|
$ |
315,344,161 |
|
|
|
|
|
|
|
6
| 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 | |||