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
(Exact name of registrant as specified in charter)
 
100 Bellevue Parkway, Wilmington, DE 19809
(Address of principal executive offices)  (Zip code)
 
Robert S. Kapito, President
BlackRock California Municipal Income Trust
40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)


Registrant's telephone number, including area code: 888-825-2257
 
   
Date of fiscal year end:  October 31, 2004 
 
   
Date of reporting period: July 31, 2004 
 


Item 1. Schedule of Investments

The Trust's schedule of investments pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

PORTFOLIO OF INVESTMENTS (unaudited)
JULY 31, 2004
BlackRock California Municipal Income Trust (BFZ)

   
Principal
            
 
Amount
Option Call
 
 
Rating1
(000)
Description
Provisions2
Value
  
        LONG-TERM INVESTMENTS—160.5%        
          California—136.9%        
          Anaheim Pub. Fin. Auth., Pub. Impvt. Proj., Ser. C, FSA,        
  AAA   $24,500       Zero Coupon, 9/01/31   No Opt. Call   $ 5,125,155  
  AAA   6,070       Zero Coupon, 9/01/32   No Opt. Call   1,195,062  
          California, GO,        
  A3   10,000       5.50%, 11/01/33   11/13 @ 100   10,285,900  
  AAA   5,500       Ser. BZ, 5.35%, 12/01/21, MBIA   06/07 @ 101   5,565,835  
  AAA   5,000       Ser. BZ, 5.375%, 12/01/24, MBIA   06/07 @ 101   5,031,350  
          California Cnty. Tobacco Sec. Agcy.,        
  BBB   6,000       Fresno Cnty. Fdg. Corp., 6.00%, 6/01/35   06/12 @ 100   4,921,860  
  BBB   6,000       Kern Cnty. Corp., Ser. B, 6.25%, 6/01/37   06/12 @ 100   5,055,600  
  Baa3   5,000       Stanislaus Fdg., Ser. A, 5.875%, 6/01/43   06/12 @ 100   3,931,050  
          California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A,        
  A2   4,000 3       5.375%, 5/01/21   05/12 @ 101   4,168,920  
  A2   6,000       5.375%, 5/01/22   05/12 @ 101   6,244,680  
  AAA   10,000   California Edl. Facs. Auth., Stanford Univ., Ser. Q, 5.25%, 12/01/32   06/11 @ 101   10,166,500  
          California Hlth. Facs. Fin. Auth., Ser. A,        
  BBB   3,000       Insured Hlth. Facs. Valleycare, 5.375%, 5/01/27   05/12 @ 100   3,006,330  
  AAA   4,890       Kaiser Proj., 5.40%, 5/01/28   ETM   5,038,852  
          California Hsg. Fin. Agcy.,        
  AAA   14,065       Ser. B, Zero Coupon, 8/01/31, FSA   08/04 @ 5.001   3,145,216  
  AAA   15,945       Home Mtg. Rev., Ser. Q, Zero Coupon, 2/01/33, AMBAC   08/04 @ 3.951   3,169,228  
  AAA   19,185       Home Mtg. Rev., Ser. T, Zero Coupon, 8/01/21, MBIA   08/04 @ 15.292   7,502,294  
          California Infrastructure & Econ. Dev.,        
  AAA   15,000       Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC   07/13 @ 100   14,933,100  
  A-   15,250       J. David Gladstone Inst. Proj., 5.25%, 10/01/34   10/11 @ 101   14,846,790  
  A   13,500       Kaiser Hosp. Asst. LLC, Ser. A, 5.55%, 8/01/31   08/11 @ 102   13,712,355  
  AA-   10,000   California Statewide Cmnty. Dev. Auth., Sutter Hlth. Oblig. Grp., Ser. B, 5.625%, 8/15/42   08/12 @ 100   10,164,900  
  A-   5,000   Daly City Hsg. Dev. Fin. Agcy., Sr. Franciscan Acquisition Proj., Ser. A, 5.85%, 12/15/32   12/13 @ 102   5,103,650  
  AAA   6,000   El Monte Sr. Dept. of Pub. Svcs., Fac. Phase II, COP, 5.25%, 1/01/34, AMBAC   01/11 @ 100   6,099,900  
          Elk Grove Unified Sch. Dist., Cmnty. Facs. Dist. 1, Spec. Tax, AMBAC,        
  AAA   7,485       Zero Coupon, 12/01/29   12/11 @ 37.373   1,690,412  
  AAA   7,485       Zero Coupon, 12/01/30   12/11 @ 35.365   1,593,781  
  AAA   7,485       Zero Coupon, 12/01/31   12/11 @ 33.465   1,498,647  
          Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,        
  BBB-   5,000       Zero Coupon, 1/15/33   01/10 @ 25.78   862,000  
  BBB-   5,000       Zero Coupon, 1/15/34   01/10 @ 24.228   810,150  
  BBB-   13,445       Zero Coupon, 1/15/35   01/10 @ 22.819   2,041,355  
  BBB-   1,000       Zero Coupon, 1/15/38   01/10 @ 19.014   125,170  
  BBB-   10,030       5.75%, 1/15/40   01/10 @ 101   9,969,920  
          Golden St. Tobacco Sec. Corp.,        
  BBB   2,000       Ser. A-1, 6.625%, 6/01/40   06/13 @ 100   1,762,780  
  BBB   1,000       Ser. A-1, 6.75%, 6/01/39   06/13 @ 100   899,550  
  Baa1   10,200       Ser. B, 5.50%, 6/01/43   06/13 @ 100   10,214,688  
  Baa1   5,800       Ser. B, 5.625%, 6/01/38   06/13 @ 100   5,858,580  
  NR   5,000   Irvine Mobile Home Park, Meadows Mobile Home Park, Ser. A, 5.70%, 3/01/28   03/08 @ 102   4,843,600  
  A3   7,700   Kaweah Delta Hlth. Care Dist. Rev., 6.00%, 8/01/34   08/12 @ 102   8,031,408  
          Lathrop Fin. Auth., Wtr. Sply. Proj.,        
  NR   2,855 4     5.90%, 6/01/27   06/13 @ 100   2,812,518  
  NR   5,140 4     6.00%, 6/01/35   06/13 @ 100   5,142,004  
  Caa2   4,110   Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. C,        
              7.50%, 12/01/24   12/12 @ 102   3,493,705  
  BBB   1,000   Palm Springs Mobile Home Park., Sahara Mobile Home Park, 5.625%, 5/15/26   05/12 @ 102   986,910  
  NR   4,000   Rancho Cucamonga Cmnty. Facs. Dist., Ser. A, 6.50%, 9/01/33   09/13 @ 100   4,156,880  
  AAA   15,500   Rancho Cucamonga Redev. Agcy., Tax Alloc. Rev., Rancho Redev. Proj.,        
              5.125%, 9/01/30, MBIA   09/11 @ 100   15,585,095  
  AAA   1,905   Richmond Wst. & Wtr., Zero Coupon, 8/01/31, FGIC   No Opt. Call   411,156

BlackRock California Municipal Income Trust (BFZ) (continued)

 
Principal
 
 
Amount
Option Call
 
 
Rating1
(000)
Description
Provisions2
Value
  
 
        California—(continued)        
  AAA   $ 6,500   San Francisco City & Cnty. Arpt. Comm., Intl. Arpt. Rev., Ser. 27-A,        
              5.25%, 5/01/31, MBIA  
05/11 @ 100
  
$
6,520,605  
          San Francisco City & Cnty. Redev. Agcy., Cmnty. Facs. Dist., Mission Bay South,        
  NR   1,775       6.125%, 8/01/31   08/09 @ 102   1,793,549  
  NR   7,500       6.25%, 8/01/33   08/11 @ 101   7,579,725  
          San Jose Multi-Fam. Hsg.,        
  AAA   2,880       Lenzen Hsg., Ser. B, 5.45%, 2/20/43   08/11 @ 102   2,923,056  
  AAA   4,225       Vlgs. Pkwy. Sr. Apts., Ser. D, 5.50%, 4/01/34   04/11 @ 100   4,288,121  
          Santa Clara Cnty. Hsg. Auth., Multi-Fam. Hsg., Ser. A,        
  NR   6,250       Blossom River Apts., 6.50%, 9/01/39   03/08 @ 102   5,992,250  
  A3   1,715       John Burns Gardens Apts. Proj., 5.85%, 8/01/31   02/12 @ 101   1,725,238  
  A3   1,235       River Town Apts. Proj., 6.00%, 8/01/41   02/12 @ 101   1,247,165  
  NR   3,075   Santa Clarita Facs. Dist., Valencia Town Ctr., 5.85%, 11/15/32   11/10 @ 102   3,084,686  
  BBB   5,345   Tobacco Sec. Auth. No. California, Tobacco Settlement Rev., Ser. A, 5.375%, 6/01/41   06/11 @ 100   3,883,303  
          Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A,        
  BBB   7,000       5.50%, 6/01/36   06/12 @ 100   5,426,610  
  BBB   11,500       5.625%, 6/01/43   06/12 @ 100   8,683,305  
  AAA   2,000   Upland Unified Sch. Dist., GO, Ser. B, 5.125%, 8/01/25, FSA   08/13 @ 100   2,039,680  
  NR   2,245   Val Verde Unified Sch. Dist. Fin. Auth., Spec. Tax Rev., 6.25%, 10/01/28   10/13 @ 102   2,299,127  
  A2   2,000   Vernon Elec. Sys., Malburg Generating Station Proj., 5.50%, 4/01/33   04/08 @ 100   2,014,300  
                 
 
                  290,705,556  
                 
 
          Delaware—5.6%        
          Charter Mac Equity Issuer Trust,        
  A3   7,000 5     Ser. A-2, 6.30%, 6/30/49   06/09 @ 100   7,574,350  
  Baa1   4,000 5     Ser. B-1, 6.80%, 11/30/50   11/10 @ 100   4,401,720  
                 
 
                  11,976,070  
                 
 
          Maryland—5.0%        
          MuniMae TE Bond Subsidiary, LLC,        
  NR   7,000 4,5     Ser. A, 6.30%, 6/30/49   06/09 @ 100   7,491,540  
  NR   3,000 4,5     Ser. B, 6.80%, 6/30/50   11/10 @ 100   3,219,720  
                 
 
                  10,711,260  
                 
 
          Puerto Rico—13.0%    
  A-   10,000   Puerto Rico Elec. Pwr. Auth., Ser. 2, 5.25%, 7/01/31   07/12 @ 101   10,064,800  
          Puerto Rico Pub. Fin. Corp., Ser. E,        
  BBB+   10,000 6     5.70%, 2/01/10   N/A   11,249,900  
  BBB+   5,750 6     5.75%, 2/01/07   N/A   6,235,013  
                 
 
                  27,549,713  
                 
 
                  340,942,599  
          Total Long-Term Investments (cost $340,715,386)      
 

BlackRock California Municipal Income Trust (BFZ) (continued)

   
Shares
 
   
(000)
Description
Value
  
      MONEY MARKET FUND—3.8%    
    7,950   AIM Tax Free Investment Co. Cash Reserve Portfolio, (cost $7,950,000)  
$
 7,950,000  
           
 
        Total Investments—164.3% (cost $348,665,386)   348,892,599  
        Liabilities in excess of other assets—(2.2)%   (4,553,394 )
        Preferred shares at redemption value, including dividends payable—(62.1)%   (131,959,546 )
           
 
        Net Assets Applicable to Common Shareholders—100%  
$
 212,379,659  
           
  		 
   
   
1Using the higher of Standard & Poor's, Moody's Investors Service or Fitch Ratings ratings.  
2Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.  
3Entire or partial principal amount pledged as collateral for financial futures contracts.  
4Security is deemed to be of investment grade quality by the investment advisor.  
5Security 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 July 31, 2004, the Trust held 10.7% of its net assets, with a current market value of $22,687,330, in securities restricted as to resale.  
6This bond is prerefunded. 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 premium to par.  

KEY TO ABBREVIATIONS

AMBAC  —  American Municipal Bond Assurance Corporation FSA    —  Financial Security Assurance
COP  —  Certificate of Participation GO   —  General Obligation
ETM  —  Escrowed to Maturity MBIA    —  Municipal Bond Insurance Association
FGIC  —  Financial Guaranty Insurance Company        

Item 2. Controls and Procedures

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

(a) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

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/ Henry Gabbay  
 
 
Name: Henry Gabbay  
Title: Treasurer  
Date: September 28, 2004  

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: Principal Executive Officer  
Date: September 28, 2004  

 

By: /s/ Henry Gabbay  
 
 
Name: Henry Gabbay  
Title: Principal Financial Officer  
Date: September 28, 2004