Edgar Filing: BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

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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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Robert S. Kapito, President, BlackRock California Municipal Income
Trust, 40 East 52^nd Street, New York, NY 10022.

Registrant’s telephone number, including area code: (888) 825-2257

Date of fiscal year end: 10/31/2007

Date of reporting period: 05/01/2007 – 07/31/2007

Item 1 – Schedule of Investments

PORTFOLIO OF INVESTMENTS (unaudited)
JULY 31, 2007
BlackRock California Municipal Income Trust (BFZ)
(Percentages shown are based on Net Assets)

Principal
Amount
(000)			Description		Value
			LONG-TERM INVESTMENTS—156.4%
			California—137.5%
			Anaheim Pub. Fing. Auth., Recreational Fac. Impvts. Lease Abatement RB, Pub. Impvt. Proj.,
$	24,500		Ser. C, Zero Coupon, 9/01/31, FSA	$	7,546,245
	6,070		Ser. C, Zero Coupon, 9/01/32, FSA		1,776,082
			California GO,
	5,500		Ser. BZ, 5.35%, 12/01/21, MBIA, AMT		5,506,710
	5,000		Ser. BZ, 5.375%, 12/01/24, MBIA, AMT		5,006,200
	7,000		California Statewide Cmntys. Dev Auth., Hlth., Hosp. & Nursing Home RB, Kaiser Permanente Proj., Ser. B, 5.25%, 3/01/45		7,101,080
			California,
	10,000		Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, 5.50%, 11/01/33		10,690,400
	6,390		Misc. Tax GO, 5.00%, 6/01/37		6,559,399
			City of Chula Vista,
	4,395		Natural Gas Util. Impvts. Natural Gas RB, 5.00%, 12/01/27, AMT		4,483,603
	5,065		RB, San Diego Gas & Elec. Proj., 5.00%, 12/01/27, AMT		5,154,701
	1,905	¹	City of Richmond, Swr. Impvts. RB, Zero Coupon, 8/01/31, FGIC		604,533
			City of San Jose, Local Multi-Fam. Hsg. RB,
	2,880		Lenzen Hsg. Proj., Ser. B, 5.45%, 2/20/43, AMT		2,935,901
	3,595		Vlgs. Pkwy. Sr. Apts. Proj., Ser. D, 5.50%, 4/01/34, AMT		3,656,690
	2,000	²	City of Vernon, Elec., Pwr. & Lt. Impvts. RB, Malburg Generating Station Proj., 5.50%, 4/01/08		2,025,240
	5,000		Cnty. Tobacco Sec. Agcy., Misc. Purp. Tobacco Settlement Funded RB, Stanislaus Fdg. Proj., Ser. A, 5.875%, 6/01/43		5,141,750
			Dept. of Wtr. Recs.,
	6,000	²	Cash Flow Mgmt., Elec., Pwr. & Lt. RB, Ser. A, 5.375%, 5/01/12		6,476,820
	4,000	²	Elec., Pwr. & Lt. RB, Ser. A, 5.375%, 5/01/12		4,317,880
	10,000		Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Stanford Univ. Proj., Ser. Q, 5.25%, 12/01/32		10,410,500
	6,000		El Monte, Pkg. Fac. Impvts. Lease Abatement COP, Dept. of Pub. Svcs. Facs. Phase II Proj., 5.25%, 1/01/34, AMBAC		6,150,360
			Elk Grove Unified Sch. Dist., Sch. Impvts. ST, Cmnty. Facs. Dist. 1 Proj.,
	7,485		Zero Coupon, 12/01/29, AMBAC		2,262,192
	7,485		Zero Coupon, 12/01/30, AMBAC		2,140,560
	7,485		Zero Coupon, 12/01/31, AMBAC		2,024,468
			Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB,
	5,000		Zero Coupon, 1/15/26		4,682,150
	5,000		Zero Coupon, 1/15/33		1,129,650
	5,000		Zero Coupon, 1/15/34		1,061,800
	13,445		Zero Coupon, 1/15/35		2,688,059
	1,000		Zero Coupon, 1/15/38		166,270
	10,030		5.75%, 1/15/40		10,400,508
			Golden St. Tobacco Sec. Corp., Misc. Purps. Tobacco Settlement Funded RB,
	2,000	²	Ser. A-1, 6.625%, 6/01/13		2,279,760
	8,500	²	Ser. B, 5.50%, 6/01/13		9,194,705
	5,800	²	Ser. B, 5.625%, 6/01/13		6,311,502
			Hlth. Facs. Fin. Auth., Hlth., Hosp. & Nursing Home Impvts. RB,
	4,890	¹	Kaiser Proj., Ser. A, 5.40%, 5/01/28		4,969,022
	3,000	²	Valleycare Med. Ctr. Proj., Ser. A, 5.375%, 5/01/12		3,203,790
	5,000		Huntington Beach Union High Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Zero Coupon, 8/01/33, FGIC		1,427,400
			Infrastructure & Econ. Dev. Bank,
	13,500		Hlth., Hosp. & Nursing Home Impvts. RB, Kaiser Asst. Corp. Proj., Ser. A, 5.55%, 8/01/31		13,972,635
	15,250		Hlth., Hosp. & Nursing Home Impvts. RB, The J. David Gladstone Proj., 5.25%, 10/01/34		15,629,725
	10,000	²	Hwy. Impvts. Tolls RB, Bay Area Toll Brdgs. Proj., Ser. A, 5.00%, 1/01/28, AMBAC		10,887,400
	4,965		Irvine, Local Sngl. Fam. Hsg. RB, Meadows Mobile Home Pk. Proj., Ser. A, 5.70%, 3/01/28		5,091,806
	7,700	²	Kaweah Delta Hlth. Care Dist., Hlth., Hosp. & Nursing Home RB, 6.00%, 8/01/12		8,592,430
			Lathrop Fing. Auth., Wtr. Util. Impvts. Wtr. RB,
	2,855		5.90%, 6/01/27		2,958,579
	5,140		6.00%, 6/01/35		5,365,183
			Live Oak Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Cap. Apprec. Election 2004,
	985		Zero Coupon, 8/01/35, XLCA		231,800
	1,030		Zero Coupon, 8/01/36, XLCA		228,742
	1,080		Zero Coupon, 8/01/37, XLCA		226,541
	1,125		Zero Coupon, 8/01/38, XLCA		222,840
	1,175		Zero Coupon, 8/01/39, XLCA		219,279
	1,230		Zero Coupon, 8/01/40, XLCA		216,677
	1,285		Zero Coupon, 8/01/41, XLCA		213,644
	1,340		Zero Coupon, 8/01/42, XLCA		210,219
	1,400		Zero Coupon, 8/01/43, XLCA		206,990
	1,465		Zero Coupon, 8/01/44, XLCA		204,294
	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		4,540,975
	5,000		Los Angeles Unified Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. A-1, 4.50%, 1/01/28, MBIA		4,927,550
	8,900		Met. Wtr. Dist. of Southern California, Wtr. Utils. Impvts. RB, Ser A, 5.00%, 7/01/37		9,281,454
	1,000		Palm Springs, Hsg. RB, Sahara Mobile Home Pk. Proj., 5.625%, 5/15/26		1,044,590
			Poll. Ctrl. Fing. Auth., Rec. Recovery Impvts. RB,
	2,290		Central Valley Wst. Svc. Proj., Ser. A-2, 5.40%, 4/01/25, AMT		2,315,076
	6,000		Chemical Wst. Mgmt., Inc. Proj., Ser. C, 5.125%, 11/01/23, AMT		5,950,560
	4,000		Rancho Cucamonga Cmnty. Facs. Dist., Pub. Impvts. ST, Ser. A, 6.50%, 9/01/33		4,278,760
	15,500		Rancho Cucamonga Redev. Agcy., Econ. Impvts. TA, Rancho Redev. Proj., 5.125%, 9/01/30, MBIA		15,880,370
	9,000		San Diego Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 8/01/32, FSA		9,413,820

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

Principal
Amount
(000)			Description		Value
			California— (cont'd)
$	6,500		San Francisco City & Cnty. Arpts. Comm., Port, Arpt. & Marina RB, Ser. 27-A, 5.25%, 5/01/31,
			MBIA, AMT	$	6,648,005
			San Francisco City & Cnty. Redev. Agcy., Cmnty. Facs. Dist. No. 6 Pub. Impvts. ST, Mission Bay
			South Proj.,
	1,775		6.125%, 8/01/31		1,852,852
	7,500		6.25%, 8/01/33		7,850,475
			Santa Clara Cnty. Hsg. Auth., Local Multi-Fam. Hsg. RB,
	1,715		John Burns Gardens Apts. Proj., Ser. A, 5.85%, 8/01/31, AMT		1,781,851
	1,235		River Town Apts. Proj., Ser. A, 6.00%, 8/01/41, AMT		1,288,327
	3,075		Santa Clarita Cmnty. Facs. Dist., ST, Valencia Town Ctr. Proj., 5.85%, 11/15/32		3,196,339
			Statewide Cmnty. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB,
	4,000		Daughters of Charity Proj., Ser. A, 5.25%, 7/01/30		4,048,880
	10,000		Sutter Hlth. Oblig. Grp. Proj., Ser. B, 5.625%, 8/15/42		10,548,000
	2,000		Upland Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.125%, 8/01/25, FSA
					2,092,900
	2,245		Val Verde Unified Sch. Dist., ST, 6.25%, 10/01/28		2,405,450
					313,510,948
			Multi-State—9.6%
			Charter Mac Equity Issuer Trust,
	7,000	³	Ser. A -2, 6.30%, 6/30/49		7,215,670
	4,000	³	Ser. B -1, 6.80%, 11/30/50		4,229,040
			MuniMae TE Bond Subsidiary LLC,
	7,000	³	Ser. A -1, 6.30%, 6/30/49		7,207,060
	3,000		Ser. B -1, 6.80%, 6/30/49		3,168,270
					21,820,040
			Puerto Rico—9.3%
	10,000	²	Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. 2, 5.25%, 7/01/12		10,750,800
	10,000	²	Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.70%, 2/01/10		10,450,800
					21,201,600
			Total Long-Term Investments (cost $339,511,297)		356,532,588
Shares
(000)
			MONEY MARKET FUND—0.2%
	437	^4,5	CMA California Mun. Money Fund, 3.07% (cost $436,969)		436,969
Total Investments —156.6% (cost $339,948,266⁶)				$	356,969,557
Other assets in excess of liabilities —1.3%					2,990,510
Preferred shares at redemption value, including dividends payable —(57.9)%					(132,019,398	)
Net Assets Applicable to Common Shareholders —100%				$	227,940,669

1	Security is collateralized by Municipal or U.S. Treasury obligations.

2	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.

3	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 July 31, 2007, the Trust held 8.2% of its net assets, with a current market value of $18,651,770, in securities restricted as to resale.

4	Represents an investment in an affiliate.

5	Represents current yield as of July 31, 2007.

6	Cost for federal income tax purposes is $339,978,549. The net unrealized appreciation on a tax basis is $16,991,008, consisting of $17,641,091 gross unrealized appreciation and $650,083 gross unrealized depreciation.



		KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
COP	—	Certificate of Participation
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RB	—	Revenue Bond
ST	—	Special Tax
TA	—	Tax Allocation
XLCA	—	XL Capital Assurance

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 and 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 (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

	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,
		Treasurer of
		BlackRock California Municipal Income Trust

	Date: September 20, 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
		Robert S. Kapito,
		President (principal executive officer) of
		BlackRock California Municipal Income Trust

	Date: September 20, 2007


	By:	/s/ Donald C. Burke
		Donald C. Burke,
		Treasurer (principal financial officer) of
		BlackRock California Municipal Income Trust

	Date: September 20, 2007