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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000930413-04-004580.txt : 20040929
<SEC-HEADER>0000930413-04-004580.hdr.sgml : 20040929
<ACCEPTANCE-DATETIME>20040929135502
ACCESSION NUMBER:		0000930413-04-004580
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040731
FILED AS OF DATE:		20040929
DATE AS OF CHANGE:		20040929
EFFECTIVENESS DATE:		20040929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137391
		IRS NUMBER:				510409109
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10331
		FILM NUMBER:		041052222

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		302-797-2449

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c33547_nq.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>




<P align="center">
<FONT face="serif">UNITED STATES </FONT>
<br>
<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT>
<br>
<FONT face="serif">Washington, D.C. 20549 </FONT>
</P>
<P align="center">
<B><FONT size=4 face="serif">FORM N-Q </FONT></B>
</P>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B>
<br>
<B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="36%" align="left"><font face="serif">Investment Company Act file number: </font></td>
    <td colspan="2" align="left"><font face="serif">811-10331</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td colspan="2" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="3" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font face="serif">BlackRock California Municipal Income Trust</FONT></font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font face="serif">(Exact name of registrant as specified in charter) </font> </td>
  </tr>
  <tr>
    <td colspan="3" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" align="center"><font size=2 face="sans-serif">100 Bellevue Parkway, Wilmington, DE</font></td>
    <td align="center"><font size=2 face="sans-serif">19809</font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2" align="center"><font size=2 face="sans-serif">(Address of principal executive offices)&nbsp;</font></td>
    <td width="51%" align="center"><font size=2 face="sans-serif">(Zip code)</font></td>
  </tr>
  <tr>
    <td colspan="3" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="sans-serif"><font face="serif">Robert S. Kapito, President</font></font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="sans-serif"><font face="serif">BlackRock California Municipal Income Trust</FONT> </font></font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="sans-serif"><font face="serif">40 East 52nd Street, New York, NY 10022</font></font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="sans-serif"><font face="serif">(Name and address of agent for service)</font></font></td>
  </tr>
</table>
<P align="left"><FONT size=2 face="sans-serif"><br>
</FONT></P>
<table width="75%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><font face="serif">Registrant's telephone number, including area code:</font></td>
    <td width="61%"><font face="serif">888-825-2257</font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="21%"><font face="serif">Date of fiscal year end:</font></td>
    <td colspan="2"><font face="serif">&nbsp;</font><font face="serif">October 31, 2004</font><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="serif">Date of reporting period:</font></td>
    <td colspan="2"><font face="serif">July 31, 2004</font><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P align="left"><FONT face="serif"><BR>
  </FONT>
</P>
<FONT size=2 face="sans-serif">
<HR noshade align="center" width="100%" size=2>

<page>
<A name="page_2"></A>

<P>
<B><FONT face="serif">Item 1. Schedule of Investments</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">The Trust's schedule of investments pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows: </FONT>
</P>
<font size="3"><b>PORTFOLIO OF INVESTMENTS (</b><b>unaudited)</b><b><br>
JULY 31, 2004</b></font></font>
<hr noshade size=3>
<font size="3"><b> BlackRock California Municipal Income Trust (BFZ)</b></font>
<p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center></td>
    <td>&nbsp;</td>
    <td align=right><div align="center"><font size="2"><b>Principal</b></font></div></td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Amount</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Option Call</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"><font size="2"><b>Rating</b><sup><b>1</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>(000)</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="11"><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td width="1%">&nbsp;</td>
    <td width="5%" align=center></td>
    <td width="1%">&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td width="2%">&nbsp;</td>
    <td width="62%" align=left><font size="2"><b>LONG-TERM INVESTMENTS&#151;160.5%</b></font></td>
    <td width="1%">&nbsp;</td>
    <td width="11%" align=right><font size="2"><b>&nbsp;</b></font></td>
    <td width="1%">&nbsp;</td>
    <td width="8%" align=right></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>California&#151;136.9%</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Anaheim Pub. Fin. Auth., Pub. Impvt. Proj., Ser. C, FSA, </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$</font><font size="2">24,500</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 9/01/31</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">No Opt. Call</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$ 5,125,155 </font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,070</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 9/01/32</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">No Opt. Call</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,195,062</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">California, GO, </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">A3</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/33</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">11/13 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,285,900</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,500</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Ser. BZ, 5.35%, 12/01/21, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/07 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,565,835</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Ser. BZ, 5.375%, 12/01/24, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/07 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,031,350</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">California Cnty. Tobacco Sec. Agcy., </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Fresno Cnty. Fdg. Corp., 6.00%, 6/01/35</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/12 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,921,860</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Kern Cnty. Corp., Ser. B, 6.25%, 6/01/37</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/12 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,055,600</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">Baa3</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Stanislaus Fdg., Ser. A, 5.875%, 6/01/43</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/12 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,931,050</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">A2</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,000 <sup>3</sup></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 5/01/21</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">05/12 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,168,920</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">A2</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 5/01/22</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">05/12 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,244,680</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">California Edl. Facs. Auth., Stanford Univ., Ser. Q, 5.25%, 12/01/32 </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/11 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,166,500</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">California Hlth. Facs. Fin. Auth., Ser. A, </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Insured Hlth. Facs. Valleycare, 5.375%, 5/01/27</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">05/12 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,006,330</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,890</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Kaiser Proj., 5.40%, 5/01/28</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">ETM</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,038,852</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">California Hsg. Fin. Agcy., </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">14,065</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, Zero Coupon, 8/01/31, FSA</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">08/04 @ 5.001</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,145,216</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">15,945</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Home Mtg. Rev., Ser. Q, Zero Coupon, 2/01/33, AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">08/04 @ 3.951</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,169,228</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">19,185</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Home Mtg. Rev., Ser. T, Zero Coupon, 8/01/21, MBIA</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">08/04 @ 15.292</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,502,294</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">California Infrastructure &amp; Econ. Dev., </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">15,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">07/13 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">14,933,100</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">A-</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">15,250</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;J. David Gladstone Inst. Proj., 5.25%, 10/01/34</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">10/11 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">14,846,790</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">A</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">13,500</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Kaiser Hosp. Asst. LLC, Ser. A, 5.55%, 8/01/31</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">08/11 @ 102</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">13,712,355</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">AA-</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">California Statewide Cmnty. Dev. Auth., Sutter Hlth. Oblig. Grp., Ser. B, 5.625%, 8/15/42 </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">08/12 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,164,900</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">A-</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Daly City Hsg. Dev. Fin. Agcy., Sr. Franciscan Acquisition Proj., Ser. A, 5.85%, 12/15/32 </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">12/13 @ 102</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,103,650</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">El Monte Sr. Dept. of Pub. Svcs., Fac. Phase II, COP, 5.25%, 1/01/34, AMBAC </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">01/11 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,099,900</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Elk Grove Unified Sch. Dist., Cmnty. Facs. Dist. 1, Spec. Tax, AMBAC, </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,485</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 12/01/29</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">12/11 @ 37.373</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,690,412</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,485</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 12/01/30</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">12/11 @ 35.365</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,593,781</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,485</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 12/01/31</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">12/11 @ 33.465</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,498,647</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB-</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/33</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">01/10 @ 25.78</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">862,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB-</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/34</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">01/10 @ 24.228</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">810,150</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB-</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">13,445</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/35</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">01/10 @ 22.819</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,041,355</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB-</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/38</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">01/10 @ 19.014</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">125,170</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB-</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,030</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 1/15/40</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">01/10 @ 101</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">9,969,920</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Golden St. Tobacco Sec. Corp., </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.625%, 6/01/40</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/13 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,762,780</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.75%, 6/01/39</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/13 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">899,550</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">Baa1</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,200</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.50%, 6/01/43</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/13 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,214,688</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">Baa1</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,800</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.625%, 6/01/38</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/13 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,858,580</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">NR</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Irvine Mobile Home Park, Meadows Mobile Home Park, Ser. A, 5.70%, 3/01/28 </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">03/08 @ 102</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,843,600</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">A3</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,700</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Kaweah Delta Hlth. Care Dist. Rev., 6.00%, 8/01/34 </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">08/12 @ 102</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">8,031,408</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Lathrop Fin. Auth., Wtr. Sply. Proj., </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">NR</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,855</font></td>
    <td><font size="2"> <sup>4</sup></font></td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 6/01/27</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/13 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,812,518</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">NR</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,140</font></td>
    <td><font size="2"> <sup>4</sup></font></td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 6/01/35</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/13 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,142,004</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">Caa2</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,110</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. C,</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right> </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 12/01/24 </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">12/12 @ 102</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,493,705</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Palm Springs Mobile Home Park., Sahara Mobile Home Park, 5.625%, 5/15/26 </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">05/12 @ 102</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">986,910</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">NR</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Rancho Cucamonga Cmnty. Facs. Dist., Ser. A, 6.50%, 9/01/33 </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">09/13 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,156,880</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">15,500</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Rancho Cucamonga Redev. Agcy., Tax Alloc. Rev., Rancho Redev. Proj.,</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 9/01/30, MBIA </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">09/11 @ 100</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">15,585,095</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,905</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Richmond Wst. &amp; Wtr., Zero Coupon, 8/01/31, FGIC </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">No Opt. Call</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">411,156</font>
</table>
 <font size="2"></font>
<p><hr noshade size=3><PAGE>
<p><font size="3"><b> BlackRock California Municipal Income Trust (BFZ) (continued)</b></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Principal</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Amount</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Option Call</b></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"><font size="2"><b>Rating</b><sup><b>1</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>(000)</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td colspan="11" align=center><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td width="1%">&nbsp;</td>
    <td width="4%" align=center><font size="2"><font size="2"></font></font></td>
    <td width="1%">&nbsp;</td>
    <td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
    <td width="2%">&nbsp;</td>
    <td width="64%" align=left><font size="2"><b>California&#151;(continued)</b></font></td>
    <td width="1%">&nbsp;</td>
    <td width="9%" align=right><font size="2"><b>&nbsp;</b></font></td>
    <td width="1%">&nbsp;</td>
    <td colspan="2" align=right><font size="2"></font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">AAA</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">$ 6,500</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">San Francisco City &amp; Cnty. Arpt. Comm., Intl. Arpt. Rev., Ser. 27-A,</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 5/01/31, MBIA </font></td>
    <td>&nbsp;</td>
    <td align=right><div align="center"><font size="2">05/11 @ 100</font></div></td>
    <td>&nbsp;</td>
    <td width="2%" align=right><div align="left"><font size="2">$ </font></div></td>
    <td width="7%" align=right><font size="2">6,520,605</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">San Francisco City &amp; Cnty. Redev. Agcy., Cmnty. Facs. Dist., Mission Bay South,</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">NR</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,775</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 8/01/31</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">08/09 @ 102</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">1,793,549</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">NR</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,500</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 8/01/33</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">08/11 @ 101</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">7,579,725</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">San Jose Multi-Fam. Hsg., </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,880</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Lenzen Hsg., Ser. B, 5.45%, 2/20/43</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">08/11 @ 102</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">2,923,056</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,225</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Vlgs. Pkwy. Sr. Apts., Ser. D, 5.50%, 4/01/34</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">04/11 @ 100</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">4,288,121</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Santa Clara Cnty. Hsg. Auth., Multi-Fam. Hsg., Ser. A, </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">NR</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">6,250</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Blossom River Apts., 6.50%, 9/01/39</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">03/08 @ 102</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">5,992,250</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">A3</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,715</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;John Burns Gardens Apts. Proj., 5.85%, 8/01/31</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">02/12 @ 101</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">1,725,238</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">A3</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">1,235</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;River Town Apts. Proj., 6.00%, 8/01/41</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">02/12 @ 101</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">1,247,165</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">NR</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,075</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Santa Clarita Facs. Dist., Valencia Town Ctr., 5.85%, 11/15/32 </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">11/10 @ 102</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">3,084,686</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,345</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Tobacco Sec. Auth. No. California, Tobacco Settlement Rev., Ser. A, 5.375%, 6/01/41 </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/11 @ 100</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">3,883,303</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A, </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/01/36</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/12 @ 100</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">5,426,610</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">11,500</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 6/01/43</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/12 @ 100</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">8,683,305</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">AAA</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Upland Unified Sch. Dist., GO, Ser. B, 5.125%, 8/01/25, FSA </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">08/13 @ 100</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">2,039,680</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">NR</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,245</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Val Verde Unified Sch. Dist. Fin. Auth., Spec. Tax Rev., 6.25%, 10/01/28 </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">10/13 @ 102</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">2,299,127</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">A2</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">2,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Vernon Elec. Sys., Malburg Generating Station Proj., 5.50%, 4/01/33 </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">04/08 @ 100</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">2,014,300</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><HR noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">290,705,556</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><HR noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Delaware&#151;5.6%</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Charter Mac Equity Issuer Trust, </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">A3</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,000</font></td>
    <td><font size="2"> <sup>5</sup></font></td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, 6.30%, 6/30/49</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/09 @ 100</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">7,574,350</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">Baa1</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">4,000</font></td>
    <td><font size="2"> <sup>5</sup></font></td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Ser. B-1, 6.80%, 11/30/50</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">11/10 @ 100</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">4,401,720</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><HR noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">11,976,070</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><HR noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Maryland&#151;5.0%</b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">MuniMae TE Bond Subsidiary, LLC, </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">NR</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,000</font></td>
    <td><font size="2"> <sup>4,5</sup></font></td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.30%, 6/30/49</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">06/09 @ 100</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">7,491,540</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">NR</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">3,000</font></td>
    <td><font size="2"> <sup>4,5</sup></font></td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 6.80%, 6/30/50</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">11/10 @ 100</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">3,219,720</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><HR noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">10,711,260</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><HR noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Puerto Rico&#151;13.0%</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2"><font size="2">A-</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,000</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Puerto Rico Elec. Pwr. Auth., Ser. 2, 5.25%, 7/01/31 </font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">07/12 @ 101</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">10,064,800</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Puerto Rico Pub. Fin. Corp., Ser. E, </font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB+</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">10,000</font></td>
    <td><font size="2"> <sup>6</sup></font></td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 2/01/10</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">N/A</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">11,249,900</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">BBB+</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">5,750</font></td>
    <td><font size="2"> <sup>6</sup></font></td>
    <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 2/01/07</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">N/A</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">6,235,013</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><HR noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">27,549,713</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><HR noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">340,942,599</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Total Long-Term Investments </b>(cost $340,715,386)</font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><HR noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>
<p> <font size="2"></font>
<p><hr noshade size=3><PAGE>
<p><font size="3"><b> BlackRock California Municipal Income Trust (BFZ) (continued)</b></font>

<p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="center"><font size="2"><b>Shares</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="center"><font size="2"><b>(000)</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="9" align=center><HR noshade size=1></td>
  </tr>
  <tr valign=top>
    <td width="1%" align=center><font size="2"><font size="2"></font></font></td>
    <td width="2%">&nbsp;</td>
    <td width="5%" align=right><font size="2"><b>&nbsp;</b></font></td>
    <td width="2%">&nbsp;</td>
    <td width="75%" align=left><font size="2"><b>MONEY MARKET FUND&#151;3.8%</b></font></td>
    <td width="5%">&nbsp;</td>
    <td colspan="2" align=right><font size="2"></font></td>
    <td width="1%">&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">7,950</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">AIM Tax Free Investment Co. Cash Reserve Portfolio, (cost $7,950,000) </font></td>
    <td>&nbsp;</td>
    <td width="3%" align=right><div align="left"><font size="2">$</font></div></td>
    <td width="6%" align=right><font size="2"> 7,950,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><HR noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Total Investments&#151;164.3% </b>(cost $348,665,386)</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">348,892,599</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Liabilities in excess of other assets&#151;(2.2)%</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">(4,553,394</font></td>
    <td><font size="2">)</font></td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">Preferred shares at redemption value, including dividends payable&#151;(62.1)%</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=right><font size="2">(131,959,546</font></td>
    <td><font size="2">)</font></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><HR noshade size=1></td>
    <td align=right><HR noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left><font size="2"><b>Net Assets Applicable to Common Shareholders&#151;100%</b></font></td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size="2">$</font></div></td>
    <td align=right><font size="2">212,379,659</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align=right><div align="left">
      <HR noshade size=3>
    </div></td>
    <td align=right><HR noshade size=3>      <font size="2">&nbsp; </font></td>
    <td>&nbsp;</td>
  </tr>
</table>

<table border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td colspan="2" align=left>&nbsp;</td>
    <td width="11">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td width="142" align=left><HR noshade size=1></td>
    <td width="948" align=left>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
     <tr valign=top>
<td colspan="2" align=left><font size="2"><sup>1</sup>Using the higher of Standard & Poor's, Moody's Investors Service or Fitch Ratings ratings.
</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=left><font size="2"><font size="2"><sup>2</sup>Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.</font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=left><font size="2"><sup>3</sup>Entire or partial principal amount pledged as collateral for financial futures contracts.</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=left><font size="2"><sup>4</sup>Security is deemed to be of investment grade quality by the investment advisor.</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=left><font size="2"><sup>5</sup>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, 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.<font size="2"></font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="2" align=left><font size="2"><font size="2"><sup>6</sup>This 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.</font></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="6"><p align="center"><font size="2" face="sans-serif"><b>KEY TO ABBREVIATIONS</b> </font>          <FONT size=2 face="sans-serif"><FONT face="serif"> </FONT></font></td>
  </tr>
  <tr>
    <td width="8%"><font size=2 face="sans-serif"><font size="2">AMBAC</font></font></td>
    <td width="4%"><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td width="43%"><font size=2 face="sans-serif"><font size="2">American Municipal Bond Assurance Corporation</font></font></td>
    <td width="6%"><font size=2 face="sans-serif"><font size="2">FSA&nbsp;&nbsp;</font></font></td>
    <td width="3%"><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td width="36%"><font size=2 face="sans-serif"><font size="2">Financial Security Assurance</font></font></td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font size="2">COP</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">Certificate of Participation</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">GO&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">General Obligation </font></font></td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font size="2">ETM</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">Escrowed to Maturity</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">MBIA&nbsp;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">Municipal Bond Insurance Association</font></font></td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font size="2">FGIC</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">Financial Guaranty Insurance Company&nbsp;&nbsp;</font></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>
  <B><FONT face="serif">Item 2. Controls and Procedures</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
  <FONT face="serif">(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&#146;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. </FONT>
</P>
<P>
  <FONT face="serif">(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. </FONT>
</P>
<P>
  <B><FONT face="serif">Item 3. Exhibits.</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
  <FONT face="serif">(a) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. </FONT>
</P>
<HR noshade align="center" width="100%" size=2>

<page>
<p>
  <A name="page_3"></A>

<P align="center">
  <B><FONT face="serif">SIGNATURES</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
  <FONT face="serif">     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.
  </FONT>
</P>
</font>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="8%"><font size=2 face="sans-serif"><font face="serif">(Registrant)</font></font></td>
    <td colspan="2"><font size=2 face="sans-serif"><font size=2 face="sans-serif"><font face="serif"><font face="serif">BlackRock California Municipal Income Trust </font></font></font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="57%"><hr align="left" size="1" noshade></td>
    <td width="35%">&nbsp;</td>
  </tr>
</table>
<FONT size=2 face="sans-serif"><P>&nbsp;
</P>
</font>

<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size=2 face="sans-serif"><font face="serif">By:</font></font></td>
    <td width="27%"><FONT size=2 face="sans-serif"><FONT face="serif"> /s/ Henry Gabbay</FONT></font></td>
    <td width="68%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Name: </font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">Henry Gabbay </font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Title:</font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">Treasurer</font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Date:</font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">September 28, 2004</font></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<FONT size=2 face="sans-serif">
<P><FONT face="serif"> </FONT></P>
<P>
  <FONT face="serif">   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. </FONT>
</P>
</font>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size=2 face="sans-serif"><font face="serif">By:</font></font></td>
    <td width="27%"><FONT size=2 face="sans-serif"><FONT face="serif"> /s/ </FONT><FONT size=2 face="sans-serif"><FONT face="serif">Robert S. Kapito</FONT></font></font></td>
    <td width="68%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Name: </font></font></td>
    <td><font size=2 face="sans-serif"><FONT face="serif">Robert S. Kapito</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Title:</font></font></td>
    <td><font size=2 face="sans-serif"><FONT face="serif">Principal Executive Officer</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Date:</font></font></td>
    <td><FONT size=2 face="sans-serif"><FONT face="serif">September 28, 2004</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
</table>

<p>&nbsp;</p>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size=2 face="sans-serif"><font face="serif">By:</font></font></td>
    <td width="27%"><FONT size=2 face="sans-serif"><FONT face="serif"> /s/ Henry Gabbay</FONT></font></td>
    <td width="68%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Name: </font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">Henry Gabbay </font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Title:</font></font></td>
    <td><font size=2 face="sans-serif"><FONT face="serif">Principal Financial Officer</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Date:</font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">September 28, 2004</font></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<FONT size=2 face="sans-serif">
<P>&nbsp;
</P>
<HR noshade align="center" width="100%" size=2>


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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c33547_ex99-cert.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 FINAL//EN">


<HTML>
<HEAD>
   <TITLE>c33517_n-q</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<TABLE border="0" cellpadding="0" cellspacing="0">
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="right"><B><FONT face="serif">Exhibit 99.Cert</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATIONS</FONT></B><BR>
    </div></td>
</tr>
<tr>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" colspan="3"><FONT face="serif">I, Robert Kapito, certify that:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">1.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">I have reviewed this report on Form N-Q of BlackRock California Municipal Income Trust;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">3.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">4.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) for the registrant and have:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td width="3%" valign="top"><FONT face="serif">a) </FONT></td>
  <td width="94%" valign="top"><font face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">b) </FONT></td>
  <td valign="top"><FONT face="serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">c) </FONT></td>
  <td valign="top"><FONT face="serif">Disclosed in this report any change 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; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">a) </FONT> </td>
  <td valign="top"><FONT face="serif">All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect</FONT>
    <FONT face="serif">the registrant's ability to record, process, summarize, and report financial information; and </FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"> <FONT face="serif">b) </FONT> </td>
  <td valign="top"><FONT face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. </FONT></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;</td>
</tr>
</TABLE>

<P>&nbsp;</P>
<table width="50%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="11%"><font face="serif">Date: </font></td>
    <td width="89%"><font face="serif">September 28, 2004</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P><FONT face="serif">  </FONT></P>
<FONT face="serif">
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="53%">&nbsp;</td>
    <td width="47%" align="center">/s/ Robert S. Kapito</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><font face="serif">Robert S. Kapito</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><font face="serif">Principal Executive Officer</font></td>
  </tr>
</table>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>

<page>
<A name="page_6"></A>

<TABLE border="0" cellpadding="0" cellspacing="0">
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="right"><B><FONT face="serif">Exhibit 99.Cert</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATIONS</FONT></B><BR>
    </div></td>
</tr>
<tr>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" colspan="3"><FONT face="serif">I, Henry Gabbay, certify that:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">1.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">I have reviewed this report on Form N-Q of BlackRock California Municipal Income Trust;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">3.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">4.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) for the registrant and have:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td width="4%" valign="top"><FONT face="serif">a) </FONT></td>
  <td width="93%" valign="top"><FONT face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">b) </FONT></td>
  <td valign="top"><FONT face="serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">c) </FONT></td>
  <td valign="top"><FONT face="serif">Disclosed in this report any change 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; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">a) </FONT> </td>
  <td valign="top"><FONT face="serif">All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect</FONT>
    <FONT face="serif">the registrant's ability to record, process, summarize, and report financial information; and </FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"> <FONT face="serif">b) </FONT> </td>
  <td valign="top"><FONT face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. </FONT></td>
</tr>

</TABLE>

<P>&nbsp;</P>
</font>
<table width="50%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="11%"><font face="serif">Date: </font></td>
    <td width="89%"><font face="serif">September 28, 2004</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P><FONT face="serif"> </FONT></P>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="23%" align="center">&nbsp;</td>
    <td width="24%" align="center"><font face="serif">/s/ &nbsp;Henry Gabbay</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="center"><font face="serif">Henry Gabbay</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="center"><font face="serif">Principal Financial Officer</font></td>
  </tr>
</table>
<FONT face="serif">
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>
</font>
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