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<SEC-DOCUMENT>0000930413-05-006885.txt : 20050929
<SEC-HEADER>0000930413-05-006885.hdr.sgml : 20050929
<ACCEPTANCE-DATETIME>20050929105842
ACCESSION NUMBER:		0000930413-05-006885
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050731
FILED AS OF DATE:		20050929
DATE AS OF CHANGE:		20050929
EFFECTIVENESS DATE:		20050929

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:		051110056

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	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>c39091_nq.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<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><BR>
</center>
<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 <br>
MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P>
<FONT face="serif">Investment Company Act file number: </FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-10331&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"> </FONT></P>
<P align="center">
<FONT face="serif"></FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock California Municipal Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"><BR> (Exact name of registrant as specified in charter) </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
        <TD width=75%>
<FONT face="serif">100 Bellevue Parkway, Wilmington, DE</FONT>&nbsp;
        </TD>
        <TD width=25%>
<FONT face="serif">19809</FONT>&nbsp;
        </TD>
</TR>
<TR align="center">
        <TD colspan=2>
<HR noshade size=1>
        </TD>
</TR>
<TR align="center" valign="bottom">
        <TD>
<FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
        </TD>
        <TD width=25%>
<FONT face="serif">(Zip code)</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif"> Robert S. Kapito, President   </FONT></P>
<P align="center"><FONT face="sans-serif"><b>BlackRock California Municipal Income Trust </b></FONT>  </P>
<P align="center">
<FONT face="serif"> <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 East 52nd Street, New York, NY 10022&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT>
<br>
<FONT face="serif">(Name and address of agent for service) </FONT>
</P>
<P>
<FONT face="serif">Registrant's telephone number, including area code: </FONT><U><FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888-825-2257&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">Date of fiscal year end: </FONT><U><FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">Date of reporting period: </FONT><U><FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 31, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"></FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size="2" face="serif">Item 1. Schedule of Investments.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT size="2" face="serif">The Registrant&#146;s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows: </FONT></P>
<P>&nbsp;</P>
<P>

<p><font size="3"><b>PORTFOLIO OF INVESTMENTS (</b><b>unaudited)</b><b><br>JULY
31, 2005</b></font>
<p><font size="3"><b> BlackRock California Municipal Income Trust (BFZ)</b></font>
<p><p><table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign=top><td width="10%" align=center nowrap></td>
<td width="1%" nowrap>&nbsp;</td>
<td width="10%" align=center nowrap><font size="2"><b>Principal</b></font></td>
<td width="4%" nowrap>&nbsp;</td>
<td width="52%" align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
<td width="2%" nowrap>&nbsp;</td>
<td width="11%" align=center nowrap></td>

</tr>
<tr valign=top>
  <td width="10%" align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
<td width="1%" nowrap>&nbsp;</td>
<td width="10%" align=center nowrap><font size="2"><b>Amount</b></font></td>
<td width="4%" nowrap>&nbsp;</td>
<td width="52%" align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=center nowrap><font size="2"><b>Option Call</b></font></td>
<td width="2%" nowrap>&nbsp;</td>
<td width="11%" align=center nowrap></td>
</tr>
<tr valign=top><td width="10%" align=center nowrap><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
<td width="1%" nowrap>&nbsp;</td>
<td width="10%" align=center nowrap><font size="2"><b>(000)</b></font></td>
<td width="4%" nowrap>&nbsp;</td>
<td width="52%" align=center nowrap><font size="2"><b>Description</b></font></td>
<td width="10%" align=center nowrap><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
<td width="2%" nowrap>&nbsp;</td>
<td width="11%" align=center nowrap><font size="2"><b>Value</b></font></td>
</tr>
<tr valign=top><td COLSPAN='8' nowrap ><HR noshade size=1></td></tr>
<tr valign=top><td width="10%" align=center></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2"><b>LONG-TERM INVESTMENTS&#151;168.1%</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2"><b>California</b><b>&#151;145.7%</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Anaheim Pub. Fin. Auth., Pub. Impvt.
Proj., Ser. C, FSA,</font></td>
<td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">$24,500</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 9/01/31</font></td>
<td width="10%" align=center><font size="2">No Opt. Call</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">$&nbsp;&nbsp;&nbsp; 6,845,055</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">6,070</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 9/01/32</font></td>
<td width="10%" align=center><font size="2">No Opt. Call</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">1,610,735</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">California, GO,</font></td>
<td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">A</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">10,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/33</font></td>
<td width="10%" align=center><font size="2">11/13 @ 100</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">11,036,600</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">5,500</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. BZ, 5.35%, 12/01/21, MBIA</font></td>
<td width="10%" align=center><font size="2">06/07 @ 101</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">5,577,275</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">5,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. BZ, 5.375%, 12/01/24,
MBIA</font></td>
<td width="10%" align=center><font size="2">06/07 @ 101</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">5,052,450</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">BBB</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">5,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Cnty. Tobacco Sec. Agcy., Stanislaus
Fdg., Ser. A, 5.875%, 6/01/43</font></td>
<td width="10%" align=center><font size="2">06/12 @ 100</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">5,294,200</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Dept. of Wtr. Res., Pwr. Sply. Rev.,
Ser. A,</font></td>
<td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">A2</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">4,000</font></td>
<td width="4%"><font size="2"><sup>3</sup></font></td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 5/01/21</font></td>
<td width="10%" align=center><font size="2">05/12 @ 101</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">4,345,280</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">A2</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">6,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 5/01/22</font></td>
<td width="10%" align=center><font size="2">05/12 @ 101</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">6,506,760</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">10,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Edl. Facs. Auth.,</font></td>
<td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">10,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Stanford Univ. Proj., Ser.
Q, 5.25%, 12/01/32</font></td>
<td width="10%" align=center><font size="2">06/11 @ 101</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">10,674,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">AA+</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">745</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Univ. So. CA Proj., 5.00%,
10/01/33,</font></td>
<td width="10%" align=center><font size="2">10/15 @100</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">790,676</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">6,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" 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 width="10%" align=center><font size="2">01/11 @ 100</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">6,346,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Elk Grove Unified Sch. Dist., Cmnty.
Facs. Dist. 1, Spec. Tax, AMBAC,</font></td>
<td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">7,485</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 12/01/29</font></td>
<td width="10%" align=center><font size="2">12/11 @ 37.373</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">2,023,719</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">7,485</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 12/01/30</font></td>
<td width="10%" align=center><font size="2">12/11 @ 35.365</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">1,910,921</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">7,485</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 12/01/31</font></td>
<td width="10%" align=center><font size="2">12/11 @ 33.465</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">1,805,607</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Foothill/Eastn. Transp. Corridor
Agcy., Toll Road Rev.,</font></td>
<td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BBB</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">5,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/33</font></td>
<td width="10%" align=center><font size="2">01/10 @ 25.78</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">983,150</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">BBB</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">5,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/34</font></td>
<td width="10%" align=center><font size="2">01/10 @ 24.228</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">923,800</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BBB</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">13,445</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/35</font></td>
<td width="10%" align=center><font size="2">01/10 @ 22.819</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">2,337,413</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">BBB</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/38</font></td>
<td width="10%" align=center><font size="2">01/10 @ 19.014</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">144,450</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BBB</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">10,030</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 1/15/40</font></td>
<td width="10%" align=center><font size="2">01/10 @ 101</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">10,230,299</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">BBB</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">5,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 1/15/26</font></td>
<td width="10%" align=center><font size="2">01/14 @ 101</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">4,201,100</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Golden St. Tobacco Sec. Corp.,</font></td>
<td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">BBB</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">2,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.625%, 6/01/40</font></td>
<td width="10%" align=center><font size="2">06/13 @ 100</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">2,275,140</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BBB</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.75%, 6/01/39</font></td>
<td width="10%" align=center><font size="2">06/13 @ 100</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">1,149,300</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">A-</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">10,200</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.50%, 6/01/43</font></td>
<td width="10%" align=center><font size="2">06/13 @ 100</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">11,307,516</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">A-</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">5,800</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.625%, 6/01/38</font></td>
<td width="10%" align=center><font size="2">06/13 @ 100</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">6,499,132</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">A-</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">16,440</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Golden St. Tobacco Sec. Corp. Tobacco
Settlement Rev., Ser. A, 5.00%, 6/01/45</font></td>
<td width="10%" align=center><font size="2">06/15 @ 100</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">16,881,250</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">A3</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">16,440</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Hlth. Fac. Fin. Auth. Rev., Cedars
Sinai Med Center Proj., 5.00%, 11/15/34</font></td>
<td width="10%" align=center><font size="2">11/15 @ 100</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">16,863,659</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Hlth. Facs. Fin. Auth., Ser. A,</font></td>
<td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">A</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">3,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Insured Hlth. Facs. Valleycare
Proj., 5.375%, 5/01/27</font></td>
<td width="10%" align=center><font size="2">05/12 @ 100</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">3,188,670</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">4,890</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Kaiser Proj., 5.40%, 5/01/28</font></td>
<td width="10%" align=center><font size="2">ETM</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">5,056,993</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Infrastructure &amp; Econ. Dev.,</font></td>
<td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">20,035</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Bay Area Toll Brdgs., Ser.
A, 5.00%, 7/01/36, AMBAC</font></td>
<td width="10%" align=center><font size="2">07/13 @ 100</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">21,034,947</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">A</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">15,250</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;J. David Gladstone Inst. Proj.,
5.25%, 10/01/34</font></td>
<td width="10%" align=center><font size="2">10/11 @ 101</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">15,763,315</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">A+</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">13,500</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Kaiser Hosp. Asst. LLC Proj.,
Ser. A, 5.55%, 8/01/31</font></td>
<td width="10%" align=center><font size="2">08/11 @ 102</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">14,377,635</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">NR</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">4,965</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left nowrap><font size="2">Irvine Mobile Home Park, Meadows
Mobile Home Park Proj., Ser. A, 5.70%, 3/01/28</font></td>
<td width="10%" align=center><font size="2">03/08 @ 102</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">4,978,604</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">A3</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">7,700</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Kaweah Delta Hlth. Care Dist., 6.00%,
8/01/34</font></td>
<td width="10%" align=center><font size="2">08/12 @ 102</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">8,387,610</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Lathrop Fin. Auth., Wtr. Sply. Proj.,</font></td>
<td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">NR<sup>4</sup></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">2,855</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 6/01/27</font></td>
<td width="10%" align=center><font size="2">06/13 @ 100</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">2,894,056</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">NR<sup>4</sup></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">5,140</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 6/01/35</font></td>
<td width="10%" align=center><font size="2">06/13 @ 100</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">5,256,678</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Live Oak Unified Sch. Dist., Cap.
Apprec. Election 2004, XLCA,</font></td>
<td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,030</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/01/36</font></td>
<td width="10%" align=center><font size="2">08/18 @ 37.743</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">196,503</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,080</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/01/37</font></td>
<td width="10%" align=center><font size="2">08/18 @ 35.649</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">198,202</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,125</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/01/38</font></td>
<td width="10%" align=center><font size="2">08/18 @ 33.665</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">190,226</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,175</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/01/39</font></td>
<td width="10%" align=center><font size="2">08/18 @ 31.785</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">187,589</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,230</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/01/40</font></td>
<td width="10%" align=center><font size="2">08/18 @ 30.004</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">185,361</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,285</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/01/41</font></td>
<td width="10%" align=center><font size="2">08/18 @ 28.317</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">182,765</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,340</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/01/42</font></td>
<td width="10%" align=center><font size="2">08/18 @ 26.72</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">179,841</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,400</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/01/43</font></td>
<td width="10%" align=center><font size="2">08/18 @ 25.208</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">176,148</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,465</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/01/44</font></td>
<td width="10%" align=center><font size="2">08/18 @ 23.777</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">173,852</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">985</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, Zero Coupon, 8/01/35</font></td>
<td width="10%" align=center><font size="2">08/18 @ 39.952</font></td>
<td width="2%">&nbsp;</td>
<td width="11%" align=right><font size="2">198,911</font></td>
</tr>
</table>
<p><p>
<font size="2"></font><p><p align='center'>1<HR noshade size=4><PAGE><p>
<p><font size="3"><b> BlackRock California Municipal Income Trust (BFZ) (continued)</b></font>
<p><p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="10%" align=center></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>Principal</b></font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="2%">&nbsp;</td>
    <td width="11%" align=center></td>
  </tr>
  <tr valign=top>
    <td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>Amount</b></font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="10%" align=center><font size="2"><b>Option Call</b></font></td>
    <td width="2%">&nbsp;</td>
    <td width="11%" align=center></td>
  </tr>
  <tr valign=top>
    <td width="10%" align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>(000)</b></font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>Description</b></font></td>
    <td width="10%" align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td width="2%">&nbsp;</td>
    <td width="11%" align=center><font size="2"><b>Value</b></font></td>
  </tr>
  <tr valign=top>
    <td COLSPAN='8' ><HR noshade size=1></td>
  </tr>
<tr valign=top><td align=center><font size="2"><font size="2"></font></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;(continued)</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">B-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;4,110</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Los Angeles Regl. Arpt. Impvt. Corp.
Lease Rev., Amer. Airlines, Inc. </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Proj., Ser. C, 7.50%,</font></td>
<td align=center><font size="2">12/12 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp; 4,393,385</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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 Proj., 5.625%, 5/15/26</font></td>
<td align=center><font size="2">05/12 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,052,620</font></td>
</tr>
<tr valign=top><td align=center><font size="2">BBB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Poll. Ctrl. Fin. Auth. Sld. Wst.
Disp. Rev., Republic Svcs., Inc. </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></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;&nbsp;&nbsp;&nbsp;Proj., Ser. C, 5.25%, 6/1/2023</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,215,320</font></td>
</tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,290</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Poll. Ctrl. Sld. Wst., Wst. Mgmt.,
Inc. Proj., Ser. A-2, 5.40%, 4/01/25</font></td>
<td align=center><font size="2">04/15 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,357,189</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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 align=center><font size="2">09/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,232,720</font></td>
</tr>
<tr valign=top><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. </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></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;&nbsp;&nbsp;&nbsp;Proj., 5.125%, 9/01/30, MBIA</font></td>
<td align=center><font size="2">09/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,193,935</font></td>
</tr>
<tr valign=top><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 align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">534,410</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,100</font></td>
<td>&nbsp;</td>
<td align=left nowrap><font size="2">Sacramento Cnty. San. Dist. Fin.
Auth., Sacramento Regl. Cnty. San. Proj., Ser. A, 5.00%, </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><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">&nbsp;&nbsp;&nbsp;&nbsp;12/01/35, AMBAC</font></td>
<td align=center><font size="2">12/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,677,720</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,335</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sacramento Util. Dist. Elec. Rev.,
Ser. R, 5.00%, 8/15/33, MBIA</font></td>
<td align=center><font size="2">08/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,503,684</font></td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</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. Rev., Intl. Arpt. Proj., Ser. 27-A, </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></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;&nbsp;&nbsp;&nbsp;5.25%, 5/01/31, MBIA</font></td>
<td align=center><font size="2">05/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,780,670</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">San Francisco City &amp; Cnty. Redev.
Agcy.,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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;Cmnty. Facs. Dist., Mission
Bay South Proj., 6.125%, 8/01/31</font></td>
<td align=center><font size="2">08/09 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,830,078</font></td>
</tr>
<tr valign=top><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;Cmnty. Facs. Dist., Mission
Bay South Proj., 6.25%, 8/01/33</font></td>
<td align=center><font size="2">08/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,016,150</font></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">San Jose Multi-Fam. Hsg.,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top><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. Proj., Ser. B,
5.45%, 2/20/43</font></td>
<td align=center><font size="2">08/11 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,978,410</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,595</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Vlgs. Pkwy. Sr. Apts. Proj.,
Ser. D, 5.50%, 4/01/34</font></td>
<td align=center><font size="2">04/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,702,059</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">Santa Clara Cnty. Hsg. Auth., Multi-Fam.
Hsg., Ser. A,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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. Proj.,
6.50%, 9/01/39</font></td>
<td align=center><font size="2">03/08 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,915,312</font></td>
</tr>
<tr valign=top><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 align=center><font size="2">02/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,759,916</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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 align=center><font size="2">02/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,265,579</font></td>
</tr>
<tr valign=top><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. Proj., 5.85%, 11/15/32</font></td>
<td align=center><font size="2">11/10 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,145,971</font></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">Statewide Cmnty. Dev. Auth.,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top><td align=center><font size="2">BBB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Daughters of Charity Hlth.
Proj., Ser. A, 5.25%, 7/01/30</font></td>
<td align=center><font size="2">07/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,159,680</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Daughters of Charity Hlth.
Proj., Ser. A, 5.25%, 7/01/35</font></td>
<td align=center><font size="2">07/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,754,280</font></td>
</tr>
<tr valign=top><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">&nbsp;&nbsp;&nbsp;&nbsp;Sutter Hlth. Oblig. Grp. Proj.,
Ser. B, 5.625%, 8/15/42</font></td>
<td align=center><font size="2">08/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,560,600</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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 align=center><font size="2">08/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,142,760</font></td>
</tr>
<tr valign=top><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 align=center><font size="2">10/13 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,369,171</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Aaa</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td><font size="2"><sup>5</sup></font></td>
<td align=left><font size="2">Vernon Elec. Sys., Malburg Generating
Station Proj., 5.50%, 4/01/08</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,134,820</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></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">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">337,100,832</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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>Multi-State&#151;9.7%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><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 align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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>6</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, 6.30%, 6/30/49</font></td>
<td align=center><font size="2">06/09 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,426,020</font></td>
</tr>
<tr valign=top><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>6</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B-1, 6.80%, 11/30/50</font></td>
<td align=center><font size="2">11/10 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,334,560</font></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">MuniMae TE Bond Subsidiary, LLC,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><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>6</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.30%, 6/30/49</font></td>
<td align=center><font size="2">06/09 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,349,440</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td><font size="2"><sup>6</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B-1, 6.80%, 6/30/50</font></td>
<td align=center><font size="2">11/10 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,247,560</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></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">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">22,357,580</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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;12.7%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">A3</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">Elec. Pwr. Auth., Ser. 2, 5.25%,
7/01/31</font></td>
<td align=center><font size="2">07/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,617,200</font></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">Pub. Fin. Corp., Ser. E,</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">Aaa</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000</font></td>
<td><font size="2"><sup>5</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 2/01/10</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,003,600</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Aaa</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,750</font></td>
<td><font size="2"><sup>5</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 2/01/07</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,987,992</font></td>
</tr>
<tr valign=top><td align=center><font size="2">Baa2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,850</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pub. Impvt., Ser. A, 5.00%, 7/01/29</font></td>
<td align=center><font size="2">07/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,922,724</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">29,531,516</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></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 Long-Term Investments</b>
(cost $367,862,641)</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">388,989,928</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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>SHORT-TERM INVESTMENTS&#151;1.5%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><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;0.5%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">VMIG1</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,205</font></td>
<td><font size="2"><sup>7</sup></font></td>
<td align=left><font size="2">Econ. Recovery, Ser. C-5, 2.85%,
8/01/05, FRDD</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp; 1,205,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
</table>
<p><p>
<font size="2"></font><p><p align='center'>2<HR noshade size=4><PAGE><p>
<p><font size="3"><b> BlackRock California Municipal Income Trust (BFZ) (continued)</b></font>
<p><p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="10%" align=center></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2">&nbsp;</font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=center></td>
  </tr>
  <tr valign=top>
    <td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>Shares</b></font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="10%" align=center>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=center></td>
  </tr>
  <tr valign=top>
    <td width="10%" align=center><font size="2">&nbsp;</font></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>(000)</b></font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>Description</b></font></td>
    <td width="10%" align=center>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>Value</b></font></td>
  </tr>
  <tr valign=top>
    <td COLSPAN='8' ><HR noshade size=1></td>
  </tr>
<tr valign=top>
    <td align=right>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Money Market Funds&#151;1.0%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=right>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><font size="2">2,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">AIM Tax Free Investment Co. Cash
Reserve Portfolio</font></td>
<td align=center><font size="2"> </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 2,250,000</font></td>
</tr>
<tr valign=top>
  <td align=right>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Short-Term Investments</b>
(cost $3,455,000)</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,455,000</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=right>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Investments&#151;169.6%</b>
(cost $371,317,641 <sup>8</sup>)</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">392,444,928</font></td>
</tr>
<tr valign=top>
  <td align=right>&nbsp;</td>
  <td align=right>&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
(including $33,776,090 of investment purchase </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=right>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;payable)&#151;(12.6%)</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">(29,060,676)</font></td>
</tr>
<tr valign=top>
  <td align=right>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Preferred stock at redemption value,
including dividends payable&#151;(57.0%)</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">(131,972,861)</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=right>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Net Assets Applicable to Common
Shareholders&#151;100%</b></font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$ 231,411,391</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=3></td>
</tr>
</table>

<p><p>
<hr align="left" noshade width="140" size="1">
<table border="0" cellspacing="0" cellpadding="0">
<tr valign=top><td align=left><font size="2"><font size="2"><sup></sup></font><sup><font size="2">1</font></sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><font size="2">Using the higher of
Standard &amp; Poor&#146;s, Moody&#146;s Investor Service or Fitch Ratings.</font></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>2</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Date (month/year) and price of the
earliest optional call or redemption. There may be other call provisions at varying
prices at later dates.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>3</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Security, or a portion thereof, pledged
as collateral with a value of $1,649,188 on 902 short U.S. Treasury Note futures
contracts expiring September 2005. The value of such contracts on July 31, 2005
was $100,107,906 , with an unrealized gain of $1,068,360.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>4</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Security is deemed to be of investment
grade quality by the investment advisor.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>5</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">This bond is prefunded. 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.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>6</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">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,
2005, the Trust held 9.7% of it nets assets, with a current market value of $22,357,580,
in securities restricted as to resale.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>7</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">For purposes of amortized cost valuation,
the maturity date of this instrument is considered to be the earlier of the next
date on which the security can be redeemed at par, or the next date on which the
rate of interest is adjusted.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>8</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Cost for Federal income tax purposes
is $373,534,312. The net unrealized appreciation on a tax basis is $18,910,616,
consisting of $19,463,772 gross unrealized appreciation and $553,156 gross unrealized
deprecia<font size="2">tion.</font></font></td><td>&nbsp;</td></tr></table>
<p><p>
<p>
<hr size="1" noshade>
<p align="center"><font size="2"><b>KEY TO ABBREVIATIONS</b></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0"><tr valign=top><td align=left><font size="2"><font size="2">AMBAC</font></font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">American Municipal Bond Assurance
Corp.</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">FSA</font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Financial Security Assurance</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">COP</font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Certificate of Participation</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">GO</font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">General Obligation</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">ETM</font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Escrowed to Maturity</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">MBIA</font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Municipal Bond Insurance Assoc.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">FGIC</font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Financial Guaranty Insurance Co.</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">XLCA</font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">XL Capital Assurance</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">FRDD</font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Floating Rate Daily Demand</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left></td>

<td>&nbsp;</td></tr>
</table>
<br>
<br>
<hr size="1" noshade>
<p><p align='center'>3
<HR noshade size=4>
<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT size="2" face="serif">Item 2. Controls and Procedures.</FONT></B><FONT face="serif"> </FONT>
<P>
<FONT size="2" face="serif">(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the
Registrant&#146;s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods
and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant&#146;s management , including it principle executive and principle financial officers, as appropriate to allow timely
decisions regarding required disclosure. </FONT></P>
<P>
  <FONT size="2" face="serif">(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. </FONT></P>
<P>
  <font size="2"><B><FONT face="serif">Item 3. Exhibits.</FONT></B> </font></P>
<P>
  <FONT size="2" face="serif">Separate certifications of the registrant&#146;s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT. </FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>



<P align="center">
<font size="2"><B><FONT face="serif">SIGNATURES</FONT></B> </font></P>
<P>
  <FONT size="2" face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
<P>
  <FONT size="2" face="serif">(Registrant)</FONT><font size="2"><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock California Municipal Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U> </font></P>
<P>
  <FONT size="2" face="serif">By: <u>/s/ Henry Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
  Name: Henry Gabbay <br>
  Title: Treasurer <br>
Date: September 28, 2005 </FONT></P>
<P>
  <FONT size="2" face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
<P>
  <FONT size="2" face="serif">By: <u>/s/ Robert S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
  Name: Robert S. Kapito <br>
  Title: Principal Executive Officer <br>
  Date: September 28, 2005 <BR>
  </FONT></P>
<P><FONT size="2" face="serif">By: <u>/s/ Henry Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
  Name: Henry Gabbay <br>
  Title: Principal Financial Officer <br>
  Date: September 28, 2005<BR>
  </FONT><FONT size="2" face="serif"><BR>
  <BR>
  </FONT></P>
<font size="2">
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</font></BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c39091_ex99-cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">




<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></P>

<center>
  <B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </FONT></B>
  <p></P>
</center>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="right">
<P>
<FONT face="serif">I, Robert S. Kapito, certify that: </FONT></P>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock California Municipal Income Trust; </FONT></P>
<P>
<FONT face="serif">2. 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></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules 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></P>
<P>
<FONT face="serif">4. 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) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) 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></P>
<P>
<FONT face="serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P>
<FONT face="serif">(c) 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><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT face="serif">(d) 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></P>

<FONT face="serif">5. 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><p></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></P>
<P>&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><FONT face="serif">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 28, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>
    </FONT></td>
    <td width="46%"><hr align="left" width="200" size="1" noshade></td>
    <td width="50%" align="center"><font face="serif">/s/ Robert S. Kapito &nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><hr width="200" size="1" noshade>    </td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><font face="serif">Robert S. Kapito </font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><center><FONT face="serif">  Principal Executive Officer </FONT>
    </center></td>
  </tr>
</table>
<P><FONT face="serif"><BR>
</FONT></P>
<P align="center">
<FONT face="serif"> <BR>
</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></P>

<center>
  <B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER </FONT></B>
  <p></P>
</center>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="right">
<P>
<FONT face="serif">I, Henry Gabbay, certify that: </FONT></P>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock California Municipal Income Trust; </FONT></P>
<P>
<FONT face="serif">2. 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></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules 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></P>
<P>
<FONT face="serif">4. 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) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) 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></P>
<P>
<FONT face="serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P>
<FONT face="serif">(c) 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><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT face="serif">(d) 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></P>

<FONT face="serif">5. 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><p></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. </FONT></P>
<P>&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><FONT face="serif">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 28, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>
    </FONT></td>
    <td width="46%"><hr align="left" width="200" size="1" noshade></td>
    <td width="50%" align="center"><font face="serif">/s/ Henry Gabbay &nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><hr width="200" size="1" noshade>
    </td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><FONT face="serif">Henry Gabbay </FONT></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><center>
        <FONT face="serif"> Principal Financial Officer </FONT>
    </center></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><FONT face="serif"><BR><BR>
</FONT></P>
<P align="center">
<FONT face="serif"> <BR><BR>
</FONT></P>

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</DOCUMENT>
</SEC-DOCUMENT>
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