<SEC-DOCUMENT>0000891092-13-010218.txt : 20131223
<SEC-HEADER>0000891092-13-010218.hdr.sgml : 20131223
<ACCEPTANCE-DATETIME>20131223154242
ACCESSION NUMBER:		0000891092-13-010218
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131031
FILED AS OF DATE:		20131223
DATE AS OF CHANGE:		20131223
EFFECTIVENESS DATE:		20131223

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:		131294684

	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>e56648nq.htm
<DESCRIPTION>QUARTERLY REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; vertical-align: baseline">UNITED
STATES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; vertical-align: baseline">SECURITIES
AND EXCHANGE COMMISSION </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; vertical-align: baseline">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FORM
N-Q</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Investment Company Act file number 811-10331</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Name of Fund: BlackRock California
Municipal Income Trust (BFZ)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Fund Address: 100 Bellevue Parkway,
Wilmington, DE 19809</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Name and address of agent for service:
John M. Perlowski, Chief Executive Officer, BlackRock California Municipal Income Trust, 55 East 52<SUP>nd</SUP> Street, New York,
NY 10055</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Registrant&rsquo;s telephone number,
including area code: (800) 882-0052, Option 4</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Date of fiscal year end: 07/31/2014</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Date of reporting period: 10/31/2013</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Item 1 &ndash; Schedule of Investments</P>


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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; font: 8pt Times New Roman, Times, Serif; border-top: rgb(0,111,192) 4pt solid; padding-top: 6"><font style="font: 14pt Franklin Gothic Book,sans-serif; color: navy">Schedule of Investments</font><font style="font-family: Franklin Gothic Book,sans-serif; color: navy"> <font style="font-size: 9pt">October 31, 2013 (Unaudited)</font> </font></td>
    <TD NOWRAP STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(0,111,192) 4pt solid; padding-top: 6"><font style="font: 8pt Franklin Gothic Book,sans-serif"><b>BlackRock California Municipal Income Trust (BFZ)</b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</td>
    <TD NOWRAP STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font: 7pt Franklin Gothic Book,sans-serif"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
</table>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <td colspan="7" style="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="4" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="8"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: blue 1pt solid; border-bottom: blue 1pt solid">California &mdash; 98.7%</P>

</td></tr>
<tr>
    <td colspan="7" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Corporate&nbsp;&nbsp;&mdash; 0.8%</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Chula Vista California, Refunding RB, San Diego Gas &amp; Electric:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series A, 5.88%, 2/15/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">680</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">757,928</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series D, 5.88%, 1/01/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,500</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,786,500</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
<TD colspan="6" STYLE="font-size: 2pt">&nbsp;</td> <TD colspan="2" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">3,544,428</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="7" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">County/City/Special District/School District&nbsp;&nbsp;&mdash; 35.3%</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Alum Rock Union Elementary School District, GO, Election of 2012, Series A, 6.00%, 8/01/39 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,300</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,499,030</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Butte-Glenn Community College District, GO, Election of 2002, Series C, 5.50%, 8/01/30 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,425</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,350,823</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Centinela Valley Union High School District, GO, Refunding, Election of 2008, Series B, 5.75%, 8/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,250</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,383,575</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Cerritos Community College District, GO, Election of 2004, Series C, 5.25%, 8/01/31 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,276,690</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Chaffey Joint Union High School District, GO, Election of 2012, Series A, 5.00%, 8/01/32 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,820</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,062,188</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of San Jose California Hotel Tax, RB, Convention Center Expansion &amp; Renovation Project:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.13%, 5/01/31 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">500</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">562,060</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.50%, 5/01/36 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,210</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,376,629</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.50%, 5/01/42 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,225</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,522,260</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Kern California, COP, Capital Improvements Projects, Series A (AGC), 6.00%, 8/01/35 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,248,560</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Santa Clara California Financing Authority, Refunding LRB, Series L, 5.25%, 5/15/36 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">20,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">21,723,200</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Evergreen Elementary School District, GO, Election of 2006, Series B (AGC), 5.13%, 8/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,500</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,665,575</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Grossmont Healthcare District, GO, Election of 2006, Series B:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.00%, 7/15/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,235</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,685,474</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.13%, 7/15/40 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,265,480</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Kern Community College District, GO, Safety Repair &amp; Improvements, Series C, 5.25%, 11/01/32 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">125</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">137,450</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Long Beach Unified School District California, GO, Refunding, Election of 2008, Series A, 5.75%, 8/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,135</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,680,117</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<tr>
    <td colspan="4" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="8" STYLE="vertical-align: bottom"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: blue 1pt solid; border-bottom: blue 1pt solid">California (continued)</P>

</td></tr>
<tr>
    <td colspan="7" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">County/City/Special District/School District (continued)</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Los Alamitos Unified School District California, GO, School Facilities Improvement District No. 1, 5.50%, 8/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,300</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,990,228</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Los Angeles Municipal Improvement Corp., Refunding RB, Real Property, Series B (AGC), 5.50%, 4/01/30 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,975</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,513,046</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Modesto Irrigation District, COP, Capital Improvments, Series A:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.75%, 10/01/29 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,300,810</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.75%, 10/01/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">180</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">195,381</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Oak Grove School District California, GO, Election of 2008, Series A, 5.50%, 8/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,686,160</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Orange County Water District, COP, Refunding, 5.25%, 8/15/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,175,480</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Pico Rivera Public Financing Authority, RB, 5.75%, 9/01/39 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,140,640</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Pittsburg Unified School District, GO, Election of 2006, Series B (AGM), 5.50%, 8/01/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,190,840</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Sacramento Area Flood Control Agency, Special Assessment Bonds, Consolidated Capital Assessment District, 5.25%, 10/01/32 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,035</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,318,651</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Diego Community College District California, GO:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Election of 2002, 5.25%, 8/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,500</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,672,845</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Election of 2002 (AGM), 5.00%, 8/01/32 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,747,720</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Election of 2006, 5.00%, 8/01/43 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,145</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,265,163</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Diego Regional Building Authority, RB, County Operations Center &amp; Annex, Series A, 5.38%, 2/01/36 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,500</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,032,620</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Jose California Financing Authority, Refunding LRB, Series A:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Civic Center Project, 5.00%, 6/01/32 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,375</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,575,171</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Convention Center Expansion &amp; Renovation Project, 5.00%, 6/01/39 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,340</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,670,543</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Leandro California Unified School District, GO, Election of 2010, Series A, 5.75%, 8/01/41 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,060</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,330,657</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 15%">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; padding-bottom: 12pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 43%">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 14%">OCTOBER 31, 2013</TD><TD STYLE="text-align: right; width: 43%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; font: 8pt Times New Roman, Times, Serif; border-top: rgb(0,111,192) 4pt solid; padding-top: 6"><font style="font: 14pt Franklin Gothic Book,sans-serif; color: navy">Schedule of Investments</font><font style="font-family: Franklin Gothic Book,sans-serif; color: navy"> <font style="font-size: 9pt">(continued)</font> </font></td>
    <TD NOWRAP STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(0,111,192) 4pt solid; padding-top: 6"><font style="font: 8pt Franklin Gothic Book,sans-serif"><b>BlackRock California Municipal Income Trust (BFZ)</b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</td>
    <TD NOWRAP STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font: 7pt Franklin Gothic Book,sans-serif"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right">&nbsp;</TD></TR>
</table>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <td colspan="4" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="8" STYLE="vertical-align: bottom"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: blue 1pt solid; border-bottom: blue 1pt solid">California (continued)</P>

</td></tr>
<tr>
    <td colspan="7" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">County/City/Special District/School District (concluded)</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Santa Ana Unified School District, GO, Election of 2008, Series A:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.50%, 8/01/30 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,455</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,128,321</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.13%, 8/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10,555,500</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Snowline Joint Unified School District, COP, Refunding, Refining Project (AGC), 5.75%, 9/01/38 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,250</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,511,968</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Torrance Unified School District California, GO, Election of 2008, Measure Z, 6.00%, 8/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,530,040</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Tustin Unified School District, GO, Election of 2008, Series B, 5.25%, 8/01/31 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,445</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,760,493</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">West Contra Costa California Unified School District, GO, Series A:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Election of 2010 (AGM), 5.25%, 8/01/32 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,925</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,300,876</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Election of 2012, 5.50%, 8/01/39 (a)</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,500</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,660,850</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="6" STYLE="font-size: 2pt">&nbsp;</td> <TD colspan="2" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">166,693,114</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="7" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Education&nbsp;&nbsp;&mdash; 6.2%</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California Educational Facilities Authority, Refunding RB, San Francisco University, 6.13%, 10/01/36 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,280</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,196,566</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California Municipal Finance Authority, RB, Emerson College, 5.75%, 1/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,500</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,714,975</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">University of California, RB, Series O, 5.38%, 5/15/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">490</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">540,793</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">University of California, Refunding RB, Limited Project, Series G:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.00%, 5/15/30 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,172,060</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.00%, 5/15/37 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">15,840</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">16,613,626</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="6" STYLE="font-size: 2pt">&nbsp;</td> <TD colspan="2" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">29,238,020</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="7" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Health&nbsp;&nbsp;&mdash; 17.3%</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">ABAG Finance Authority for Nonprofit Corps, Refunding RB, Sharp Healthcare:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.38%, 8/01/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,095</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,202,273</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.25%, 8/01/39 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,775</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,223,621</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series A, 6.00%, 8/01/30 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,300</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,608,706</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California Health Facilities Financing Authority, RB:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Adventist Health System West, Series A, 5.75%, 9/01/39 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,695</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,234,617</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Catholic Healthcare West, Series J, 5.63%, 7/01/32 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,750</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,953,385</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<tr>
    <td colspan="4" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="8" STYLE="vertical-align: bottom"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: blue 1pt solid; border-bottom: blue 1pt solid">California (continued)</P>

</td></tr>
<tr>
    <td colspan="7" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Health (concluded)</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California Health Facilities Financing Authority, RB&nbsp;&nbsp;(concluded):</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Children's Hospital, Series A, 5.25%, 11/01/41 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,165</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,278,371</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">St. Joseph Health System, Series A, 5.75%, 7/01/39 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">250</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">277,928</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Sutter Health, Series A, 5.25%, 11/15/46 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,695</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,719,545</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Sutter Health, Series B, 6.00%, 8/15/42 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,015</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,937,340</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California Health Facilities Financing Authority, Refunding RB:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Catholic Healthcare West, Series A, 6.00%, 7/01/29 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,111,150</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Catholic Healthcare West, Series A, 6.00%, 7/01/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,470</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,919,011</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Catholic Healthcare West, Series A, 6.00%, 7/01/39 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,050</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,324,104</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Providence Health, 6.50%, 10/01/38 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,100</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,701,347</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Sutter Health, Series A, 5.00%, 8/15/38 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,920</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,915,649</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California Statewide Communities Development Authority, RB, Kaiser Permanente:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series A, 5.00%, 4/01/42 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,007,470</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series B, 5.25%, 3/01/45 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,014,680</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California Statewide Communities Development Authority, Refunding RB:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Catholic Healthcare West, Series B, 5.50%, 7/01/30 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,940</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,186,931</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Catholic Healthcare West, Series E, 5.50%, 7/01/31 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,965</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,358,724</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Trinity Health Credit Group Composite Issue, 5.00%, 12/01/41 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,500</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,518,340</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="6" STYLE="font-size: 2pt">&nbsp;</td> <TD colspan="2" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">81,493,192</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="7" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">State&nbsp;&nbsp;&mdash; 8.9%</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California State Public Works Board, RB:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Department of Corrections and Rehabilitation,Series F, 5.25%, 9/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,335</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,531,765</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10,339,380</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 15%">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>


</TABLE>
<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; padding-bottom: 12pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 43%">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 14%">OCTOBER 31, 2013</TD><TD STYLE="text-align: right; width: 43%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; font: 8pt Times New Roman, Times, Serif; border-top: rgb(0,111,192) 4pt solid; padding-top: 6"><font style="font: 14pt Franklin Gothic Book,sans-serif; color: navy">Schedule of Investments</font><font style="font-family: Franklin Gothic Book,sans-serif; color: navy"> <font style="font-size: 9pt">(continued)</font> </font></td>
    <TD NOWRAP STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(0,111,192) 4pt solid; padding-top: 6"><font style="font: 8pt Franklin Gothic Book,sans-serif"><b>BlackRock California Municipal Income Trust (BFZ)</b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</td>
    <TD NOWRAP STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font: 7pt Franklin Gothic Book,sans-serif"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right">&nbsp;</TD></TR>
</table>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <td colspan="4" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="8" STYLE="vertical-align: bottom"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: blue 1pt solid; border-bottom: blue 1pt solid">California (continued)</P>

</td></tr>
<tr>
    <td colspan="7" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">State (concluded)</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.1in; text-indent: -0.1in">California State Public Works Board,
        RB (concluded):</P></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Various Capital Projects, Sub-<BR>
Series I-1, 6.38%, 11/01/34</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,025</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,785,584</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">State of California, GO, Various Purposes:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.00%, 3/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,080</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,770,785</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.50%, 4/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,500</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,977,050</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.00%, 4/01/38 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">12,745</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">14,513,241</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="6" STYLE="font-size: 2pt">&nbsp;</td> <TD colspan="2" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">41,917,805</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="7" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Transportation&nbsp;&nbsp;&mdash; 13.6%</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Bay Area Toll Authority, RB, San Francisco Bay Area Toll Bridge, Series C-1, 0.98%, 4/01/45 (b)</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,048,930</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Los Angeles California Department of Airports, Refunding RB, Los Angeles International Airport, Series A, 5.00%, 5/15/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,650</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,037,362</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Los Angeles Department of Airports, Refunding RB, Los Angeles International Airport, Sub-Series C, 5.25%, 5/15/38 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,810</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,897,170</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of San Jose California, Refunding ARB, Series A-1, AMT:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.75%, 3/01/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,365</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,506,829</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.25%, 3/01/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,650</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,941,977</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Orange California, ARB, Series B, 5.75%, 7/01/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,778,640</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Sacramento California, ARB:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">PFC/Grant, Sub-Series D, 6.00%, 7/01/35 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,353,730</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Senior Series B, 5.75%, 7/01/39 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,850</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,050,799</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Los Angeles Harbor Department, RB, Series B, 5.25%, 8/01/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,580</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,108,426</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Diego County Regional Airport Authority, RB, Sub-Series A, 5.00%, 7/01/40 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,010,090</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Diego County Regional Transportation Commission, Refunding RB, Series A, 5.00%, 4/01/42 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">500</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">526,645</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Francisco Bay Area Rapid Transit District, Refunding RB, Series A, 5.00%, 7/01/31 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,178,800</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<tr>
    <td colspan="4" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="8" STYLE="vertical-align: bottom"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: blue 1pt solid; border-bottom: blue 1pt solid">California (continued)</P>

</td></tr>
<tr>
    <td colspan="7" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Transportation (concluded)</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Francisco City &amp; County Airports Commission, ARB, Series E, 6.00%, 5/01/39 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,750</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,679,272</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Francisco City &amp; County Airports Commission, Refunding ARB, 2nd Series A, AMT, 5.25%, 5/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,440</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,499,011</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Joaquin County Transportation Authority, Refunding RB, Limited Tax Measure K, Series A:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.25%, 3/01/31 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">250</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">270,008</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.00%, 3/01/36</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,880</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,306,989</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.50%, 3/01/41 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,265</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,706,681</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="6" STYLE="font-size: 2pt">&nbsp;</td> <TD colspan="2" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">63,901,359</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="7" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Utilities&nbsp;&nbsp;&mdash; 16.6%</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Anaheim Public Financing Authority, RB, Electric System Distribution Facilities, Series A, 5.38%, 10/01/36 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,690</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,424,626</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California Infrastructure &amp; Economic Development Bank, RB, California Independent System Operator, Series A, 6.25%, 2/01/15 (c)</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,500</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,910,245</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Calleguas-Las Virgenes Public Financing Authority California, RB, Calleguas Municipal Water District Project, Series A (NPFGC), 5.13%, 7/01/32 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,257,960</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Chula Vista California, Refunding RB, San Diego Gas &amp; Electric, Series D, 5.88%, 1/01/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,530</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,278,338</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Los Angeles California Wastewater System, Refunding RB:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series A, 5.00%, 6/01/39 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,107,100</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Sub-Series A, 5.00%, 6/01/32 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,138,020</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Sub-Series A, 5.00%, 6/01/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,715</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,079,328</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Petaluma California Wastewater, Refunding RB, 6.00%, 5/01/36 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,625</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,363,337</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Cucamonga Valley Water District, Refunding RB, Series A (AGM), 5.25%, 9/01/31 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,270</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,754,346</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Dublin-San Ramon Services District, Refunding RB, 6.00%, 8/01/41 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,425</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,786,592</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Los Angeles Department of Water &amp; Power, RB:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series A, 5.38%, 7/01/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,250</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,580,752</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr><TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 15%">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>


</TABLE>
<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; padding-bottom: 12pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 43%">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 14%">OCTOBER 31, 2013</TD><TD STYLE="text-align: right; width: 43%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; font: 8pt Times New Roman, Times, Serif; border-top: rgb(0,111,192) 4pt solid; padding-top: 6"><font style="font: 14pt Franklin Gothic Book,sans-serif; color: navy">Schedule of Investments</font><font style="font-family: Franklin Gothic Book,sans-serif; color: navy"> <font style="font-size: 9pt">(continued)</font> </font></td>
    <TD NOWRAP STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(0,111,192) 4pt solid; padding-top: 6"><font style="font: 8pt Franklin Gothic Book,sans-serif"><b>BlackRock California Municipal Income Trust (BFZ)</b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</td>
    <TD NOWRAP STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font: 7pt Franklin Gothic Book,sans-serif"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right">&nbsp;</TD></TR>
</table>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <td colspan="4" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="8" STYLE="vertical-align: bottom"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: blue 1pt solid; border-bottom: blue 1pt solid">California (concluded)</P>

</td></tr>
<tr>
    <td colspan="7" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Utilities (concluded)</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Los Angeles Department of Water &amp; Power, RB&nbsp;&nbsp;(concluded):</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Sub-Series A-1, 5.25%, 7/01/38 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,554,310</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Los Angeles Department of Water &amp; Power, Refunding RB, Series A, 5.25%, 7/01/39 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,275,240</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 5/15/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">11,020</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">11,812,669</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="6" STYLE="font-size: 2pt">&nbsp;</td> <TD colspan="2" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">78,322,863</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total Municipal Bonds in California</b></font></td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">465,110,781</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<tr>
    <td colspan="7">
        <P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: blue 1pt solid; border-bottom: blue 1pt solid">Multi-State
        &mdash; 1.7%</P></td>
    <TD STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: blue 1pt solid; border-bottom: blue 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="7" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Housing&nbsp;&nbsp;&mdash; 1.7%</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Centerline Equity Issuer Trust (d)(e):</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">7.20%, 11/15/14 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,500</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,701,775</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.75%, 5/15/15 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">500</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">532,300</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.00%, 5/15/15 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,500</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,597,275</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.30%, 5/15/19 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,164,070</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.00%, 10/31/52 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,150,570</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="6" STYLE="font-size: 2pt">&nbsp;</td> <TD colspan="2" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">8,145,990</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total Municipal Bonds in Mulit-State</b></font></td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">8,145,990</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total Municipal Bonds</b> &mdash; <b>100.4%</b></font></td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">473,256,771</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<TR>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; color: #47B0FF">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<tr>
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-bottom: 3pt; background-color: #0070C0; color: #47B0FF">&nbsp;</td></tr>
<tr>
    <td colspan="7" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f) </font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="8"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: blue 1pt solid; border-bottom: blue 1pt solid">California &mdash; 65.6%</P>

</td></tr>
<tr>
    <td colspan="7" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">County/City/Special District/School District&nbsp;&nbsp;&mdash; 21.7%</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">El Dorado Union High School District, GO, Election of 2008, 5.00%, 8/01/35 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,020</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,173,210</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Los Angeles Community College District California, GO:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Election of 2001, Series A (AGM), 5.00%, 8/01/32 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,439,920</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Election of 2003, Series F-1, 5.00%, 8/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,284,100</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Election of 2008, Series C, 5.25%, 8/01/39 (g)</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">12,900</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">13,911,876</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 8/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">20,131</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">23,184,080</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<tr>
    <td colspan="4" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f)</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="8" STYLE="vertical-align: bottom"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: blue 1pt solid; border-bottom: blue 1pt solid">California (continued)</P>

</td></tr>
<tr>
    <td colspan="7" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">County/City/Special District/School District (concluded)</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,193,750</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Mount San Antonio Community College District California, GO, Election of 2001, Series C (AGM), 5.00%, 9/01/16 (c)</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10,770</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">12,150,068</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Bernardino Community College District California, GO, Election of 2002, Series C (AGM), 5.00%, 8/01/31 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,126,280</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10,484</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">11,692,480</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Jose Unified School District Santa Clara County California, GO, Election of 2002, Series D, 5.00%, 8/01/32 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">14,625</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">15,429,208</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="6" STYLE="font-size: 2pt">&nbsp;</td> <TD colspan="2" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">102,584,972</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="7" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Education&nbsp;&nbsp;&mdash; 10.7%</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (g)</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10,395</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">11,132,318</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Grossmont Union High School District, GO, Election of 2004, 5.00%, 8/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">13,095</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">13,592,468</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Mateo County Community College District, GO, Election of 2005, Series B, 5.00%, 9/01/31 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,630</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,176,624</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">University of California, RB:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Limited Project, Series D (AGM), 5.00%, 5/15/41 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,600</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,666,872</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series O, 5.75%, 5/15/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">12,300</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">13,888,381</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="6" STYLE="font-size: 2pt">&nbsp;</td> <TD colspan="2" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">50,456,663</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="7" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Transportation&nbsp;&nbsp;&mdash; 1.1%</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 5/15/40 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,999</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,096,785</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding-bottom: 2pt; font-weight: bold; font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding-bottom: 2pt; font-weight: bold; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding-bottom: 2pt; font-weight: bold; font-size: 2pt">&nbsp;</TD></TR><TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 15%">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>


</TABLE>
<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; padding-bottom: 12pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 43%">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 14%">OCTOBER 31, 2013</TD><TD STYLE="text-align: right; width: 43%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; font: 8pt Times New Roman, Times, Serif; border-top: rgb(0,111,192) 4pt solid; padding-top: 6"><font style="font: 14pt Franklin Gothic Book,sans-serif; color: navy">Schedule of Investments</font><font style="font-family: Franklin Gothic Book,sans-serif; color: navy"> <font style="font-size: 9pt">(continued)</font> </font></td>
    <TD NOWRAP STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(0,111,192) 4pt solid; padding-top: 6"><font style="font: 8pt Franklin Gothic Book,sans-serif"><b>BlackRock California Municipal Income Trust (BFZ)</b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</td>
    <TD NOWRAP STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font: 7pt Franklin Gothic Book,sans-serif"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right">&nbsp;</TD></TR>
</table>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <td colspan="4" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f)</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="7" style="vertical-align: bottom">
        <P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: blue 1pt solid; border-bottom: blue 1pt solid">California
        (continued)</P></td>
    <TD STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: blue 1pt solid; border-bottom: blue 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="7" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Utilities&nbsp;&nbsp;&mdash; 32.1%</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California State Department of Water Resources, Refunding RB, Central Valley Project, Series AE, 5.00%, 12/01/29 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,780,150</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Los Angeles California Wastewater System, Refunding RB, Series A, 5.00%, 6/01/34 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,500</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,079,525</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Napa California Water System, RB, (AMBAC), 5.00%, 5/01/35 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,087,210</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Orange California Sanitation District, COP, Series B (AGM), 5.00%, 2/01/37 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">14,700</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">15,489,978</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">East Bay Municipal Utility District, RB, Sub-Series A (NPFGC), 5.00%, 6/01/35 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,131,700</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">18,002</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">18,807,753</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Los Angeles Department of Water &amp; Power, RB, Power System:</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Sub-Series A-1 (AMBAC), 5.00%, 7/01/37 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">15,998</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">16,771,544</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Sub-Series A-2 (AGM), 5.00%, 7/01/35 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,000</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,117,360</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Metropolitan Water District of Southern California, RB, Series A, 5.00%, 7/01/37 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">11,180</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">11,971,209</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Orange County Water District, COP, Refunding, 5.00%, 8/15/39 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10,480</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">11,043,300</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Diego County Water Authority, COP, Refunding, Series A (AGM), 5.00%, 5/01/33 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">14,290</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">15,191,842</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 5/15/39 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">12,457</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">13,163,815</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<tr>
    <td colspan="4" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f)</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="8" STYLE="vertical-align: bottom"><P STYLE="color: navy; font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: blue 1pt solid; border-bottom: blue 1pt solid">California (concluded)</P>

</td></tr>
<tr>
    <td colspan="7" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Utilities (concluded)</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Francisco City &amp; County Public Utilities Commission, RB, Water System Improvement Project, Sub-Series A, 5.00%, 11/01/37 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">12,698</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">13,400,018</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Francisco City &amp; County Public Utilities Commission, Refunding RB, Senior Series A, 5.00%, 11/01/35 </font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10,625</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">11,129,020</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="6" STYLE="font-size: 2pt">&nbsp;</td> <TD colspan="2" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">151,164,424</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts</b> &mdash; <b>65.6%</b></font></td>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">309,302,844</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total Long-Term Investments</b></font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif"><b>(Cost &mdash; $741,176,399) &mdash; 166.0%</b></font></td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">782,559,615</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-bottom: 3pt; background-color: #0070C0; color: #47B0FF">&nbsp;</td></tr>
<tr>
    <td colspan="4" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Short-Term Securities</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">Shares</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">BIF California Municipal Money Fund, 0.00% (h)(i)</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,540,903</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,540,903</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total Short-Term Securities</b></font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif"><b>(Cost &mdash; $3,540,903) &mdash; 0.7%</b></font></td>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">3,540,903</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total Investments</b></font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif"><b>(Cost &mdash; $744,717,302*) &mdash; 166.7%</b></font></td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">786,100,518</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Other Assets Less Liabilities</b> &mdash; <b>1.8%</b></font></td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">8,517,618</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable</b> &mdash; <b>(32.2%)</b></font></td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(151,759,209)</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>VMTP Shares, at Liquidation Value</b> &mdash; <b>(36.3%)</b></font></td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(171,300,000)</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="6" STYLE="font-size: 2pt">&nbsp;</td> <TD colspan="2" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-top: 2pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Net Assets Applicable to Common Shares</b> &mdash; <b>100.0%</b></font></td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">471,558,927</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="8" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">*</font></td>
    <td colspan="6" style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">As of October 31, 2013, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:</font><br>
<br>
</td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Tax cost&#9;</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">593,637,062</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Gross unrealized appreciation&#9;</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">44,433,598</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Gross unrealized depreciation&#9;</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">(3,705,121)</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Net unrealized appreciation&#9;</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">40,728,477</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 60%">&nbsp;</td>
    <TD STYLE="width: 6%">&nbsp;</td>
    <TD STYLE="width: 12%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 16%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td></tr><TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 15%">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>


</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 52%; font-weight: bold">&nbsp;</td>
    <td style="width: 48%; font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2">
        <P STYLE="color: navy; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: navy 1pt solid; border-bottom: navy 1pt solid"><b>Notes
        to Schedule of Investments </b></P></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
    <td style="vertical-align: bottom; width: 95%"><font style="font-family: Arial, Helvetica, Sans-Serif">When-issued security. Unsettled when-issued transactions were as follows:</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD  colspan="19" style="position: relative; top: -3pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="9" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Counterparty</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Unrealized</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">Appreciation</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="19" style="position: relative; top: -3pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td colspan="9" style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">PiperJaffray</font></td>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,660,850</font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">45,900</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 8%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 7%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 19%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 7%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 7%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 18%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 18%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 5%; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Variable rate security. Rate shown is as of report date.</font></td></tr>
</TABLE>
<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; padding-bottom: 12pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 43%">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 14%">OCTOBER 31, 2013</TD><TD STYLE="text-align: right; width: 43%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; font: 8pt Times New Roman, Times, Serif; border-top: rgb(0,111,192) 4pt solid; padding-top: 6"><font style="font: 14pt Franklin Gothic Book,sans-serif; color: navy">Schedule of Investments</font><font style="font-family: Franklin Gothic Book,sans-serif; color: navy"> <font style="font-size: 9pt">(continued)</font> </font></td>
    <TD NOWRAP STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(0,111,192) 4pt solid; padding-top: 6"><font style="font: 8pt Franklin Gothic Book,sans-serif"><b>BlackRock California Municipal Income Trust (BFZ)</b></font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right">&nbsp;</TD></TR>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.</font></td></tr>
<tr>
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.</font></td></tr>
<tr>
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.</font></td></tr>
<tr>
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Represent bonds transferred to a TOB. In exchange the Fund acquired residual interest certificates. These bonds serve as collateral in a financing transaction.</font></td></tr>
<tr>
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(g)</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire from October 1, 2016 to August 1, 2018 is $14,008,480.</font></td></tr>
<tr>
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(h)</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Investments in issuers considered to be an affiliate of the Trust during the period ended October 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:</font></td></tr>
<tr>
    <TD STYLE="width: 5%">&nbsp;</td>
    <TD STYLE="width: 45%">&nbsp;</td>
    <TD STYLE="width: 50%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD  colspan="22" style="position: relative; top: -3pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="5" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Affiliate</font></td>
    <td style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Shares</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">Held at</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">July 31, 2013</font></td>
    <td style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Net</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">Activity</font></td>
    <td style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Shares</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">Held at</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">October 31, 2013</font></td>
    <td style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Income</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="22" style="position: relative; top: -3pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">BIF California Municipal Money Fund</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center; text-indent: -0.1in; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">1,269,184</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center; text-indent: -0.1in; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">2,271,719</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center; text-indent: -0.1in; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">3,540,903</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center; text-indent: -0.1in; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">-</font></td>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 11%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 7%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 7%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 7%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 4%">&nbsp;</td>
    <td style="width: 11%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 26%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
    <td style="vertical-align: bottom; width: 95%"><font style="font-family: Arial, Helvetica, Sans-Serif">Represents the current yield as of report date.</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <td style="width: 100%">
        <P STYLE="color: navy; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: navy 1pt solid; border-bottom: navy 1pt solid"><b>Portfolio
        Abbreviations </b></P></td></tr>
<tr>
    <td style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list: </font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 100%; font-weight: bold">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 7%"><font style="font-family: Arial, Helvetica, Sans-Serif">AGC</font></td>
    <td style="vertical-align: bottom; width: 93%"><font style="font-family: Arial, Helvetica, Sans-Serif">Assured Guarantee Corp.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">AGM</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Assured Guaranty Municipal Corp.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">AMBAC</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">American Municipal Bond Assurance Corp.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">AMT</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Alternative Minimum Tax (subject to)</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">ARB</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Airport Revenue Bonds</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">COP</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Certificates of Participation</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">GO</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">General Obligation Bonds</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">LRB</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Lease Revenue Bonds</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">NPFGC</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">National Public Finance Guarantee Corp.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">RB</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Revenue Bonds</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; font-weight: bold; text-align: center"><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">&bull;</font></td>
    <td style="width: 96%; font-weight: bold"><br>
<font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Financial futures contracts as of October 31, 2013 were as follows:</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD  colspan="9" style="padding-bottom: 2pt; font-family: Times New Roman, Times, Serif" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Contracts</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">Sold</font></td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Issue </font></td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Exchange</font></td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Expiration</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Notional</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td>
    <td style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Unrealized</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">Depreciation</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="9" style="padding-bottom: 2pt; font-family: Times New Roman, Times, Serif" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; width: 11%"><font style="font-family: Arial, Helvetica, Sans-Serif">(300)</font></td>
    <td style="vertical-align: bottom; width: 27%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">10-Year US Treasury Note</font></td>
    <td style="vertical-align: bottom; width: 22%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Chicago Board of Trade</font></td>
    <td style="vertical-align: bottom; width: 8%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">December</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">2013</font></td>
    <td style="vertical-align: bottom; width: 3%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="vertical-align: bottom; width: 13%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">38,207,813</font></td>
    <td style="vertical-align: bottom; width: 1%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="vertical-align: bottom; width: 14%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(349,616)</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="9" style="padding-bottom: 2pt; font-family: Times New Roman, Times, Serif" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 100%; padding-top: 12pt; padding-left: 22.5pt; text-indent: -9pt"><font style="font-family: Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </font><font style="font-family: Arial, Helvetica, Sans-Serif">For Trust compliance purposes, the Trust&rsquo;s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Trust management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.</font></td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; padding-bottom: 12pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 43%">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 14%">OCTOBER 31, 2013</TD><TD STYLE="text-align: right; width: 43%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; font: 8pt Times New Roman, Times, Serif; border-top: rgb(0,111,192) 4pt solid; padding-top: 6"><font style="font: 14pt Franklin Gothic Book,sans-serif; color: navy">Schedule of Investments</font><font style="font-family: Franklin Gothic Book,sans-serif; color: navy"> <font style="font-size: 9pt">(continued)</font> </font></td>
    <TD NOWRAP STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(0,111,192) 4pt solid; padding-top: 6"><font style="font: 8pt Franklin Gothic Book,sans-serif"><b>BlackRock California Municipal Income Trust (BFZ)</b></font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right">&nbsp;</TD></TR>
</table>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&bull;</font>&nbsp;&nbsp;&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:</font><br>
<br>
</td></tr>
<tr>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 1%; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">&bull;</font>&nbsp;&nbsp;&nbsp;</td>
    <td style="vertical-align: bottom; width: 98%"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 1 &mdash; unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">&bull;</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 2 &mdash; other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">&bull;</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 3 &mdash; unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust's own assumptions used in determining the fair value of investments and derivative financial instruments)</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 100%"><font style="font-family: Arial, Helvetica, Sans-Serif">The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.</font><br>
<br>
<font style="font-family: Arial, Helvetica, Sans-Serif">Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust's policy regarding valuation of investments and derivative financial instruments, please refer to the Trust's most recent financial statements as contained in its annual report.</font><br>
<br>
<font style="font-family: Arial, Helvetica, Sans-Serif">The following tables summarize the Trust's investments and derivative financial instruments categorized in the disclosure hierarchy as of October 31, 2013:</font><br>
<br>
</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <td colspan="3" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 1</font></td>
    <td colspan="2" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 2</font></td>
    <td colspan="2" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 3</font></td>
    <td colspan="2" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Total</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="16" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Assets:</b><sup> </sup>&nbsp;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="16" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Investments:<sup> </sup></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Long-Term Investments<sup> 1</sup></font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">782,559,615</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">782,559,615</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Short-Term Securities<sup> </sup></font></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">3,540,903</font></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">3,540,903</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total</b></font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">3,540,903</font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">782,559,615</font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">786,100,518</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 18%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 15%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 16%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 16%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 21%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 1%"><font style="font-family: Arial, Helvetica, Sans-Serif"><sup>1</sup></font></td>
    <td style="vertical-align: bottom; width: 99%"><font style="font-family: Arial, Helvetica, Sans-Serif">See above Schedule of Investments for values in each sector. </font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="16" style="padding-bottom: 2pt; font-family: Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="16" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 1</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 2</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 3</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Total</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="16" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="15" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Derivative Financial Instruments<sup> 2</sup></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="15" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Liabilities:</b><sup> </sup></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Interest rate contracts<sup> </sup></font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">(349,616)</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">(349,616)</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="16" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td style="width: 19%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 15%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 16%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 16%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 21%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 1%"><font style="font-family: Arial, Helvetica, Sans-Serif"><sup>2</sup></font></td>
    <td style="vertical-align: bottom; width: 99%"><font style="font-family: Arial, Helvetica, Sans-Serif">Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; padding-bottom: 12pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 43%">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 14%">OCTOBER 31, 2013</TD><TD STYLE="text-align: right; width: 43%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; font: 8pt Times New Roman, Times, Serif; border-top: rgb(0,111,192) 4pt solid; padding-top: 6"><font style="font: 14pt Franklin Gothic Book,sans-serif; color: navy">Schedule of Investments</font><font style="font-family: Franklin Gothic Book,sans-serif; color: navy"> <font style="font-size: 9pt">(concluded)</font> </font></td>
    <TD NOWRAP STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(0,111,192) 4pt solid; padding-top: 6"><font style="font: 8pt Franklin Gothic Book,sans-serif"><b>BlackRock California Municipal Income Trust (BFZ)</b></font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right">&nbsp;</TD></TR>
</table>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 100%; padding-top: 12pt; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Certain of the Trust's assets and/or liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of October 31, 2013, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif"><sup>&nbsp;</sup>&nbsp;</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD colspan="18" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 1</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 2</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 3</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Total</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="18" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="17" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Assets:</b><sup> </sup>&nbsp;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Cash<sup> </sup></font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">157,033</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">157,033</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Cash pledged for financial futures contracts<sup> </sup></font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">531,000</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">531,000</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td colspan="17" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Liabilities:</b><sup> </sup>&nbsp;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">TOB trust certificates<sup> </sup></font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">(151,734,979)</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">(151,734,979)</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">VMTP Shares<sup> </sup></font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">(171,300,000)</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">(171,300,000)</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD  colspan="16" style="padding-bottom: 2pt; font-family: Times New Roman, Times, Serif" STYLE="font-size: 2pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total</b><sup> </sup></font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">688,033</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td colspan="3" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(323,034,979)</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(322,346,946)</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD  colspan="16" style="padding-bottom: 2pt; font-family: Times New Roman, Times, Serif" STYLE="font-size: 2pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></td></tr>

<tr>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 18%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 15%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 9%">&nbsp;</td>
    <td style="width: 6%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 16%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 22%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 100%"><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">There were no transfers between levels during the period ended October 31, 2013.</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; padding-bottom: 12pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 43%">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 14%">OCTOBER 31, 2013</TD><TD STYLE="text-align: right; width: 43%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">Item 2 &ndash;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">Controls and Procedures</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">2(a) &ndash; </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">The registrant's
principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the &Prime;1940
Act&Prime;)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">2(b) &ndash; </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">There were no changes
in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during
the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's
internal control over financial reporting.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">Item 3 &ndash;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">Exhibits</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">Certifications &ndash; Attached hereto</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 86%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">BlackRock California Municipal Income Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt"><U>/s/ John M. Perlowski</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">John M. Perlowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Chief Executive Officer (principal executive officer) of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">BlackRock California Municipal Income Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Date: December 23, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt"><U>/s/ John M. Perlowski</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">John M. Perlowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Chief Executive Officer (principal executive officer) of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">BlackRock California Municipal Income Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Date: December 23, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt"><U>/s/ Neal J. Andrews</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Neal J. Andrews</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Chief Financial Officer (principal financial officer) of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">BlackRock California Municipal Income Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font-size: 11pt">Date: December 23, 2013</FONT></TD></TR>
</TABLE><!-- Field: Page; Sequence: 10 -->
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e56648ex99-cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"><FONT STYLE="vertical-align: baseline"><B>EX-99.
CERT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; border-bottom: Black 0.75pt solid"><B>CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">I, John M. Perlowski, Chief Executive
Officer (principal executive officer) of BlackRock California Municipal Income Trust, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>I have reviewed this report on Form N-Q of BlackRock California Municipal Income Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0in">2. <FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0in">3. <FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt; margin-left: 0; text-indent: 0; text-align: justify">4.
<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt">5.&#9;<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)
<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)
<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: <FONT STYLE="font-size: 11pt">December
23, 2013</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ John M. Perlowski&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"></TD><TD>John M. Perlowski</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">Chief Executive Officer (principal executive
officer) of<BR>
BlackRock California Municipal Income Trust</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"><FONT STYLE="vertical-align: baseline"><B>EX-99.
CERT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; border-bottom: Black 0.75pt solid"><B>CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">I, Neal J. Andrews, Chief Financial
Officer (principal financial officer) of BlackRock California Municipal Income Trust, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>I have reviewed this report on Form N-Q of BlackRock California Municipal Income Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: <FONT STYLE="font-size: 11pt">December
23, 2013</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Neal J. Andrews<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"></TD><TD>Neal J. Andrews</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">Chief Financial Officer (principal financial
officer) of<BR>
BlackRock California Municipal Income Trust</P>


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